Beach Energy sells Cooper basin to small cap, Key Petroleum

Company News

by Jessica Amir

Beach Energy (ASX:BPT) has completed the sale of its Cooper Eromanga Basin in Queensland to Key Petroleum (ASX:KEY)

It comes as the Department of Natural Resources and Mines (DNRM) transferred the titles over.

The purchasing small cap company, Key, says the basin has been significantly underexplored, despite evidence of Permain gas generation.

Key says the future gas resource also has a direct route to commercialization, while there is also potential for oil.

The parties did not disclose the transaction amount.

Shares in Beach Energy (ASX:BPT) closed about 4.7 per cent higher on Friday to $1.11.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.