As per terms of the deal, Lattice will also acquire Benaris’ 29.23 stake in the neighbouring T/30P exploration JV and VIC/P43 exploration JV. The remaining 5% interest in the project is owned by Toyota Tsusho.
The latest deal allows Lattice to increase its stake in the Otway Gas Project from the current 67.23% to 95%, while the exploration joint ventures (JV) to 100%.
The deals are subject to certain conditions, in addition to Toyota Tsusho pre-emptive rights for the Otway gas project JV.
According to Origin, the acquisition is expected to complete when Lattice Energy is divested.
As part of a separate deal, Lattice will pay $60m to Benaris for 11.89 petajoules (PJ) of reserves to rebalance the share of gas between the parties pertaining to the historical lifting of production at Otway and sign agreement on other joint venture matters.
The deal will increase Lattice Energy’s 2P reserves in the Otway gas project JV by 11.89 PJ.
Otway basin is situated in Victoria and Tasmania of Australia. Otway gas project includes offshore gas fields, including Thylacine in Tasmania and Geographe in Victoria.
The gas and liquids produced at the project will be transported to an onshore gas processing plant in Port Campbell of Victoria through pipelines.
The plant holds capacity to produce an average 60 petajoules of natural gas per annum, together with around 100,000 tonnes of LPG and up to 800,000 barrels of condensate or light oil.
