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  • Origin agrees to sell Lattice Energy for $1,585 million
    édité le 28/09/2017 - Plus de news de "Origin" - Voir la fiche entreprise de "Origin"


Origin agrees to sell Lattice Energy for $1,585 million
Origin Energy Limited (Origin) has entered into an agreement to sell its conventional upstream oil and gas business, Lattice Energy, to Beach Energy (Beach) for $1,585 million.

As part of the sale, Origin has secured access to a significant portion of Lattice Energy’s future east coast gas production under long-term gas supply agreements to support its domestic gas business.

Under the terms of the sale, the transaction will have an effective date of 1 July 2017. Completion is subject to satisfaction of customary conditions, including approvals from the New Zealand Minister of Energy and Resources and the New Zealand Overseas Investment Office.

Origin CEO, Frank Calabria said, “In signing these agreements today, we have delivered on our commitment to divest Lattice Energy consistent with our plan to simplify the Origin business, reduce debt and improve returns to shareholders.

“Importantly, Origin retains access to future Lattice Energy east coast gas production and LPG, to help us continue to meet the energy needs of our domestic customers.

“The sale to Beach represents the best overall value to Origin shareholders, through the combination of the upfront sale proceeds and ongoing supply of gas and LPG, which allows Origin to retain the benefits of our integrated business model.

“Origin and Beach have a long history of working together through joint ventures and existing gas supply arrangements, and we look forward to continuing that relationship as Beach will remain a major supplier of gas to Origin into the future,” Mr Calabria said.

Proceeds from the sale will be used to pay down debt, putting Origin on track to reduce adjusted net debt to below $7 billion by 30 June 2018. Net proceeds will also reflect the acquisition of Benaris’ interests in the Otway basin, transaction costs and the closing out of two oil forward sale agreements that Origin signed in FY2013, estimated to be $270 million depending on oil price at the time of completion.

Gas supply arrangements

As part of the sale, Origin has entered into agreements with Lattice Energy to secure access to long-term gas supply. A summary of the contract terms and volumes related to the gas sales agreements is outlined in the table below, with pricing consistent with the FY2018 Energy Markets guidance range provided at the time of Origin’s FY2017 results.

Origin will also have certain rights to contract for gas from several exploration permits in the Otway basin in the event they progress to development.

In addition, Origin has entered into supply agreements for LPG production from BassGas and Otway, which will continue to supply Origin’s LPG business.

Origin will work with Beach to ensure a smooth transition, which will include the transfer of all Lattice Energy employees as part of the sale.

“I would like to take this opportunity to thank the Lattice Energy leadership team and everyone who worked so hard to make it a standalone business ready for sale,” Mr Calabria said.
“While Lattice Energy was ready to be a successful independent listed entity, the sale to Beach represented the most attractive option to deliver value to Origin shareholders.”

Following the sale, Origin’s simplified Integrated Gas business unit will comprise its 37.5 per cent interest in Australia Pacific LNG for which it is upstream operator, as well as Ironbark (100 per cent) and Beetaloo Basin (70 per cent) exploration assets. Origin will also retain a number of dormant onshore permits near Port Campbell in Victoria (Heytesbury) which may provide a future opportunity to develop a gas storage facility.

About Origin

Origin Energy (ASX: ORG) is the leading Australian integrated energy company. Origin is the leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas producer. Origin is the upstream operator of Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, which supplies natural gas to domestic markets and exports LNG under long term contracts.

About Beach Energy

Beach is an ASX-listed oil and gas company with a 50-year operating history and long relationship with Origin, as both a joint venture partner and reliable gas supplier.


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