Beach Energy to sell stake in Otway assets

Company News

by Rachael Jones

Beach Energy (ASX:BPT) has agreed to sell 40 per cent of its Victorian Otway interests to Eyal Ofer’s O.G. Energy for $344 million.

It's through their wholly-owned subsidiaries Lattice Energy and Otway Beach.

Beach will remain operator of the assets.

The Otway parcel includes the Otway Gas Plant, existing gas fields Geographe, Thylacine, Halladale, Speculant and Black Watch as well as exploration prospects Enterprise and Artisan.

Beach CEO Matt Kay says this transaction introduces a fully-aligned partner to support the rapid exploration and development of our offshore Victorian acreage.

Shares in Beach Energy (ASX:BPT) are trading 5.48 per cent lower to $2.07
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.