| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 March 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 12.9880 hectares of land at Upper Durham Road, Inglewood. |
| Consideration | CONFIDENTIAL |
| Applicant | TAG Oil Ltd. Canada (100%) |
| Vendor | B.F.F. Limited Russell Arthur Boddington, New Zealand (38.25%) Marguerite Elizabeth Boddington, New Zealand (36.75%) Aaron R Boddington, New Zealand (25.0%) |
| Background | The Applicant is a Canadian oil and gas exploration and production company which operates exclusively in New Zealand. The Applicant has been exploring for petroleum from the relevant land (under Petroleum Exploration Permit 38748) and has made a petroleum discovery which it is in the process of developing (the Sidewinder discovery). It is acquiring the land in order to facilitate its current and proposed future operations and activities in relation to the Sidewinder discovery. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | David Coull Bell Gully (Wellington) PO Box 1291 WELLINGTON |