Origin Sells Part of Future Oil Production for $200 Mln (Australia)
Origin Energy Limited, Australian company, focused on gas and oil exploration and production, today announced it had agreed to sell an additional portion of its future oil and condensate production at a price linked to the current oil forward pricing curve.
The US$200 million forward sale of oil and condensate over a six-year period from July 2015 follows a similarly structured transaction announced by Origin in December 2012 that raised US$300 million.
The two transactions represent approximately 35 per cent of Origin’s current oil and condensate 2P reserves excluding Australia Pacific LNG.
A total of US$500 million raised by the two transactions is being used to retire existing drawn debt. Goldman Sachs is a counterparty in connection with the transaction.