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Australia: Origin farms into prospective Canning Basin permits
21 Dec 2020
Buru Energy for seven permits covering 20,000 sq km in
Western Australia’s prospective Canning Basin.
Under the agreements, Origin secures a 50 per cent equity share in five permits with Buru Energy, and a 40 per cent equity share in two permits with Buru and Rey Resources in exchange for carrying $12.3 million of their share of work program costs. The total estimated spend by Origin over a two-year period is expected to be approx. $35 million inclusive of a two-well drilling program and seismic work.
Origin also has contingent options to carry an additional $10.6 million of Buru and Rey’s costs over a four-year period. Origin has the option to assume operatorship for any significant gas development, as well as any carbon capture and storage development.
Origin Energy : farms into prospective Canning Basin permits marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Origin farms into prospective Canning Basin permits
21 December 2020
Origin farms into prospective Canning Basin permits
Origin Energy Limited (Origin) has announced a farm-in with Buru Energy (Buru) for seven permits covering 20,000km
2 in Western Australia s prospective Canning Basin.
Under the agreements, Origin secures a 50 per cent equity share in five permits with Buru Energy, and a 40 per cent equity share in two permits with Buru and Rey Resources (Rey) in exchange for carrying $12.3 million of their share of work program costs. The total estimated spend by Origin over a two-year period is expected to be approximately $35 million inclusive of a two-well drilling program and seismic work.