Beach Energy Limited referred Tuesday to its Aug. 11 announcement regarding its entry into an agreement to acquire a 40 percent participating interest in the ATP 1056 joint venture from AGL Cooper Basin Pty Ltd., a subsidiary of AGL Energy Limited. The agreement included a condition that Beach be appointed as operator of the joint venture.
Completion was subject to satisfaction of certain other conditions precedent, including waiver or non-exercise of pre-emptive rights held by existing joint venture parties. Subsequent to announcement, Beach has been advised by AGL that pre-emptive rights have been exercised by certain of the existing joint venture parties.
Completion of the assignment of AGL’s participating interest to these existing joint venture parties is subject to certain conditions precedent. Should these conditions be satisfied, the agreement with AGL to acquire the 40 percent participating interest in the ATP 1056 joint venture will be terminated.
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