Origin Farms Out Permit WA-226-P To Apache

Origin Energy Developments Pty Limited has reached agreement with Apache Energy Limited for a subsidiary of Apache to earn an undivided 28.75% interest in WA-226-P from Origin Energy. Under the terms of the farm-in, Apache will manage the drilling of the Morangie 1 well, scheduled in October 2002, as agent on behalf of Origin Energy. Origin Energy will remain operator of the permit.

WA-226-P is located in the northern offshore Perth Basin, approximately 230km north west of Geraldton, Western Australia. The Morangie 1 well will test an undrilled prospect interpreted to have the potential to contain up to 250 million barrels of oil in place. Permian sandstones below the Triassic regional seal provide the main reservoir objective.

Several follow up structures are also present in WA-226-P. These will be evaluated following the drilling of Morangie.

Participants in WA-226-P following the farm-in and necessary government approvals will be as follows: Origin Energy Developments Pty Limited 28.75% (Operator); Apache Northwest Pty Ltd 28.75%; Dana Petroleum (E&P) Limited 12.81375%; Dana Petroleum (WA) LLC 12.66375%; Black Rock Petroleum NL 7.5%; Voyager Energy Limited 5.0%; Planet Resources Limited 4.5225%.


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