DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date27 February 2018
Investment

Horizon Oil International Limited is an existing partner in the Maari joint venture, currently holding a 10% interest in that joint venture and its operating assets.  Horizon Oil International Limited sought consent to acquire:

  • a 16% interest in the Maari joint venture operation agreement for petroleum permits for the Maari and Manaia fields (Petroleum Exploration Permit 38143 and Petroleum Mining Permit 38160), located off-shore Taranaki;
  • a 16% beneficial interest in the Maari joint venture assets; and
  • proprietary rights in technical information relating to Petroleum Mining Permit 38160. 

This is an investment in significant business assets only and does not include sensitive land.

Asset Value$150,000,000 (gross)
ApplicantHorizon Oil International Limited
Australian Public (39.38%),
Thailand Public (30.8%),
Various (26.85%),
New Zealand Public (2.97%)
VendorTodd Maari Limited
The Todd Corporation Limited, New Zealand (100%)
Background

The Maari joint venture is a business relationship that owns and operates permits and petroleum assets related to the Maari and Manaia gas fields, offshore in the Taranaki Basin.  The partners to that agreement are currently OMV New Zealand Limited (69%), Todd Maari Limited (16%), Horizon Oil International Limited (10%), and Cue Energy Limited (5%).

Horizon Oil International Limited is acquiring Todd Maari Limited’s 16% share and, once the transaction settles, it will hold a 26% interest.

That Investment relates to assets that exceed $100 million and for which consideration in excess of $100 million has been paid.  For completeness, these operations and interest are based wholly off-shore and do not involve sensitive land.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

More informationBrigid McArthur
Greenwood Roche
PO Box 25501
WELLINGTON 6146