Origin Energy Ltd. is planning an initial public offering of its Australian and New Zealand conventional upstream exploration and production operations in an effort to focus its business and accelerate debt reduction.
The newly created company will include Origin's interests in the Otway Gas Project, BassGas Project, Kupe Gas Project, and the Perth, Cooper, Bonaparte and Canterbury basins.
Origin said it would keep its interests in Australia Pacific LNG facility exporting gas to customers in Asia. It will also retain stakes in assets in the Browse and Beetaloo basins.
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Ash here.
This is desperate behavior. Domestic gas prices are high due to Gladstone LNG demand, yet Origin is ditching major E&P assets.
Some clever bunny will buy it up and parcel out the assets by basin for a quick buck.
Idiots.
Ash
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