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.