Origin Energy to assume Otway gas project operatorship

Origin Energy Resources has acquired a 51.55% interest in the Otway gas project, offshore Australia, from Woodside. Origin is an existing joint venturer in the project.

Offshore staff

PERTH, Australia -- Origin Energy Resources has acquired a 51.55% interest in the Otway gas project, offshore Australia, from Woodside. Origin is an existing joint venturer in the project.

On completion of the transaction, Origin will purchase Woodside’s interest in the Otway basin offshore and onshore facilities and permits for $645 million. Origin will assume operatorship of the Otway project, subject to joint venture and regulatory approval.

The effective date of the transaction is July 1, with the transfer of ownership anticipated to occur in December, subject to approvals.

11/02/2009

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