Decision Consent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Date14 December 2017
Investment

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.

ConsiderationApproximately $1,750,000,000 / AUD $1,585,000,000
ApplicantBeach 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%)
VendorOrigin 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%)
Background

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:

  • Increasing the gas and condensate extraction efficiency of the Kupe gas field (including extending the life of the field);
  • Additional capital investment for the purpose of developing the Kupe gas field in excess of existing baseline commitments;
  • Consequential benefits to New Zealand in terms of enabling more efficient exploration of relevant petroleum acreage in the Canterbury Basin and increasing access to and investment interest in that acreage; and
  • Advancing significant Government policy in terms of the purpose of the Crown Minerals Act 1991 and Minerals Programme for Petroleum 2013.
More informationJosh Blackmore
Chapman Tripp
PO Box 993
WELLINGTON 6140