Beach signs up for JV in Otway basin
PERTH (miningweekly.com) – Oil and gas producer Beach Energy has spent A$3-million to acquire a 20% interest in an offshore exploration permit in the Otway basin from fellow-listed 3D Oil.
In addition, Beach and 3D would establish a new joint venture (JV) by entering into a joint operating agreement.
The permit, located some 20 km from Kin Island, covers 4 960 km2 with water depths of around 100 m. Adjacent to the permit are the Geographe and Thylacine gas fields, of which Thylacine is the largest field discovered in the Otway basin, to date.
Under the terms of the agreement, 3D would remain operator of the JV. It was expected that the JV would start a 755 km2 seismic acquisition programme within the next 12 months, with timing subject to regulatory approvals.
Beach told shareholders that this work was the major commitment required to be undertaken in the initial exploration phase of the permit.
3D had previously undertaken scoping economics across a range of potential field sizes at the permit area, which had indicated a robust gas project for field sizes grater that 400-billion cubic feet with potential further value from tie-ins to existing gas facilities or associated condensate revenues.
Beach told shareholders that the transaction with 3D built on the company’s current position in the onshore Otway basin, which services both South Australia and Victoria in terms of gas supply.
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