Overseas Investment Office clears Horizon Oil to increase stake in Maari, Manaia oil fields

Thu, 29 Mar 2018

By Rebecca Howard March 29 (BusinessDesk) - The Overseas Investment Office gave ASX-listed Horizon Oil International a green light to buy a 16 percent stake in the Maari and Manaia oil fields and joint venture assets off the Taranaki coast from Todd Corp. Last November, Sydney-based Horizon signed an agreement with Todd to buy the stake in the fields, subject to working capital and purchase price adjustments for US$17.6 million. Horizon's stake in the venture will now be 26 percent, with operator OMV New Zealand holding 69 percent and C...

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