Beach Sells Upstream Stakes in Queensland's Cooper Basin to Bridgeport
Beach Energy Ltd. disclosed Wednesday that it has entered into a binding Sale and Purchase Agreement with Bridgeport (Cooper Basin) Pty Ltd. for the sale of various operated oil permit interests within the greater Kenmore‐Bodalla area in the Queensland's Cooper Basin in Australia.
The mature oil fields -- PL 31/Bodalla South, PL 32/Kenmore, PL 47/Black Stamp, PL 256/Bargie, PL 482/Marcoola, PL 483/Coolum-Glenvale, PL 484/Byrock, ATP 269 and ATP 633 -- comprise Beach’s only operated production in the area, where net production reached 30,000 barrels in the fourth quarter of financial year (FY) 2016.
Beach Energy said the transaction, subject to various conditions precedent, including joint venture consents and Queensland Government approvals, is expected to complete by the end of second quarter of FY17.
"Divestment of the greater Kenmore‐Bodalla area oil permits is consistent with our strategy to optimize Beach’s Cooper Basin portfolio through sale of non‐core assets. The transaction will provide modest cash consideration, manage ongoing liabilities and increase the efficiency of our Cooper Basin operations," Beach’s CEO, Matt Kay, said in the press release.
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