Beach Energy Ltd
(ASX:BPT) has entered a deal to sell its Queensland oil assets to another oil and gas company, Bridgeport (Cooper Basin) Pty Ltd – but hasn’t disclosed what the price is yet.
Beach Energy says these mature oil fields are non-core assets, and comprise its only operated production in the Cooper Basin.
The company is expecting this transaction to complete by the end of the second-quarter in the 2017 financial year.
However, this deal is subject to conditions precedent – including joint venture consents and approval from the Queensland government.
Beach Energy reported a net loss of $600 million at 31 December 2015.
