Beach Energy has agreed to divest a 60% operated interest in the VIC/L35 permit located in the offshore Otway Basin [1].
This transaction allows Beach Energy to liquidate a significant portion of its holdings in the Artisan gas field to strengthen its capital position. By offloading the operated stake, the company shifts its portfolio focus while generating immediate liquidity.
The sale will be split between two entities. Amplitude Energy, an ASX-listed company, will acquire a 50% share of the divested interest [1]. The remaining 10% share will be taken by O.G. Otway [1].
Beach Energy expects the transaction to raise approximately $130 million after tax [2]. This financial injection comes as the company streamlines its operations within the Victorian offshore region.
The deal is not yet final. The companies involved expect the transaction to finalize in the first quarter of FY27 [2].
The VIC/L35 permit contains the Artisan gas field, a key asset within the Otway Basin [3]. The transfer of the operated interest means the new owners will take over the primary responsibilities for the field's management, and production activities.
“Beach Energy has agreed to divest a 60% operated interest in the VIC/L35 permit”
This divestment signals a strategic pivot for Beach Energy as it trades operational control of the Artisan gas field for a significant cash infusion. For Amplitude Energy, the acquisition represents a major expansion of its footprint in the Otway Basin, moving the ASX-listed firm into a more prominent role in Victorian offshore gas production.
