Origin Energy Ltd. said May 5 it doubled its stake in the Beetaloo Basin shale gas field in Australia's Northern Territory.
The company said it increased its share in the undeveloped prospect to 70%, after purchasing a 35% share from Sasol Petroleum Australia Ltd. It did not disclose a purchase price and said the transaction is subject to "certain conditions," without elaborating.
"It is not expected to impact on Origin's short-term focus on debt reduction as there are no immediate capital requirements in the Beetaloo," Origin said in a statement.
In February, Origin said it estimates contingent resources in the field to be 6.6 trillion cubic feet. But its extraction depends on the Northern Territory government lifting a ban on hydraulic fracking. The government is reviewing the ban but has set no deadline for making a decision.
Origin last week reported soaring gas revenues, thanks to a sharp rise in sales, as a supply crunch in Australia pushes prices higher.
Falcon Oil and Gas Ltd. owns the remaining 30% of the joint-venture.