Overseas investment decision for case 200610015 - Australian Worldwide Exploration Limited

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Australian Worldwide Exploration Limited (AWE) proposes to acquire all of the shares in New Zealand Overseas Petroleum Limited (NZOP) from New Zealand Overseas Petroleum (Holdings) Limited. NZOP's assets include a 45 percent participating interest in Petroleum Mining Permit (PMP) 38158, and Petroleum Exploration Permit (PEP) 38460 situated off-shore of Taranaki, including the Tui Field.

AWE is an Australian oil and gas exploration and production company listed on the Australian Stock Exchange. AWE currently has interests in oil and gas developments in New Zealand having acquired interests in a number of PEPs and PMPs situated offshore of Taranaki and the Canterbury Basin.

The acquisition will give AWE a 42.5 percent interest in PMP 38158 (an increase of 22.5 percent). Prior to this transaction it is proposed that NZOP will sell to Mitsui E& P New Zealand Limited a 22.5 percent interest. NZOP will continue to operate PMP 38158 as a subsidiary of AWE. The acquisition (and the resulting increase in its participating interest in PMP 38158) is part of AWE's strategy to grow its Australian and New Zealand oil and gas business.