Origin buys more gas

With the colossal APLNG project still under construction, we expected little news from Origin Energy. Instead, Origin has announced the purchase of a 40% stake in the Poseidon gas field, off the Western Australian coast, for US$800m from Karoon Gas. Origin will pay US$600m upfront to Karoon, with a further US$200m if the field meets performance hurdles. Origin signaled it would raise $1bn in equity to fund the purchase but, with both PetroChina and ConocoPhillips holding pre-emptive rights on the field, a deal is no certainty. Details of the capital raising will be released in coming months.   Some...

With the colossal APLNG project still under construction, we expected little news from Origin Energy. Instead, Origin has announced the purchase of a 40% stake in the Poseidon gas field, off the Western Australian coast, for US$800m from Karoon Gas.

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