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Origin finalises CSG deal

The original conditional agreement for purchase was entered into with the Pangea Group in April 2009 and has now been finalised with Origin paying $A660 million for the interest in the permit.

The permit contains the southerly extension of the highly prospective Undulla Nose CSG province in Queensland. The deal secures 1,150 PJ of 3P reserves for Origin.

Following the announcement of the deal, Origin managing director Mr Grant King said “The transaction is evidence of the continuing consolidation of the CSG industry, principally in Queensland. The acquisition of this permit is particularly attractive for Origin. It is located next to proven CSG fields in the Undulla Nose sweet spot which will be part of Australia Pacific LNG’s planned CSG to LNG project, and we have a solid understanding of the exploration and productive potential of this area.”?

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