Amplitude and O.G. Buy Majority Stake in Artisan as Beach Shelves Drilling to Unlock A$500m
The sale restructures ownership, preserves Beach’s capped A$3.75/GJ royalty exposure, speeds a low‑cost tie‑in to Amplitude’s Athena plant, positions Artisan for ECSP integration in 2028
Overview
- A binding sale and purchase agreement gives Amplitude a 50% interest in VIC/L35 and O. G. a 10% stake, transferring Beach’s 60% operated position under the agreed commercial terms.
- Amplitude will pay A$58.3 million upfront on completion and accept a nominal A$3.75 per gigajoule royalty capped at 62 PJ gross, which keeps Beach economically exposed to future production.
- Beach has cancelled the planned La Bella 2 well and the subsea tie‑in to the Otway gas plant to free more than A$500 million for redeployment into higher‑return projects.
- The drilling schedule for the Transocean Equinox has been amended to bring forward Juliet-1 and Annie-2, with Beach funding and remaining operator through well completion until transfer conditions are met.
- Amplitude plans to develop Artisan by tying the field into its nearby Athena gas plant and the East Coast Supply Project to deliver lower‑cost gas to the domestic market, with integration targeted for 2028 subject to FID and completion criteria.