Energy business Origin Energy Ltd
(ASX:ORG) says it will invest US$50 million to further develop five exploration blocks operated by Salamander Energy across Northeast Thailand, Lao and Vietnam.
The investment is part of a farm-in agreement reached with UK oil and gas explorer Salamander Energy.
Origin says it may fund an additional US$40 million of the joint venture expenditure if the exploration is a success.
The company says Salamander will also have the option to acquire an interest in one exploration block currently operated by Origin in south-east Asia.
Managing Director Grant King says the deal will provide the company with an exploration portfolio targeting gas supply to the fast growing energy markets in the region.
Origin Energy’s 2009 net profit was by far its best in five years posting $6.9 billion.
