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.
"We intended to sell down our interest and will be applying the sales proceeds to reduce debt and fund a portion of our future capital expenditure program," CEO Matt Kay said.
In a separate statement, Beach cut its fiscal year 2019 production and core earnings guidance.
The company now expects to report EBITDA between A$1.05 billion to A$1.15 billion, lower than previous guidance of A$1.1 billion to A$1.2 billion.
It expects to produce between 25 million to 27 million barrels of oil equivalent (boe), down from previous guidance of between 26 million to 28 million boe. (US$1 = A$1.4132)
Medco said shareholders of Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, would receive 48.5 pence in cash for each Ophir share.
DNO's combined ownership and bid acceptances now stands at 43.8%, up from about 43% but still short of a controlling stake in British independent oil and gas company Faroe Petroleum.
Total hired investment bank Jefferies in December to run the sale process of its offshore gas fields in the Netherlands that could raise up to $400 million, according to the sources.