Oil and gas producer Beach Energy Limited
(ASX:BPT) has inked a deal to buy a support base in South Australia for $1.5 million from Geodynamics Limited
(ASX:GDY).
Under the deal Beach Energy will acquire the Habanero logistics and operational support base located near Innamincka.
The purchase includes camp accommodation, operating support facilities for drilling and equipment suited to its current field activities.
Geodynamics CEO Geoff Ward says the base is an excellent remote site facility which will fit well with Beach Energy’s shale and tight gas exploration program.
The sale is conditional upon Geodynamics completing its current plug and abandon program on three wells and Beach Energy securing a facilities licence from SA regulators.
Beach Energy’s net profit rose to $160.5 million in the first half of the 2014 financial year.
