Overseas investment decision for case 201810265 - Tamarind NZ Onshore Limited

Consent granted
Section 13(1)(c) Overseas Investment Act 2005

Overseas Investment Office

27 February 2019

An overseas investment in significant business assets, being the Applicant’s acquisition of:

• 100% of shares in Cheal Petroleum Limited from TAG Oil (NZ) Limited;

• TAG Oil (NZ) Limited and CX Oil Limited’s existing participating interests in certain petroleum exploration permits and petroleum mining permits relating to oil and gas fields in the Taranaki region;

• associated facilities, production station, pipelines, contracts and other assets;

the value of which exceeds $100 million

Approximately $106,000,000

Tamarind NZ Onshore Limited
Robert Ian Angell, Singapore (50.1%)
Michael Norman Arnett, Australia (49.9%)

TAG Oil (NZ) Limited
Canada Public (95.17%)
United States Public (4.49%)
Various, Various (0.34%)

CX Oil Limited
Canada Public (95.17%)
United States Public (4.49%)
Various, Various (0.34%)

The Applicant is a fully-owned indirect subsidiary of Tamarind Resources Limited, an Australian registered company. The individuals with control of Tamarind are experienced in the field of petroleum extraction, and in particular, late-life oil fields. Tamarind already operates in New Zealand through the Tui oil field near Taranaki.

The Investment involves the Applicant acquiring Cheal Petroleum Limited, and existing New Zealand on-shore oil and gas exploration and mining permits, along with related infrastructure assets. Tamarind intends to operate these newly acquired assets in the same manner as the existing Tui oil field.

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.

Beatrice Chamberlain
Govett Quilliam
PO Box 2013
NEW PLYMOUTH 4342