NEWS ARCHIVE

Beach moves into Bass Strait

Beach Petroleum has taken a major step in its development, taking a 25% stake in the former Woods...

Beach moves into Bass Strait

The onshore Cooper Basin specialist Beach struck the deal with the unlisted Anzon Energy, which picked up the fields from Woodside earlier this year. Anzon is planning an IPO later this year. In conjunction with the farm-in, Beach will also acquire an initial 9% equity stake in Anzon.

Beach said the move has doubled its reserves, saying the fields have Proven and Probable (2P) recoverable oil reserves of 23.3 million barrels (mmb). In addition, a contingent gas/condensate resource of 19.2 million barrels of oil equivalent (mmboe) has been identified.

Managing director Reg Nelson said Beach expected to be able to fund its participation in the BMG project from existing cash reserves – currently $37.5 million - and revenue from its other oil production assets.

“The acquisition is a quality project consistent with our growth strategy,” he said.

The BMG fields are located in retention licences VIC RL 6, VIC RL 9 and VIC RL 10 in the Gippsland Basin in Bass Strait, offshore eastern Victoria.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry