Beach Energy (BPT) M&A announcement summary

Deal rationale and strategic fit

• Farmout aims to accelerate appraisal and development of Elixir’s Taroom Trough portfolio, reduce capital needs and preserve exposure to future upside.

• Strategic partner brings Australian gas production, operating and east coast market experience to support the move from appraisal toward production.

• Partner entry is described as third-party validation of the scale and quality of the portfolio.

Financial terms and conditions

• Transaction value is $205m: $25m upfront cash and a $180m gross carried exploration and appraisal program, including operating costs.

• The program includes $90m for Elixir’s share of carried activity and must be completed within four years; additional work requires mutual agreement.

• The farmout values acquired 2C contingent gas resources at $118,700 per BCFe, stated as 3x their current trading and see-through value.

• Elixir farms out half its working interests and operatorship across specified permits, excluding the Diona JV sub-block.

Integration plans and timeline

• Completion is expected in 2HFY27; the partner joins the ATP2056 and ATP2057 JVs, with new JVs forming at ATP2044 and ATP2077-A/B.

• The four-year program covers drilling, lateral-well completion and testing, technical studies, seismic work, operating costs and development preparation.

• Planned wells include Lorelle-4H and Daydream-3/3H; locations, design and targets remain subject to partner discretion and engagement with Elixir.

• Elixir remains free to deploy capital to operate and further appraise the Diona JV sub-block.