Origin closes A$1.6bn Lattice Energy sale

Sydney-based Origin Energy, the holder of a 37.5 percent stake in the Australia Pacific LNG project, has completed the A$1.59 billion ($1.24 billion) sale of its conventional upstream oil and gas business, Lattice Energy, to Beach Energy.

To remind, the deal was announced back in September 2017.

“After adjusting for settlement of the acquisition by Lattice Energy of Benaris’ interests in the Otway basin (A$190 million), transaction costs, adjustments and taxes, the balance of the sale proceeds will be used to close out of oil forward sale agreements (A$266 million) and pay down debt (approximately A$1 billion),” Origin said.

As a result of this transaction, Origin expects to record accounting charges of approximately A$220 – $240 million, primarily comprising a non-cash post-tax impairment charge of $170 – $180 million as a result of recognising Lattice Energy earnings from 1 July 2017 up to the 31 January 2018 completion date, it said.

 

 

 

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >