Beach Sells 40% of Otway Gas for AUD 344 million. The Sale Was Flagged and We Make No Change to FVE.
We maintain our AUD 1.80 per share fair value estimate. No-moat Beach has sold a 40% stake in its Victorian Otway gas project, as flagged along with recent production projections given by the company. The buyer is O.G. Energy, a wholly owned subsidiary of the Ofer Global group of companies. It will make a good partner with interests aligned, including on exploration and development. The Otway parcel includes the Otway gas plant, and the Geographe, Thylacine, Halladale, Speculant and Black Watch ...Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.
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