Beach Energy and JV partner Cooper Energy have accepted an offer to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 in the offshore Gippsland Basin into retention leases.
Beach also said it plans to withdraw from the BMG joint venture, with effect from the end of the current permit year. The withdrawal will be undertaken in accordance with the joint operating agreement.
Beach holds a 35% non‐operated interest in JV, which will be assigned to Cooper Energy for no charge.
Its decision to exit the BMG joint venture is consistent with an ongoing focus on portfolio optimisation and prioritising capital allocation in the current lower oil price environment, andits decision not to participate in the proposed appraisal of the Manta gas field.
Subject to afrom the National Offshore Petroleum Titles Administrator (“NOPTA”) approval and registration, Beach’s withdrawal from the BMG joint venture and assignment of its interest to Cooper Energy will have happen in October.