JOHANNESBURG (miningweekly.com) – ASX-listed Beach Energy will sell its operated oil permit interests within the greater Kenmore-Bodalla area of Queensland’s Cooper basin to a subsidiary of unlisted Australian oil and gas company Bridgeport Energy.
“Divestment of the greater Kenmore-Bodalla area oil permits is consistent with our strategy to optimise Beach’s Cooper basin portfolio through the sale of noncore assets.
“The transaction will provide modest cash consideration, manage ongoing liabilities and increase the efficiency of our Cooper basin operations,” CEO Matt Kay said on Thursday.
The deal is expected to be completed by the end of the second quarter of the 2017 financial year.