Origin Buys Karoon's Offshore Gas Interest For $800 Mln

Posted by Joseph R. Fonseca
Sunday, June 01, 2014
Origin Logo

Australian energy company Origin Energy Ltd said on Monday it will buy oil and gas explorer Karoon Gas Ltd's 40 percent stake in Poseidon, Browse Basin gas assets for up to $800 million.

In a statement, Origin said the purchase gives it a strategic stake in one of Australia's biggest offshore gas discoveries. It plans to initially fund the deal through debt facilities but raise around A$1 billion ($930 million) through an equity raising some time after August.

Melbourne-based Karoon said the sale gives it financial flexibility to advance other oil exploration programs.

Karoon shares have been suspended from trading since April 30 and will resume trading on Monday.

(Reporting by Byron Kaye; Editing by Richard Pullin)

($1 = 1.0745 Australian Dollars)

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