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Beach Energy Agrees to Sell 40% of its Victorian Otway Interests to Eyal Ofer’s O.G. Energy

Source: 10/5/2018, Location: Not categorized

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Beach Energy Limited and Eyal Ofer’s O.G. Energy Holdings Ltd., a member of the Ofer Global group of companies, announce that they have entered into a binding agreement whereby O.G Energy will acquire 40% of Beach’s Victorian Otway assets for $344 million in cash.

Through their wholly-owned subsidiaries Lattice Energy Limited (“Lattice”) and OGOG (Otway) Pty Ltd (“OGOG”), Beach and O.G. Energy have signed a sale and purchase agreement under which OGOG will acquire a 40% interest in a parcel of Beach’s nearshore and offshore Victorian Otway Basin interests. Beach will remain operator of the assets.

The Otway parcel includes the Otway Gas Plant, existing gas fields Geographe, Thylacine, Halladale, Speculant and Black Watch as well as exploration prospects Enterprise and Artisan. A list of permits and assets divested can be found at the end of this announcement. Beach CEO Matt Kay said the transaction aligns perfectly with Beach’s previously stated ambitions.

“We are delighted to have O.G. Energy join us in our Victorian Otway assets,” Mr Kay said.

“This transaction introduces a fully-aligned partner to support the rapid exploration and development of our offshore Victorian acreage.

“Securing an excellent development partner for the Otway gas fields is a pivotal step towards creating new supply to Australia’s East Coast gas market.”

Eyal Ofer, Chairman of Ofer Global, said: “Throughout Ofer Global’s history, we have sought out strong partners as we’ve entered new markets. We are therefore delighted to build a strategic partnership with Beach, a major player in one of the key regions we are focusing on.”

“With this acquisition, we have acquired a cornerstone producing asset around which we intend to continue to build the portfolio and grow our presence in Australia and the region. We are excited at what the future holds.

“We look forward to working together with the Beach team both on this project and many other opportunities in the years to come.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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