Permission granted
New Zealand-based oil producer gets the all clear from the FIRB to acquire part or all of Pan Pacific Petroleum.
Pan Pacific Petroleum is getting its house in order after New Zealand Oil and Gas received Foreign Investment Review Board approval to acquire up to 19.99 per cent, or indeed all of the Taranaki and Carnarvon Basin producer. NZ Oil and Gas already holds approximately 15 per cent of Pan Pacific and shares a chairman in Tony Radford, NZ Oil and Gas's founder.
NZ Oil and Gas has employed the services of ABN AMRO for advice on the deal while Pan Pacific appointed Origin Securities to help assess the company's assets and ready itself for a possible NZ Oil and Gas bid. Lawyers Allens Arthur Robinson have also been retained.
Origin Securities is the corporate finance arm of Sydney-based Origin Capital. Past clients have included Arc Energy, Queensland Sugar and clothing group Gazal Corporation. The advisory team is lead by managing director Frank Mattiussi.
NZ Oil and Gas, which is also listed on the ASX, has not yet indicated whether it will opt to buy some or all of Pan Pacific, but the target is already putting up some defences, arguing that the market is only placing "nominal value" on the company's 10 per cent interest in its Tui area oil fields, in New Zealand's Taranaki Basin. With no debt, Pan Pacific also has a healthy amount of cash on its balance sheet: $55 million in Australian currency, $NZ38 million and $US46 million.
NZ Oil and Gas has employed the services of ABN AMRO for advice on the deal while Pan Pacific appointed Origin Securities to help assess the company's assets and ready itself for a possible NZ Oil and Gas bid. Lawyers Allens Arthur Robinson have also been retained.
Origin Securities is the corporate finance arm of Sydney-based Origin Capital. Past clients have included Arc Energy, Queensland Sugar and clothing group Gazal Corporation. The advisory team is lead by managing director Frank Mattiussi.
NZ Oil and Gas, which is also listed on the ASX, has not yet indicated whether it will opt to buy some or all of Pan Pacific, but the target is already putting up some defences, arguing that the market is only placing "nominal value" on the company's 10 per cent interest in its Tui area oil fields, in New Zealand's Taranaki Basin. With no debt, Pan Pacific also has a healthy amount of cash on its balance sheet: $55 million in Australian currency, $NZ38 million and $US46 million.
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