Partners in Australia's ATP 1056 JV Keen on AGL's 40% Stake in Permit
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- AGL To Give Up Gas Production As Energy Prices Plunge (Feb 04)
- Partners in Australia's ATP 1056 JV Keen on AGL's 40% Stake in Permit (Sep 15)
- Beach Energy Acquires 40% Stake in ATP 1056 Permit in Queensland (Aug 11)
Company: Beach Energy Ltd. more info
- Beach Energy Buys Origin's Lattice in $1.25 Billion Deal (Sep 28)
- Beach Energy Completes Callawonga-12 Well Drilling in Cooper Basin (Aug 25)
- Beach Energy Spuds Callawonga-12 Well in South Australia's Cooper Basin (Aug 18)