27 months later...., page-10

here the the lats page from the announcement dated 06/11/2020
i highlighted the $1 bit in bold.
so basically, for $1, we get the asset AND liability in the future, Beach washes its hands of any future liability.

so, a question might be, why did BPT flg it of?
look, it never was going to be an easy asset, hence the $1. if it was easy BPT would be pumping it.
i'm interested to see how they ended up with it in the first place.

to them, the effort of ~100-100bopd is not worth it...for them. a minnow like us, for sure.

so we are expecting production soon and the benefits should outway the time and effort i think.

its also a learning experience for AK

ANNEXURE ASummary of key terms of the SPAThe transaction the subject of the sale and purchase agreement (SPA) involves the following elements:• Red Sky will acquire a 100% interest in PRL13, together with all production infrastructureassociated with that interest;• Only nominal consideration of $1 is payable by Red Sky for the assets to be acquired under the SPA.However, Red Sky will be responsible for discharging all obligations arising in respect of the assetspurchased as from completion of the transaction, including all liabilities relating to thedecommissioning, abandonment, rehabilitation, remediation or restoration of those assets.• Completion of the acquisition is subject to the satisfaction of certain conditions including regulatoryapprovals.• Where ministerial consent is required for a dealing effected on completion of the acquisition, theparties have agreed to seek that consent in a timely manner post completion. Where ministerialconsent is required but not obtained, or not obtained by the sunset date, unless a suitablealternative agreement can be reached, the sale and transfer contemplated under the SPA will notbe completed.• The SPA will be terminated if not all the conditions precedent are satisfied and/or waived within 120days of the date of the SPA. The SPA may also be terminated if either party fails to perform any oftheir obligations under the SPA and fails to remedy such failure within 7 days of notice from theother party (or such longer time as the non-defaulting party determines).• The obligations of Red Sky (Killanoola) Pty Ltd under the SPA are to be guaranteed by Red Sky.• The SPA otherwise contains terms typical of arrangements of this nature, including the impositionof obligations of confidentiality on the parties, warranties from each party and provisions for thelimitation of liability.