Beach Energy Ltd. has signed a binding agreement to acquire a 40% operating interest in the ATP 1056 permit in Queensland, Australia, from AGL Cooper Basin Pty Ltd., a subsidiary of AGL Energy Ltd., for $0.85 million (AUD 1.15 million).
Completion is subject to satisfaction of conditions precedent, including Queensland Government indicative approval, appointment of Beach as operator of the ATP 1056 joint venture, and joint venture consents and waivers.
On completion, Beach will hold a 40% participating interest in the ATP 1056 joint venture, comprising a 20% registered interest in ATP 1056, and a right to earn a further 20% by satisfying farm‐in obligations assumed from AGL.
ATP 1056 is located on the southeastern flank of the Cooper Basin and adjoins producing oil fields, such as the Jackson and Naccowlah fields. The permit area is covered by 235.5 square miles (610 square kilometers) of 3D seismic, with two small discoveries currently on extended production test.