Beach Energy Ltd. disclosed Tuesday that it has signed a binding agreement to acquire a 40 percent operating interest in the ATP 1056 permit in Queensland, Australia from AGL Cooper Basin Pty Ltd., a subsidiary of AGL Energy Limited, for $0.85 million (AUD 1.15 million).
Completion is subject to satisfaction of conditions precedent, including Queensland Government indicative approval, appointment of Beach as operator of the ATP 1056 joint venture, and joint venture consents and waivers. On completion, Beach will hold a 40 percent participating interest in the ATP 1056 joint venture, comprising a 20 percent registered interest in ATP 1056, and a right to earn a further 20 percent by satisfying farm‐in obligations assumed from AGL.
ATP 1056 is located on the south‐eastern flank of the Cooper Basin and adjoins long‐producing oil fields such as Jackson and Naccowlah. The permit area has been identified as highly prospective for oil and is covered by 235.5 square miles (610 squaer kilometers) of 3D seismic, with two small discoveries currently on extended production test.
Beach’s Managing Director, Rob Cole, said “We are very pleased to be leveraging our core capability through the acquisition of AGL’s interest in ATP 1056. Beach has a long history of successful exploration within the Cooper Basin, and we look forward to working with our joint venture partners on this highly prospective permit. This transaction is consistent with our strategy and supports our belief that there is significant opportunity and growth potential still to be pursued in the Cooper Basin.”
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