org reserve warning!

ORIGIN Energy says 19 per cent of proven and probable gas reserves tied to the $18 billion Australia Pacific LNG project could revert to the ownership of the Texas prospectors who sold Origin Queensland coal-seam gas ground in 2002.
The reversionary rights, which are owned by Tri-Star Petroleum, became a hot issue in 2008, when British gas giant BG Group disputed Origin's view on the likelihood of them being activated.

The rights were then over one-third of the less-certain proven, probable and possible (3P) reserve. Origin said the rights were now over 19 per cent of the company's proven and probable (2P) reserves after drilling at the Spring Gully and Fairview fields had improved the certainty of the resource.

"If reversion occurs, it may mean that some or all of the reserves subject to reversion are not available for Australia Pacific LNG to sell in the future," Origin said in the risk section of the prospectus for a E500 million ($678m) hybrid debt raising it completed this week.

http://www.theaustralian.com.au/business/origin-energy-n-lng-reserves-warning/story-e6frg8zx-1226075254253