• Sale of 60% operated interest in VIC/L351, including Artisan gas discovery
• Cash proceeds of $70 million and production royalty of $3.75/GJ
• Over $500 million redirected to higher-return opportunities

Beach Energy Limited (ASX: BPT) has entered into an agreement to sell its 60% operated interest in VIC/L351, including the Artisan gas discovery, to Amplitude Energy Limited and O.G. Otway. The transaction includes upfront cash consideration of $70 million and a production royalty of $3.75/GJ nominal, with total royalty payments expected to be approximately $140 million over the life of the field. The transaction is expected to complete in Q1 FY27, pending regulatory approvals. The sale enables Beach Energy to redirect over $500 million previously allocated for Artisan and La Bella 2 to more value accretive opportunities. Beach retains strategic optionality for Otway Gas Plant backfill through nearshore prospects and longer-dated offshore opportunities.

Beach Energy expects over $500 million in redirected capital for higher-return opportunities.

Beach Energy sees compelling Otway backfill options through low-cost nearshore prospects and longer-dated offshore opportunities.