Vintage JV cleared to buy Beach's stake in Cooper basin permit
Vintage Energy-led joint venture has received ministerial approval for the acquisition of Beach Energy's 15% interest in PRL 211 on the South Australian side of the Cooper basin, it said on May 27. The deal was announced in March.
The joint venture parties will acquire their respective share in the 15% stake in proportion to their existing holding with the result of the transaction being the following equity interests: Vintage 50% and operator; Bridgeport 25%; and Metgasco 25%.
PRL 211 is located close to the existing Cooper basin producing gas fields and infrastructure and contains the Odin gas field, discovered and successfully flow tested late last year. The licence is also adjacent to ATP 2021, held by the joint venture in the following equity interests: Vintage 50% and operator; Bridgeport 25%; and Metgasco 25%.
The ATP 2021 joint venture expects to commence supply of gas from Vali to AGL in September or October 2022 following the completion of the current well completion, pipeline and construction programme.