https://www.engineeringnews.co.za

Beach raises first A$201m for Lattice buy

Beach raises first A$201m for Lattice buy

Photo by Bloomberg

2nd October 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Oil and gas major Beach Energy has raised about A$201-million of its A$301-million target through an institutional entitlement offer to partially fund the acquisition of Lattice Energy from fellow-listed Origin Energy.

Beach CEO Matt Kay told shareholders on Monday that the company was pleased with the support that institutional shareholders had shown for the acquisition.

“A near record institutional take-up level of over 98% demonstrates this and is an endorsement of the transaction's compelling logic. The acquisition of Lattice is transformational for Beach as it delivers a step-change in production, operating capabilities and geographic exposure.”

The retail component of the entitlement offer will now be undertaken to raise the remaining A$100-million, through a three-for-fourteen accelerated nonrenounceable pro-rata entitlement offer.

The retail offer will open on October 5 and close on October 16.

Beach recently struck a A$1.58-billion deal with Origin Energy to purchase Lattice, which holds a 67% interest in the Otway gas project, in Victoria, as well as interest in various adjacent exploration permits, along with the Halladale, Speculant and Black Watch gasfields in the Otway basin. Lattice also owns a 42.5% interest in the Bass gas project, also in Victoria, as well as interests in discoveries located in nearby exploration permits.

Edited by Creamer Media Reporter

Comments

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.13s - 156pq - 2rq
Subscribe Now