Beach Energy Farms In to Elixir Taroom Trough Acreage

Beach Energy (ASX:BPT) has agreed to farm in to half of Elixir Energy's core Taroom Trough acreage in Queensland, giving it an operated position in an emerging gas play.

Beach will acquire a 50% operated interest in ATP 2044 and ATP 2077A-B and a 25% interest in ATP 2056 and ATP 2057, for $25 million in cash payable on completion and a $90 million carry of Elixir's share of exploration and appraisal costs, including GG&A, over an approximate four-year farm-in period. Any unspent carry at the end of that period is payable to Elixir in cash. By earning an interest in over 1,000 km2 (~249,300 net acres), Beach would hold a 1,481 km2 (~366,000 net acres) position in the Taroom Trough. The acquired acreage spans 2,859 km2 (gross), approximately 20-120 km southeast of the Wallumbilla Gas Hub. Elixir previously reported an independently certified 2C Contingent Resource estimate of ~3.5 Tcfe net, prior to the farm-in, and Beach intends to make an initial 2C Contingent Resource booking as part of its FY27 reserves process. The parties will also have an Area of Mutual Interest arrangement during the farm-in period.

Completion, expected in H2 FY27, is subject to regulatory approvals and the operator's pre-emptive rights over ATP 2056 and ATP 2057, which if exercised would mean Beach does not acquire those interests. Beach has not yet booked any Contingent Resource.