Australia: Origin Energy to begin a "controlled exit" from certain geothermal and international exploration activities

Origin Energy to raise $2.5b equity to ease pressure on balance sheet (The Australian Financial Review)

Having agreed to sell its 53.1 percent stake in major New Zealand geothermal energy producer Contact Energy to "a broad range of Australian, New Zealand and international equity market" investors in August, Origin Energy has continued to realign its assets.

The Australian utility has  dropped its  resistance to a capital raising, moving to sell $2.5 billion in new equity in  response to markets increasingly panicky about resource sector debt levels  while key commodities face a prolonged price slump.

Assets to be sold include Origin's stakes in oil and gas production ventures in the Cooper Basin and the Perth Basin, overseas exploration, geothermal energy, wind farms and pipelines. The company has already received approaches for assets and expects to complete sales by early next year.

It also said it would begin a "controlled exit" from certain geothermal and international exploration activities.

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