"Karoon Gas has announced a deal with Origin Energy Limited (ASX: ORG) that could be worth as much as US$800 million. The company has sold its 40% interest in two Browse Basin exploration permits, with Karoon to receive US$600 million up front in cash, and a number of conditional deferred payments following that, worth up to US$200 million.
For its part, Origin obviously sees plenty of value in Karoon’s Browse permits. The offshore Western Australia region has been a prolific hunting ground for large oil and gas deposits, with a number of LNG projects under-development, including Woodside Petroleum Limited’s (ASX: WPL) Browse LNG and Chevron’s Gorgon and Wheatstone LNG projects. The area also has producing assets such as Woodside’s North-West Shelf LNG and Pluto PLNG operations."
This shows the possible value of TDO's exploration permits, especially the gasfields off the Victorian coast. We're on the ground floor with this stock. Rewards come to those with patience and vision...
TDO Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
