Oz Beach Buys Into Adelaide

摘要

Australian midcap player Beach Energy has entered into a strategic partnership with minnow Adelaide Energy with the aim of acquiring 19.95% of Adelaide's capital through a A$12.1 million (US$12.60 million) investment in both shares and options. The two companies are partners in South Australia's Cooper Basin 218 acreage - in which Beach holds 90% to Adelaide's 10% - where Beach booked the country's first 2 Tc f of gas shale reserves last week (IOD Aug.11'11). They are also in a joint venture in ATP 855P, where Beach owns 40%, Adelaide 20% and Icon Energy 40%.