"Beach was linked last month as the most likely buyer of Exxon’s half-share of the Gippsland Basin joint venture it runs in Victoria with BHP.
JPMorgan analysts said in a client note the Gippsland assets were a clear target for Beach, which is on the hunt for growth after the part-sale of its Otway assets.
Mr Kay said given its attractive financial position it would continue to scan the market for opportunities. “We do have the capacity to undertake positions or further acreage interests but from our perspective we’re not in any sense of desperation,” Mr Kay said, while declining to comment specifically on the Exxon assets. “Any opportunity we look at has to fit the pistol for us and have the right type of returns.”
The shares ended flat at $2.04.
COE Price at posting:
57.8¢ Sentiment: None Disclosure: Held
(20min delay)