Origin notes that Tri-Star Petroleum and related companies have commenced proceedings against Australia Pacific LNG Pty Limited in the Queensland Supreme Court seeking orders that reversion has occurred in relation to certain coal seam gas tenements owned by Australia Pacific LNG.
Rights for Tri-Star to revert to a 45% interest holder in those certain tenements were granted by Australia Pacific LNG in 2002. The rights will be triggered if the conditions set out in the 2002 agreement have been met, which require revenue to exceed agreed costs and other contributions.
Origin is confident that reversion has not occurred.
Australia Pacific LNG is reviewing the Statement of Claim and will respond in due course. Origin holds a 37.5% shareholding in Australia Pacific LNG.
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