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Beach bows out of Warrego battle
Beach Energy has opted to forgo its right to match Hancock Energy’s bid for Warrego Energy, leaving Hancock unchallenged.
Beach CEO Morné Engelbrecht said that the multiple party bidding process for Warrego has reinforced the company’s view of the value of its projects in the Perth Basin.
“In applying Beach’s disciplined approach to inorganic growth, we propose to invest further exploration capital into our existing prospects and drilling inventory in the Perth Basin. Beach will look to accelerate exploration, development and commercialisation of our acreage to deliver more gas for Western Australia,” Engelbrecht said.
Beach’s current active programs in the Perth Basin are already extensive, including a 50 per cent interest in 1600 square kilometres of gas exploration and production acreage, with Mitsui E&P Australia carrying the other 50 per cent.
The company’s Perth Basin portfolio also includes a 3.75 Mt gas export licence from the Waitsia Stage 2 g project, which was recently impacted by the collapse of construction giant Clough.
Ann: Strike increases ownership of Warrego to 19.9%, page-290
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