The Australian Sanctions Office (ASO) has confirmed that Origin’s exploration activities in the Northern Territory’s Beetaloo Basin do not breach Australian sanctions laws.
As a result, the company will continue with its exploration plan.
Origin is the principal shareholder and operator of the Beetaloo Basin joint venture.
Beetaloo is an onshore shale gas field located in the Beetaloo Basin, approximately 180km south-east of Katherine in the Northern Territory, Australia.
The field is being developed by Origin Energy (70%, operator) and Falcon Oil and Gas (30%) in a joint venture (JV) under the Beetaloo Exploration project.
Following the recent designation of Mr Viktor Vekselberg, Origin sought advice from the ASO, which is part of the Australian Department of Foreign Affairs and Trade (DFAT).
Mr Vekselberg is a beneficiary of the foundation which owns 100% of Lamesa Holdings, a minority shareholder of Falcon Oil & Gas Limited, the parent company of Origin’s Beetaloo Basin junior joint venture partner.
“We welcome the timely assessment by DFAT and will focus on completing our Beetaloo exploration program commitments by drilling and testing a further two wells,” Origin’s head of Integrated Gas, Mr Andrew Thornton said in a media release.
“While no gas is currently being produced and no revenue is being generated, Origin will continue to exercise diligence in this matter, and seek further advice should joint venture structures change or should the project progress beyond exploration. Origin remains committed to complying with Australian sanctions laws.”
Origin currently covers all exploration activity costs in the Beetaloo Basin.
Last month, the company issued a statement claiming it had no direct contact with Lamesa Holdings or any shareholders of Falcon, pledging to adhere to rules set by the Australian Government or other governments as appropriate, with respect to any sanctions in place.
