News: Origin advances Bass Strait's Yolla gas fie

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Origin Energy Limited (ASX:ORG) is moving ahead with the development of its Yolla natural gas field in Bass Strait, located off the coast of Victoria.

 

The energy company has now secured a drilling rig from Seadrill Australia for upcoming work on Yolla’s drilling program.  

 

Origin expects the rig to be mobilised over the following Australian summer (December 2014 – February 2015) to drill the Yolla-5 and Yolla-6 wells. 

 

The company says drilling of both wells and installing associated flow lines and other works will support the maintenance of gas production from the Yolla field. 

 

Origin Energy is the operator of the BassGas Joint Venture with a 42.5 per cent stake while AWE Limited (ASX:AWE) holds a 46.25 per cent interest. 

 

Origin Energy reported a net profit of $372 million in the first half of the 2014 financial year.