Beach wraps Otway Basin sale

摘要

Beach Energy has completed the sale of equity in the Victorian Otway Basin offshore Australia to O.G. Energy. In October 2018, Beach entered into an agreement to sell 40% of its Victorian Otway stake to O.G. Energy, through its wholly owned subsidiary OGOG (Otway) Pty Ltd, for US $344m with an effective date of 1 July 2018. After meeting all conditions, a completion payment of $262m was received on 31 May 2019, comprising the purchase price of $344m less adjustments of $82m. These adjustments reflect O.G. Energy’s share of net cash flow from these assets between the effective date of the transaction and the completion date, Beach said. Following completion, Beach holds a 60% operating stake in the Victorian Otway asset, including the Geographe, Thylacine, Halladale, Speculant and Black Watch gas fields, the Enterprise and Artisan exploration prospects and the Otway Gas Plant.