Beach Energy Sells its Oil Assets in Queensland

Beach Energy has signed an agreement with Bridgeport (Cooper Basin) Pty Ltd to sell oil permit interests within the greater Kenmore‐Bodalla area in Queensland.

These oil fields comprise Beach’s only operated production in the Queensland area of the Cooper basin.  In Q4 FY16 they contributed net production of 30 kbbl. The transaction is expected to complete by the end of Q2 FY17 and is subject to various conditions precedent, including joint venture consents and Queensland Government approvals, Beach said.   

Beach did not divulge transaction terms.

“Divestment of the greater Kenmore‐Bodalla area oil permits is consistent with our strategy to optimise Beach’s Cooper basin portfolio through sale of non‐core assets. The transaction will provide modest cash consideration,” Beach’s CEO, Matt Kay, said.