Dec 6 (Reuters) - Origin Energy Ltd (ORG) :
- Its intention to divest conventional upstream business via initial public offering (IPO) with newco to be listed on australian securities exchange
- Proposal accelerates origin's debt reduction and reduces origin's on-going capital expenditure requirements
- New company ('newco') will be a mid-cap geographically diversified upstream exploration and production company listed on ASX
- Transaction expected to be earnings per share (eps) accretive from fy19 and to deliver an improved return on capital to origin from completion
- Newco will have an independent board
- Proposed IPO will not require origin shareholder approval and a listing of newco is targeted for 2017
- Both LNG trains in Australia Pacific LNG project are now in operation and integrated gas business is continuing to focus on reducing costs
- On completion, expected that proceeds of newco ipo will also be used to close out two oil forward sale agreements that co entered into in FY13
- Based on current market pricing, estimated cost to close out these contracts is around $350 million
News: ORG Origin Energy to divest conventional upstream business via IPO
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