Origin Energy to buy into Eden geothermal license

In Australia, Eden Energy Ltd. has entered into an agreement with Origin Energy Ltd. for Origin to buy into Eden’s Cooper Basin Geothermal License No. 185 in South Australia. Origin, a major Australian energy utility, will pay $1 million cash to Eden and will take on the first $500,000 of expenditure on the license. Origin will earn a 70% interest in GEL 185 as a result and will be operator of the project. Each party will contribute proportionally to further expenditure. The South Australian Government still has to approve the agreement.