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Beach Energy

Coronavirus

Asia Pacific M&A shake-up on the horizon

More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.

Oil & Gas

Beach Energy to takeover Drillsearch creating a $842million company

Beach Energy has agreed to buy Drillsearch creating an $842.7million energy company in Australia. The move comes amid a decline in oil prices and will create what could be the region’s biggest onshore oil producer and natural-gas supplier. Drillsearch has been valued at about $384million in the deal which its chairman says will help provide growth in the challenging market.

Oil & Gas

Rockhopper strikes deal for Beach Energy assets in Egypt

Rockhopper Exploration has agreed on an asset purchase deal with Beach Energy that will give it a number of assets in Egypt in a $22million deal. The move will see the company gain a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa’a Plain concession. Rockhopper said the headline consideration for the deal is $22million payable to Beach Energy through a combination of cash and the issue of the Rockhopper consideration shares.

Markets

Beach Energy sees Egypt interest spurring deal in coming months

Beach Energy Ltd. is making progress in efforts to sell its oil and gas holdings in Egypt and seeking to sign a deal in the coming months as the Australian explorer hunts for acquisitions at home. “That process is maturing,” Managing Director Rob Cole said Tuesday in a phone interview, referring to a proposed sale in Egypt. “We’re seeing interest, and I hope to crystallize something in the coming months.” Beach is searching for acquisition opportunities in Australia to take advantage of rising gas demand on the east coast, he said.