Origin to divest Beetaloo Basin interests, intends to exit upstream exploration permits

Origin Energy Limited (ASX: ORG) announced that it had signed an agreement with Tamboran Pty Limited to sell 100% of its stake in the Northern Territory’s Beetaloo Basin. Origin Energy also announced its plan to sell its upstream exploration licenses, as it will focus on its strategy and ambition to lead the energy transition. The total upfront consideration of the transaction is AU$60 million, and it has also entered into a gas sale contract for the offtake of future gas production.

The company will commence a strategic assessment of all residual exploration licenses apart from its stake in Australia Pacific LNG, with a view to leaving those licenses over a period of time, and it will continue to fulfill its commitments under previous joint venture contracts and work with its joint venture partners as it considers its exit.

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