Maybe the next annoucement
Seven Group Holdings chief executive Ryan Stokes has declared his intention to "make the most of the opportunities" in the east coast gas market after the company lifted its stake in Beach Energy to 22.9 per cent.
The Kerry Stokes-controlled media and industrial services group has made it clear it sees the potential to build a presence in the tight east coast gas market and is believed to be keen to see more consolidation in the Cooper Basin gas province in central Australia.
After building a 19.9 per cent stake in both Beach and Drillsearch Energy last year, Seven ended with the same stake after Beach acquired its smaller rival in a deal that completed last month.
However in a filing to the Australian Securities Exchange late on Tuesday it revealed it had acquired further shares at 60c-70c each to raise its holding to 22.89 per cent, as allowed under regulations that allow a holder to gradually creep up the share register without making a full takeover bid.
"With our interests in a variety of assets in Australia now in place, we plan to work with the existing portfolio to make the most of the opportunities in the east coast gas market," Ryan Stokes said on Wednesday to explain Seven's increased holding.
Seven is understood to see good value in Beach post the takeover of Drillsearch, a view that is being borne out in the market, with Beach shares almost doubling since their low of 35c in January. The shares were 2.25c lower at 67.75c at 1pm Sydney time.
Mr Stokes has previously signalled that Seven sees the east coast gas market as attractive and is keen to tap into opportunities through a wider portfolio of energy interests, of which its stake in Beach is one. It also has a stake in the Longtom gas venture, which is currently not producing.
Seven is seen as a potential participant in Cooper Energy's proposed $1 billion Sole gas project off the coast of Victoria, given that venture will use the same gas plant at Orbost that is connected with Longtom. Cooper is currently looking for investment partners for the Sole project.
Read more: http://www.copyright link/business/...-energy-to-23pc-20160323-gnp7gt#ixzz43h3kzCcZ
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