| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 May 2020 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of a 69% interest in the Maari petroleum mining permit (PMP 38160) and the Maari joint venture together with associated operating contracts and other assets relating to the Maari joint venture. |
| Consideration | NZ$77,300,000 (US$50,000,000) |
| Applicant | Jadestone Energy (New Zealand) Limited United Kingdom Public (77.9%) United States Public (10.7%) European Public (6.0%) Canada Public (3.4%) Various overseas persons (2.0%) |
| Vendor | OMV New Zealand Limited Österreichische Bundes – und Industriebeteiligungen GmbH, Austria (31.5%) International Petroleum Investment Company, Saudi Arabia (24.9%) Various Institutional Investors (16.6%) Various overseas persons (9.45%) United States Public (8.37%) United Kingdom Public (5.67%) European Public (3.51%) |
| Background | 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. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |