Beach Energy Sells Stake In Otway Assets; Trims Guidance

Oil and gas explorer Beach Energy Ltd said Oct. 5 it will sell a 40% stake in its Victorian Otway gas assets for A$344 million (US$243 million), and trimmed its earnings and production guidance.

Beach said the stake would be sold to a unit of Eyal Ofer’s O.G. Energy, part of the privately held Ofer Global group of companies.

Following the sale, four new joint ventures will be formed, with Beach operating and having a 60% interest in each joint venture, the company said in a statement.