Beach Energy of Australia informed on Friday it has decided to withdraw from the Basker , Manta and Gummy gas field permits (BMG joint venture).
According to the company’s statement, both Beach Energy and Cooper Energy have accepted an offer from the National Offshore Petroleum Titles Administrator (NOPTA) to convert the BMG permits, VIC/L 26, 27 and 28 in the offshore Gippsland Basin into Retention Leases.
Beach’s withdrawal will be effective at the end of the current permit year.
The company holds a 35 percent non‐operated interest in the BMG joint venture, which will be assigned to Cooper Energy for nil consideration.
Beach noted that the exit from the JV is part of the company’s portfolio optimization in the current low oil price environment, adding that it is not interested in participating in the appraisal of the Manta gas field.
The withdrawal from the permits and assignment of Beach Energy’s interest to Cooper Energy will have an effective date of 27 October 2016.