In February 2019 Beach Energy Ltd reported that it had reached a deal with Santos Ltd to align several assets within the Bonaparte Basin.Â  Under the terms of the agreement, the companies will align interest in four permits: NT/P82, NT/P84, NT/P85 and WA-454-P.Â  The interests in all four permits will become Santos (50% and operator) and Beach Energy (50%).Â  Beach Energy holds its interest through wholly owned subsidiary Lattice Energy.  In NT/P85, no change to interests is required, while in NT/P84 the interests will remain the same, but Santos will be assigned operatorship.Â  In NT/P82, which is currently held 100% by Santos, Beach will acquire a 50% share.Â  In WA-494-P, Beach holds 100% at the time of the deal and so Santos will take 50% and become operator of this permit.  No cash consideration is to be paid in the deal, but Santos will make a payment of USD 2.7 million covering the acquisition and processing costs of the Bethany 3D survey, which was completed in 1H 2018, with processing now ongoing.Â Â  Santos operated the survey, which was acquired over exploration permits NT/P85 and NT/P82 on behalf of the NT/P85 joint venture.  NT/P82, NT/P84, NT/P85 and WA-454-P cover a combined area of 24,900 sq km within the Bonaparte Basin.Â  Once the transaction is finalised, holdings of the four permits will become Santos Ltd (50% + Operator) and Lattice Energy (50%).
Beach is acquiring a 50% stake in the NT/P85, NT/P84, NT/P82 and WA-454-P blocks from Santos (->50% op).