BassGas project arbitration settled

Origin Energy Resources Ltd. and the BassGas joint venturers have agreed to settle arbitration with Clough Ltd. in relation to the BassGas project.

Offshore staff

PERTH, Western Australia -- Origin Energy Resources Ltd. and the BassGas joint venturers have agreed to settle arbitration with Clough Ltd. in relation to the BassGas project. As a result of the settlement, the proceedings between the parties will be discontinued.

The case's arbitrator had dismissed the $95.7-million Trade Practices claim by Clough in June. The claim alleged among other things that there was misleading conduct on the part of Origin, the operator of the BassGas joint venture project.

Origin Energy operates the project with 37.5% interest, while its subsidiary Origin Energy Northwest Ltd. has a 5% stake in the project. Other partners include AWE Petroleum Pty. Ltd. with 30% interest, CalEnergy Gas (Australia) Ltd. with 15% interest, and Wandoo Petroleum Pty. Ltd. with 12.5% interest.

8/31/2007

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