Beach bags offshore interests

The Yolla platform.

The Yolla platform.

Beach Energy has entered into binding agreements with Toyota Tsusho to acquire its interests in the Otway Gas Project and the BassGas Project, both located off the coast of Victoria.

Beach will acquire Toyota’s 5 per cent stake in the Otway Gas Project (OGP) and 11.25 per cent stake in the BassGas Project for cash consideration.

The purchase price remains confidential, with the transaction subject to standard conditions precedent, including relevant third parties’ consent.

Completion is expected in early 2018 with an effective date of 1 January 2017 for the OGP interest and 1 July 2017 for the BassGas interests.

Assuming successful completion of the acquisition of Lattice Energy – and Origin Energy’s concurrent acquisition of Benaris’ 27.77 per cent stake in the OGP – Beach will hold a 100 per cent interest in OGP, a 53.75 per cent interest in BassGas producing assets, and a 50.25 per cent interest in BassGas exploration permits.

The OGP – which includes production from the Thylacine (T/L2 and T/L3) and Geographe (VIC/L23) offshore fields, the Thylacine well head platform and the onshore Otway gas plant – is located in the Otway Basin and currently supplies approximately 100 TJ/d into the Victorian gas market, as well as 2,500 boe/d of LPG and condensates.

The BassGas Project – containing the Yolla (T/L1), Trefoil (T/RL2), Rockhopper (T/RL3), White Ibis (T/RL4) and Bass (T/RL5) gas fields – delivers approximately 60 TJ/d into the Victorian market.

BassGas’ producing assets are controlled by Beach (53.75 per cent and operator), AWE Limited (35 per cent) and Prize Petroleum International (11.25 per cent).

BassGas’ exploration permits are split between Beach (50.25 per cent and operator), AWE Limited (40 per cent) and Prize Petroleum International (9.75 per cent).

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