Origin Energy’s Lattice Energy Sale successful to Beach Energy

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Origin Energy declared the completion of $1,585 million sale of its oil and Gas business, Lattice Energy to Beach Energy post adjustment for settlement of the acquisition by Lattice Energy of Benari’s interests in the Otway Basin, transaction costs, adjustments and taxes, the balance of the sale proceeds will be used to close out of oil forward sale agreements ($266 million) and pay down debt (approximately $1 billion).

Origin expects to record accounting charges of approximately $220 – $240 million, primarily comprising a non-cash post-tax impairment charge of $170 – $180 million as a result of recognising Lattice Energy earnings from 1 July 2017 up to the 31 January 2018 completion date. $190 million of the proceeds of $1,585 million will be applied to the acquisition of the Benaris interests by Lattice Energy after completion of the sale of Lattice Energy to Beach.

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