Himfr.com Reports Origin Energy Is Targeting South East Asian Exploration

Origin said on Friday that it had reached an agreement with Salamander Energy Plc

to take an interest in the blocks, in Thailand, Laos and Vietnam.

Salamander would remain operator of the fields, with Origin taking a stake in the blocks of between 25 and 40 per cent, Origin told the share market on Friday.

Salamander will have the option to acquire an interest in another exploration block operated by Origin in South East Asia.

Origin will fund the next $US50 million ($A53.92 million) in exploration in the joint-venture areas and may also fund an extra $US40 million ($A43.14 million) of other expenses.

"The transaction with Salamander provides Origin with an exploration portfolio targeting gas supply to the fast-growing energy markets in the region, particularly markets for power generation," Origin managing director Grant King said in a statement.

Drilling is planned in the farm-in areas from January 2010, with initial capital spending spread equally across the 2009/10 and 2010/11 financial years.

"Origin and Salamander will continue to work together to seek and exploit additional upstream opportunities as both companies look to expand their presence across the region," Origin said in a statement to the stock exchange.

Separately, Origin on Friday announced it had begun the commissioning of the Kupe gas and liquids project in New Zealand.

Origin executive general manager for major development projects Andrew Stock said it was expected full steady production would be achieved within the next couple of months.

Origin is operator of the joint venture project and has a 50 per cent stake.

Other participants include Genesis Energy, New Zealand Oil and Gas Ltd and Mitsui E&P Australia Pty Ltd.

by: himfr

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