Origin Energy Clear to Acquire Onshore Otway Permits

On July 20, 2004 Origin Energy announced that it had signed an agreement with Santos (BOL) Pty Limited to acquire interests in exploration and production tenements in the onshore portion of the Victorian Otway Basin for $25.75 million.

The acquisition was subject to certain pre-emptive rights in relation to EP 154 (a) and (b) and associated PPLs by the other joint venture participant. Those rights have now lapsed enabling Origin to acquire these interests in full. Origin will proceed to obtain the necessary consents and regulatory approvals to complete the transaction.