Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
|Decision Date||14 December 2017|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the fully paid ordinary shares in Lattice Energy Limited which, through a 50% interest in the Kupe Joint Venture owns or controls a freehold interest in 200.1677 hectares of land at Lower Inaha Road, Manaia upon which the Kupe Production Station is constructed.
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the fully paid ordinary shares in Lattice Energy Limited the consideration of which exceeds $100m.
|Consideration||Approximately $1,750,000,000 / AUD $1,585,000,000|
|Applicant||Beach Energy Limited|
Various overseas persons (61.42%)
Seven Group Holdings Limited, Australia (25.60%)
Paradice Investment Management, Australia (6.92%)
Dimensional Fund Advisors, Inc., United States of America (6.06%)
|Vendor||Origin Energy Limited|
Australian Public (99.1921%)
New Zealand Public (0.6515%)
United States Public (0.0615%)
United Kingdom Public (0.0359%)
Hong Kong Public (0.0125%)
Various overseas persons (0.0410%)
Singapore Public (0.0055%)
Beach Energy Limited intends to acquire 100% of Lattice Energy Limited (Lattice), which is currently owned by Origin Energy Limited.
Lattice, through wholly owned subsidiaries, owns a 50% interest in the Kupe Joint Venture, being a joint venture that operates the Kupe Production Station and other assets associated with the Kupe gas field. Through a wholly owned subsidiary, Lattice also participates in one other petroleum exploration permit in the Canterbury basin.
The investment is likely to result in the following benefits to New Zealand:
|More information||Josh Blackmore|
PO Box 993