Yolla platform offshore Australia in Bass Strait returns to production

Origin Energy Ltd. (ASX: ORG), operator of the BassGas joint venture, has confirmed that the Yolla offshore platform has returned to free flow production mode.

Offshore staff

SYDNEY, Australia– Origin Energy Ltd. (ASX: ORG), operator of the BassGas joint venture, has confirmed that the Yolla offshore platform has returned to free flow production mode.

Production at BassGas had been suspended since late 2011 for themid-life enhancement (MLE) project, the first phase of which involved upgrading Yolla from an unmanned to a manned platform and installing export compression and condensate pumping modules. Installation and commissioning of the accommodation module has been successfully completed.

The plan for the BassGas MLE project was revised in July 2012 following the unsuccessful attempt to install the compression module. The operator has recommended that installation of the compression module be deferred.

Origin CEO Upstream Paul Zealand said: “The return of Yolla to free flow production signals the completion of infield activities for the current program. The joint venture is reviewing the timing and sequencing of development drilling and installation of export compression and condensate pumping modules, the outcome of which will be advised at a later date.”

Participants in the BassGas project are AWE Ltd. (46.25%), Origin Energy (42.50%), and Toyota Tsusho Gas E&P Trefoil Pty Ltd (11.25%).

10/15/2012

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