Amplitude Energy Acquires 50% of Artisan Gas Field from Beach Energy
Key points
- Acquisition accelerates Artisan gas production to 2028
- Enhances East Coast Supply Project (ECSP) economics
- Attractive acquisition price of $58.3 million upfront
- Expected to be NAV accretive to Amplitude Energy
Full summary
Amplitude Energy Limited has signed a binding Sale and Purchase Agreement to acquire a 50% interest in the Artisan gas field from Beach Energy. This acquisition will accelerate the production of Artisan's gas, targeting 2028, and improve the economics of the East Coast Supply Project (ECSP). The acquisition price is $58.3 million upfront, with a royalty payable on future production. Amplitude Energy expects the acquisition to be net asset value (NAV) accretive. O.G. Energy will also acquire a 10% interest in Artisan, aligning interests at 50% each. The transaction is expected to provide significant value and optionality for the ECSP and customers.
Guidance
Expected to be NAV accretive to Amplitude Energy
Outlook
The acquisition is expected to significantly enhance the economics of the East Coast Supply Project (ECSP) and provide greater certainty to customers in an uncertain market.
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