Sep
27
Beach Energy Buys Origin’s Gas, Oil Assets in $1.25 Billion Deal
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Purchase to triple reserves, more than double production
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Beach plans share sale, debt facility to fund acquisition
Australia’s Beach Energy Ltd. agreed to buy Origin Energy Ltd.’s conventional oil and gas business, Lattice Energy, for A$1.59 billion ($1.25 billion) in a deal set to triple the Adelaide-based company’s reserves.
Beach will fund the acquisition through a A$301 million share sale and a new A$1.58 billion debt facility, the company said in a statement Thursday. The agreement will boost Beach’s proved and probable reserves by 200 percent to 232 million barrels of oil equivalent, while lifting its 2018 production guidance by 150 percent to between 25 to 27 million barrels…
Beach Energy Buys Origin’s Gas, Oil Assets in $1.25 Billion Deal
