Beach Energy Exits Stake in Romanian Block to Focus on Australia

Australian oil and gas exploration and production firm Beach Energy Limited announced Wednesday that its wholly owned subsidiary, Beach Petroleum (CEE) S.R.L., has transferred its 30 percent stake in Block 28 Est Cobalcescu to the operator, Petroceltic Romania B.V., a unit of Petroceltic International plc, for nominal consideration.

The transfer has been approved by the National Agency for Mineral Resources of Romania, leaving Beach Energy with no further commitments in Romania.

The company's withdrawal from Romania is in accord with Beach's strategy to focus nearer home in Australia, where "its core expertise can be leveraged to drive sustainable, value accretive growth," the firm said in a press release.

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