Origin Enrg Fin Ltd 46RZ Origin announces increase in Kupe reserves

  Origin Enrg Fin Ltd (46RZ) - Origin announces increase in Kupe reserves

RNS Number : 2872H
Origin Energy Finance Limited
10 July 2012
 



ASX/Media Release

 

10 July 2012

 

Origin announces increase in Kupe reserves

Origin Energy Limited (Origin), as Operator of the Kupe Joint Venture, has
announced that the initial proved and probable (2P) reserves in the Kupe field
have increased.

Kupe's initial 2P sales gas reserves have increased by 18.3%, LPG reserves by
22.8%, while light oil (condensate) reserves have decreased by 1.8%.

Initial 2P reserves have been revised to 83.8 million BOE, or 489 petajoules
equivalent, consisting of 323 PJ of sales gas, 1,368 kilotonnes of LPG and
18.3 million barrels of light oil.

The reserves revision follows an evaluation of the continuing strong
performance of the three production wells in the field, combined with the past
two and a half years of well and field production and pressure data, in full
field dynamic reservoir models.

The Kupe field, located in PML38146 in the offshore Taranaki Basin, New
Zealand, is a gas-condensate filled reservoir in the Farewell Formation.

Kupe production from commissioning to 1 July 2012 has totalled 13.8 million
BOE (81 PJe) 46.3 PJ sales gas, 190 kilotonnes of LPG and around 4.7 million
barrels of light oil. The remaining 2P reserves at 1 July 2012 are therefore
70.0 million BOE (408PJe), 276.4 PJ sales gas, 1178 kilotonnes LPG and 13.6
 million barrels of light oil.

Origin Energy New Zealand General Manager, Mr Chris Bush said, "Kupe is an
important energy asset, producing 10-15 per cent of New Zealand's current
annual gas demand and more than 50 per cent of LPG demand.

"This is the second reserves update for Kupe and confirms the asset will
continue to play an important role in meeting New Zealand's energy needs for
the next 15-20 years, which is critical to support economic growth and
prosperity," Mr Bush said.

Kupe, which consists of an offshore and onshore production system, was
officially opened on 18 March 2010.

Kupe Joint Venture participants:

Origin Energy Limited^*:                          50 per cent (Operator)

Genesis Energy:                                    31 per cent

New Zealand Oil & Gas Limited:              15 per cent

Mitsui E&P Australia Pty Ltd:                   4 per cent

 

^* Through its New Zealand based wholly owned subsidiaries

 

ENDS

 

For further information please contact:

 

Media                                    Investors

                                          

Lina Melero                              Kylie Springall

General Manager, Corporate Communication Group Manager, Investor Relations

Ph: +61 2 8345 5217                      Ph: +61 2 8345 5288

Mobile: +61 427 017 798                  Mobile: +61 400 477 393

                                          

 

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company
focused on gas and oil exploration and production, power generation and energy
retailing. A member of the S&P/ASX 20 index, the company has around 5,600
employees and is a leading producer of gas in eastern Australia. Origin is
Australia's largest energy retailer servicing 4.4 million electricity, natural
gas and LPG customer accounts and has one of the country's largest and most
flexible generation portfolios with more than 5,310 MW of capacity, through
either owned generation or contracted rights. Origin's strategic positioning
and portfolio of assets provide flexibility, stability and significant
opportunities for growth across the energy industry. Through Australia Pacific
LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is
developing one of Australia's largest CSG to LNG projects based on Australia's
largest 2P CSG reserves base.

 

In New Zealand, Origin is the major shareholder in Contact Energy, the
country's leading integrated energy company, operating geothermal, thermal and
hydro generation facilities and servicing electricity, gas and LPG customers
across both the North and South islands. Origin also operates several oil and
gas projects in New Zealand and is one of the largest holders of petroleum
exploration acreage in the country.

 

Origin has a strong focus on ensuring the sustainability of its operations, is
the largest green energy retailer in Australia and has significant investments
in renewable energy technologies.

 

For more information go to www.originenergy.com.au .

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCURSSRUOABARR -0- Jul/10/2012 06:00 GMT