For immediate release - 3 August 2016
Ref. #051/16
ASX Ltd
Companies Announcement Office Electronic Lodgement System
SALE OF QUEENSLAND OIL ASSETS
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Sale of various oil production and exploration interests in the greater Kenmore‐Bodalla area
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Transaction consistent with Beach's strategy to optimise its Cooper Basin portfolio
Beach Energy Ltd (ASX: BPT, "Beach") advises that it has entered into a binding Sale and Purchase Agreement with Bridgeport (Cooper Basin) Pty Ltd ("Bridgeport") in relation to the sale of various operated oil permit interests within the greater Kenmore‐Bodalla area (refer map and tenement list). These mature oil fields comprise Beach's only operated production in the Queensland area of the Cooper Basin. In Q4 FY16 they contributed net production of 30 kbbl.
The transaction is expected to complete by the end of Q2 FY17 and is subject to various conditions precedent, including joint venture consents and Queensland Government approvals. Transaction terms remain confidential.
Beach's CEO, Matt Kay, said "Divestment of the greater Kenmore‐Bodalla area oil permits is consistent with our strategy to optimise Beach's Cooper Basin portfolio through sale of non‐core assets. The transaction will provide modest cash consideration, manage ongoing liabilities and increase the efficiency of our Cooper Basin operations."
Yours sincerely,
Matt Kay
Chief Executive Officer
For more information please contact the following on +61 8 8338 2833 Corporate
Matt Squire Group Executive Corporate Development and Strategy
Investor Relations
Derek Piper Investor Relations Manager
ASX Release
Greater Kenmore‐Bodalla area oil permit interests
Permit / Field
|
Beach Interest
|
PL 31 / Bodalla South
|
100%
|
PL 32 / Kenmore
|
100%
|
PL 47 / Black Stump
|
100%
|
PL 256 / Bargie
|
93.9%
|
PL 482 / Marcoola
|
93.21%
|
PL 483 / Coolum‐Glenvale
|
93.21%
|
PL 484 / Byrock
|
93.21%
|
ATP 269
|
93.21%
|
ATP 633
|
50%
|
About Bridgeport
Bridgeport is a wholly owned subsidiary of Bridgeport Energy Limited, a public, unlisted Australian company established to acquire and develop oil and gas assets in Australasia. Bridgeport Energy Limited is a wholly owned subsidiary of New Hope Corporation Limited, one of Queensland's largest ASX‐listed companies, with business interests and operations spanning coal mining, exploration, port operation, oil, agriculture, innovative technologies and investment.
Bridgeport Energy Limited has interests in oil projects and exploration permits in the Eromanga Basin in southwest Queensland, and two onshore exploration permits in the Otway Basin in southwest Victoria. Related parties of Bridgeport currently operate the Utopia and Inland oil fields, also in southwest Queensland.