Beach Energy sells Cooper basin to small cap, Key Petroleum

06/11/2017 09:35:00

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Beach Energy (ASX:BPT) has completed the sale of its Cooper Eromanga Basin in Queensland to Key Petroleum (ASX:KEY). 

It comes as the Department of Natural Resources and Mines (DNRM) transferred the titles over.

The purchasing small cap company, Key, says the basin has been significantly underexplored, despite evidence of Permain gas generation.

Key says the future gas resource also has a direct route to commercialization, while there is also potential for oil.

The parties did not disclose the transaction amount.

Shares in Beach Energy (ASX:BPT) closed about 4.7 per cent higher on Friday to $1.11.