Foundation Assets

Tri-Star has maintained long-term interests in certain Australian fields including Arcadia, Combabula, Condabri, Durham Ranch, Fairview, Spring Gully, and Roma East

These long-term interests from farm-out deals include royalties, gas sales, conversion rights, reversion rights and information rights.

In 2002, APLNG (an incorporated joint venture between Origin, ConocoPhillips and Sinopec) acquired various CSG interests from Tri-Star that are subject to reversionary rights and an ongoing royalty interest in favour of Tri-Star. These interests represent approximately 19% of APLNG’s 2P CSG reserves and approximately 18% of 3P (proved plus probable plus possible) CSG reserves (as of 30 June 2024).

The reversion and ongoing royalty interest are the subject of significant litigation. As of 25 October 2023, Tri-Star’s Amended Statement of Claim prescribes a value of $4.7 billion on the reversion rights and $288 million in underpayment of royalties.

Between 2004 - 2006, entities now owned by Santos, and part of the GLNG Project, acquired various coal seam gas interests from Tri-Star that are subject to an ongoing royalty interest in favour of Tri-Star. These interests represent greater than 50% of GLNG’s 2P CSG reserves.