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