Gulf Oil and Gas accountACCOUNT

Origin Energy Secures Increased Interest in Otway for Lattice Energy

Source: www.gulfoilandgas.com 9/11/2017, Location: Not categorized

Share |
Origin Energy Limited (Origin) has entered into an agreement with Benaris to enable Lattice Energy to acquire Benaris' 27.77 per cent interest in the Otway Gas Project Joint Venture. The acquisition is expected to complete when Lattice Energy is divested. Under the terms of the agreement, Benaris’ 29.23 per cent interest in the neighbouring T/30P Exploration Joint Venture and VIC/P43 Exploration Joint Venture (Exploration Joint Ventures) will also be acquired.

On completion of the acquisitions, Origin will pay Benaris $190 million, adjusted to reflect an effective date of 1 July 2017. The acquisitions will increase Lattice Energy’s interest in the Otway Gas Project Joint Venture to 95 per cent and the Exploration Joint Ventures to 100 per cent.

Origin has the right to acquire the assets, although has no obligation to do so if the divestment of Lattice Energy does not proceed. The acquisitions are subject to certain conditions and also Toyota Tsusho pre-emptive rights for the Otway Gas Project Joint Venture.

Under a separate agreement, Lattice has agreed to pay Benaris $60 million for 11.89 PJ of reserves to rebalance the share of gas between the parties relating to the historical lifting of production at Otway and to reach agreement on other joint venture matters. The agreement will increase Lattice Energy’s 2P reserves in the Otway Gas Project Joint Venture by 11.89 PJ. The payment is not conditional on the divestment of Lattice Energy.

The alignment of interests in the joint venture and the simplification of the ownership structure is consistent with Origin’s preparations to divest Lattice Energy. These transactions, once completed, will help facilitate the future development of the joint ventures.

Acquisitions and Divestitures News in Australia >>

Norway >>  10/15/2018 - Equinor has signed an agreement with Aker BP to sell its 77.8% operated interest in the King Lear discovery on the Norwegian Continental Shelf (NCS) f...
Venezuela >>  10/12/2018 - Etablissements Maurel & Prom notes recent press articles and confirms it is working on the acquisition of Shell Exploration and Production Investments...

Brazil >>  10/11/2018 - QGEP Participacoes S.A. (QGEP), announced that the Consortium of Block BCAM-40 has begun the relinquishment process with the National Agency of Petro...
Italy >>  10/11/2018 - Po Valley Energy is to retain full ownership of two onshore oil fields in northern Italy after their sale to a private London-based resources company,...

Norway >>  10/10/2018 - U.S. oil firm Chevron (CVX.N) will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in...
United Kingdom >>  10/9/2018 - AIM-listed Serica Energy has announced that its wholly owned subsidiary,Serica Energy (UK) and BP have received a conditional License and assurance fr...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

 

Oil & Gas Companies in Australia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.