PERTH (miningweekly.com) – Australian oil and gas producer Beach Energy will acquire a 40% interest in AGL Cooper Basin’s ATP 1056 permit for $1.15-million.
The permit is located on the south-eastern flank of the Cooper basin and adjoins long-producing oilfields. The permit area has been identified as highly prospective for oil and is covered by 610 km2 of three-dimensional seismic, with two small discoveries currently on extended production test.
Beach MD Rob Cole told shareholders that the transaction was consistent with the company’s strategy and supported the belief that there were significant opportunities and growth potential still to be pursued in the Cooper basin.
The completion of the transaction was subject to a number of conditions precedent, including government approval and the appointment of Beach as operator of the permit.
On completion of the transaction, Beach would hold a 40% participating interest in the ATP 1056 joint venture, comprising a 20% registered interest in AT 1056 and a right to earn a further 20% by satisfying farm-in obligations assumed from AGL.