Beach aims to operate Victoria license through Vintage Energy deal
A Beach Energy Ltd. subsidiary has agreed to acquire from Vintage Energy Ltd. its entire 25% operated stake in PEP 171, onshore Otway basin, Victoria, Australia, for $1.25 million.
The deal, signed through contracts with Adelaide Energy Pty Ltd., are subject to a waiver of pre-emptive rights by Amplitude Energy (75% interest) and agreement with Amplitude Energy that Beach will be appointed as operator of the license, Vintage Energy said in a release June 16.
PEP 171 has “clear gas exploration potential, covering the majority of the Victorian section of the Penola Trough, a feature which has yielded gas discoveries in South Australia,” according to Vintage Energy's website.
Divestment of the PEP 171 interest, subject to conditions, including joint venture and regulatory approval, would allow Vintage Energy to concentrate on its Southern Flank gas fields project in Cooper basin and the Nangwarry Contingent Resource in Otway basin, the company said.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
