Icon exercises Beach put option
PERTH (miningweekly.com) – ASX-listed Beach Energy was expected to make an A$18-million payment to fellow-listed Icon Energy, after Icon exercised a put option agreed to in February.
Earlier this year, Beach signed a $349-million agreement with energy major Chevron, under which Chevron would acquire Beach’s interest in two onshore gas blocks covering some 810 000 acres in the Cooper basin.
Icon, which was Beach’s joint venture (JV) partner in one of the two tenement areas, consented to and waived its pre-emptive rights in relation to each stage of the transaction.
However, Beach granted its JV partner a put option for Beach to acquire a 4.9% interest in the project from Icon for $18-million, before the end of June.
Icon MD Ray James said on Monday that the exercise of the option would reduce Icon’s interest in the tenement area from 40% to 35.1%, and would increase Beach’s interest from 42% to 46.2%.
“Our gross cash balance at the end of March was A$19.77-million and the $18-milion will go towards our exploration programme at the tenement area,” said James.
He noted that Icon was looking forward to working with both Beach and Chevron as the exploration programme moved forward, with drilling currently under way.
“The Nappamerri Trough is a potential world-class gas asset and the most advanced shale- and basin-centred gas province in Australia. The continued exploration in the area will further de-risk the play,” he added.
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