Energy company Origin Energy Ltd
(ASX:ORG) has provided an update on its agreement to acquire Woodside Petroleum Ltd
(ASX:WPL) 51.55% interest in the Otway Gas Project announced on November 2.
Origin says the transaction with Woodside was subject to pre-emptive rights held by the other joint venture partners which allowed those parties to proportionally increase their interest in the joint venture on terms equivalent to that agreed in Origin’s transaction with Woodside.
Benaris International says it will exercise its pre-emption right in relation to some of its interests; however CalEnergy Australia has elected not to exercise any of its rights.
Origin says with both it and Benaris as purchasers, its share of the purchase price will be reduced from $712.5 million to $507.2 million.
Following completion of the transaction Origin will hold a 67.34% interest in the development joint venture and a 67.23% interest in the exploration joint venture of T/30P and VIC/P43, and an 82.3% interest in the exploration joint venture T/34P.
Origin Energy posted net profit of $6.9 billion in 2009.
