During the 1990s, Tri-Star farmed out several CSG fields in Queensland, including Fairview, Durham Ranch, and Spring Gully.
In February 2002, Oil Company of Australia Ltd (now APLNG; a joint venture between Origin 37.5%, ConocoPhillips 37.5% and Sinopec 25%), acquired a number of CSG interests from Tri-Star that are subject to reversionary rights and an ongoing royalty in favour of Tri-Star. Upon a reversion trigger, APLNG are required to transfer back to Tri-Star a 45% interest in those CSG interests for no additional consideration. The reversion trigger is taken to have occurred when APLNG’s revenues and all other benefits from the CSG interests exceed the costs of developing the CSG interests, plus interest and royalties.
Today, the CSG interests that Tri-Star discovered supply significant feedstock to the 2 train APLNG LNG Plant on Curtis Island in Gladstone. The gas that Tri-Star has a right to after reversion represents in excess of 22.5% of APLNG 2P reserves as at 30 June 2018.
In addition to the above, Tri-Star hold a 0.75% and 0.0375% working interest in the Durham Ranch and Spring Gully joint ventures, respectively, operated by APLNG.
Between 2004 and 2006, Tipperary Corporation and Bronco Energy (now GLNG; a joint venture between Santos, Total, PETRONAS and KOGAS) acquired several CSG interests from Tri-Star, including Fairview, Arcadia and Roma East, in exchange for an ongoing royalty in favour of Tri-Star.
The above assets are some of the most prospective CSG fields in the world and have underpinned the A$80 billion CSG to LNG industry in Queensland.