Project Profile
Location: south‐eastern flank of the Cooper Basin, Queensland, Australia
Area: 610 square kilometres
ATP 1056 is located on the south‐eastern flank of the Cooper Basin and adjoins long‐producing oil fields such as Jackson and Naccowlah. The permit area has been identified as highly prospective for oil and is covered by 610 square kilometres of 3D seismic, with two small discoveries currently on extended production test. Beach Energy Ltd. has signed a binding agreement to acquire a 40% operating interest in the ATP 1056 permit in Queensland, Australia from AGL Cooper Basin Pty Ltd., a subsidiary of AGL Energy Limited, for US$0.85 million (AUD 1.15 million). Completion is subject to satisfaction of conditions precedent, including Queensland Government indicative approval, appointment of Beach as operator of the ATP 1056 joint venture, and joint venture consents and waivers. On completion, Beach will hold a 40 percent participating interest in the ATP 1056 joint venture, comprising a 20 percent registered interest in ATP 1056, and a right to earn a further 20 percent by satisfying farm‐in obligations assumed from AGL.
Operators:
Beach Energy Ltd.: Operator with 40% interest
AGL Cooper Basin Pty Ltd. (a subsidiary of AGL Energy Limited): 60% interest