The 3800sq.km Taipain block, ATP 1056, sits on the highly prospective southeastern flank of the Cooper Basin.
Beach will pay $1.15 million for a 20% share in the block that AGL secured through its takeover of Mosaic Oil several years back.
The completion is subject to satisfaction of conditions precedent, including state government approval, appointment of Beach as operator of the ATP 1056 joint venture, and joint venture consents and waivers.
There are seven other small partners in the JV: OG Operating (15.277%), Carson Energy (12%), Tamark (11.723%), Foresight Australia (10%), Rockwall Oil (5%), original applicant Discovery Geo Corporation (3%) and Matariki Petroleum Partners (3%).
On completion, Beach will hold a 40% participating interest in the ATP 1056 joint venture, comprising a 20% registered interest in ATP 1056, and a right to earn a further 20% by satisfying farm‐in obligations assumed from AGL.
ATP 1056 adjoins long‐producing oil fields such as Jackson and Naccowlah.
Some 610sq.km of 3D seismic has been shot over the block and there are two small Jurassic Hutton Sandstone discoveries on extended production test: Andromedae-1 and Andromedae South-1.
"This transaction is consistent with our strategy and supports our belief that there is significant opportunity and growth potential still to be pursued in the Cooper Basin," Beach managing director Rob Cole said.
The work program for the block called for up to 10 wells to be drilled.
Eight oil exploration wells have been drilled in two drilling campaigns in late 2011 and early 2013. Five of these wells have been plugged and abandoned, two tested and one suspended for production testing.
ATP 1056P has been only lightly explored, with just over a dozen wells drilled on sparse 2D data, all between 1985 and 1995 with oil shows were reported in two thirds of these wells.
It was applied for in 1997 and not awarded for more than a decade.
There are some 60 structural leads within the permit area with an unrisked prospective resource of 163 million barrels announced by Mosaic in 2010.
In Egypt, Beach has signed an agreement for the sale of its subsidiary to London-based Rockhopper Exploration.
The assets include a 22% interest in the Abu Sennan concession.
Consideration will be up to US$22 million, subject to adjustments, comprising US$11.5 million cash, with the balance to be made up of Rockhopper shares, capped at no more than 5% of Rockhopper's issued capital.
Completion of the transaction is expected to occur by early 2016 and is dependent on satisfaction of certain conditions precedent, including Egyptian regulatory approvals
Rockhopper holds interests in the Falkland Islands and is expanding its presence in the greater Mediterranean and North African area.
