Origin Energy Limited (Origin) announces that Karoon Gas (Karoon) has advised that PetroChina and ConocoPhillips have not exercised their pre-emption rights in relation to Karoon’s sale of its 40 per cent interest in exploration permits, WA-315-P and WA-398-P, to Origin.
ConocoPhillips and PetroChina, who hold 40 per cent and 20 per cent interests in the permits respectively, held pre-emption rights for a limited period expiring 30 June 2014.
Subject to the satisfaction of other conditions precedent and appropriate regulatory approvals, Origin’s acquisition of Karoon’s interest in the permits is expected to be completed in one to two months.
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