APLNG's 2P Reserves at 13,111 PJe

Origin Energy Limited on Tuesday released its 2012 Annual Reserves Report and the Quarterly Production Report for its Exploration and Production business for the period ended 30 June 2012.

As on 30 June 2012, Origin's Proved plus Probable (2P) reserves totalled 6,807 petajoules equivalent (PJe). This is a reduction of 234 PJe on the prior year, and includes the dilution of Origin's share in Australia Pacific LNG from 50 per cent to 42.5 per cent during the period. If this dilution is excluded, 2P reserves increased nine per cent or 648 PJe compared with the prior year.

Australia Pacific LNG's 2P reserves increased by 11 per cent or 1,336 PJe to 13,111 PJe net of production. Additionally, Origin's share of 2P reserves increased by 61 PJe at Ironbark (ATP788P), 57 PJe in the Cooper Basin and by 14 PJe in offshore Taranaki (Kupe).

For the 12 months to 30 June 2012, Origin recorded production of 130 PJe, representing a four per cent reduction on the prior year. The dilution of Origin’s shareholding in Australia Pacific LNG from 50 per cent to 42.5 per cent and deferred production from BassGas as a result of its Mid Life Enhancement Project were the primary factors impacting production.

On 4 July 2012, Australia Pacific LNG’s final investment decision on the second train of its CSG to LNG project. Sinopec also completed its subscription for an additional 10 percent interest in Australia Pacific LNG, taking its share to 25 per cent, and reducing Origin and ConocoPhillips' share to 37.5 per cent each.