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Allens assists Osaka Gas with new Crux JV arrangements

7 August 2012

Allens has advised Osaka Gas Crux Pty Ltd, a wholly owned subsidiary of Osaka Gas Co., Ltd. on documentation for the establishment of the Crux AC/L9 Joint Venture (JV) between Osaka Gas Crux Pty Ltd, Shell Development (Australia) Pty Ltd and Nexus Energy WA Pty Ltd.

The arrangements, which were signed on 3 August, provide for:

  • the consolidation of the parties' existing interests in AC/L9 so that each party will have the same percentage interest in the gas and liquids interests in the title; and
  • the establishment of a new JV for a Shell-led integrated gas and liquids development to commercialise the Crux asset.

Following the consolidation of the parties' existing gas and liquids interests, the participating interests of the parties in the new JV will be Shell 80 per cent (operator), Nexus 17 per cent and Osaka Gas 3 per cent.

Completion of the arrangements is subject to conditions precedent for Foreign Investment Review Board approvals and registration of title.

Partner Igor Bogdanich led the Allens team on the transaction.

'Having advised Osaka Gas on its acquisition of an interest in the Nexus-led liquids JV for the Crux asset in 2007, we were pleased to assist Osaka Gas with these new arrangements for Crux,' Mr Bogdanich said.

"The signing of this JV will allow the participants to pursue opportunities for the commercialisation of the Crux asset as a combined liquids-gas project.

'The consolidation of the existing separate gas and liquids interests into the new arrangement was an engaging and interesting process, due to the complex nature of the existing arrangements.'

Relationship Partner for Osaka Gas, David Maloney, said: 'The Allens team was pleased to be able to assist Osaka Gas's team in reaching this important milestone for its investment and with the establishment of the new arrangements for the Crux project.'

Allens legal team Igor Bogdanich (Partner – Perth), Steve Pemberton (Partner – Melbourne), Mark McAleer (Senior Associate – Perth), Robert Merriam (Lawyer – Perth), Anne Nguyen (Lawyer – Perth), Liis Kirk (Lawyer – Perth), Lachlan Clancy (Lawyer – Melbourne)

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 36 offices in 27 countries around the world.