Beach Energy to Accept Offer For Somerton

Beach Energy, which holds 56.22% stake in Somerton Energy, has said that it will accept the off-market takeover offer by Cooper Energy for the company in the absence of a higher offer. 

The company is yet to decide whether it will accept either the scrip and cash or the full scrip offer for its Somerton shares. After acquisition, Cooper Energy’s stake will go up to about 78%. 

Beach had secured majority control over Somerton back when the company was known as Essential Petroleum Energy in 2009. Somerton's activities are focused in the onshore Otway and Gippsland Basins of Victoria and South Australia, where it holds interests in 7 petroleum tenements.