Tipton West Project
Adelaide, April 30, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) Announce subsequent to the quarter, on 3 April 2009, Beach announced the sale of its 40% joint venture interest in the producing Tipton West Field and associated tenements in the Surat Basin, 20 km south of Dalby, to Arrow Energy Limited, under a tiered payment structure.
The sale price consists of a mix of cash, shares and contingent payments as highlighted below:
- A$260 million cash - payable on completion;
- A$70 million of Arrow shares as listed on the ASX - issued on completion;
- Up to A$40 million cash for the booking of additional gross 3P gas reserves;
- A$15 million cash upon gas owned by Arrow supplying any LNG project no later than 31 December 2016; and
- A$15 million cash upon any LNG project producing an annualised equivalent of 1 million tonnes per annum of LNG using gas supplied from Arrow's tenements no later than 31 December 2017.
It is expected that the transaction will be completed in May 2009.
HIGHLIGHTS
Record oil production of 926,000 barrels in the quarter driven by increased oil production from Beach's tenements on the western flank of the Cooper Basin.
Average oil sales price for the quarter of $A80 per barrel after cash hedging receipts.
Sale (subsequent to the end of the quarter) of Tipton West CSG assets to Arrow Energy for up to $400 million.
Discovery of the Perlubie oil field, the sixth commercial discovery made in PEL 92 (Cooper Western Flank), resulting in a total of 8 million barrels of recoverable oil reserves discovered in this permit since 2002.
A 6 well exploration drilling program, addressing approximately 7 million barrels of recoverable reserves (on an unrisked basis) is planned to commence in PEL 92 in late May 2009.
For the complete Beach Petroleum Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60566-ASX-BPT-171886.pdf
Contact
Beach Petroleum Ltd
Tel: +61-8-8338-2833
Fax: +61-8-8338-2336
www.beachpetroleum.com.au
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