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Origin Energy Limited’s (ASX:ORG) search for new energy sources continues with its latest farm in deal in Northern Territory’s Beetaloo Basin, south east of Darwin.
The energy giant has teamed up with Sasol to ink a conditional farm-in deal with Falcon Oil & Gas Australia for three onshore exploration permits.
Upon completion of the farm-in agreement Origin and Sasol will hold a 35 per cent interest in the permits with Falcon holding the remaining 30 per cent.
Origin Energy has described the area as highly prospective for shale gas and associated liquids and set to provide the company with a significant unconventional exploration position.
The company says the farm-in is in line with its strategy of finding new sources of energy with view to monetise them through connecting the resource to market.
Origin Energy reported a net profit of $372 million in the first half of the 2014 financial year.
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