Beach Energy to buy interest in Otway, GasBass projects

Australian oil and gas explorer, Beach Energy, signed deals with Toyota Tsusho to acquire interest in Otway and BasGass projects. 

The Otway gas project includes production from the Thylacine and Geographe offshore gas fields, the Thylacine wellhead platform and the onshore Otway gas plant.

The BassGas project includes the Yolla offshore gas field, the BassGas pipeline and onshore Lang Lang gas plant, and various exploration permits and retention licenses, Beach Energy said.

Beach will acquire Toyota Tsusho’s 5 percent stake in OGP and 11.25 percent stake in BassGas project for cash consideration, to be funded from Beach’s existing cash reserves, with Beach Energy not disclosing the purchase price.

Completion is expected in early 2018 with an effective date of January 1, 2017, for the OGP interest and July 1, 2017, for the BassGas interests.

Assuming successful completion of the acquisition of Lattice Energy and the concurrent acquisition of Benaris’ 27.77 percent interest in OGP, Beach will hold a 100 percent interest in OGP, a 53.75 percent interest in BassGas producing assets, and a 50.25 percent in BassGas exploration permits.

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