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Beach Energy Agrees to Sell 50% Stake in Artisan Gas Field

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Beach Energy (ASX:BPT) agreed to sell its 50% interest in VIC/L35, containing the Artisan gas field in the offshore Otway Basin, to Amplitude Energy (ASX:AEL), according to a Monday filing with the Australian bourse.

Additionally, O.G. Energy agreed to acquire a 10% interest in the gas field on the same terms as Amplitude Energy, aligning interests at 50% each, the filing said.

Amplitude Energy's net share of the acquisition consideration consists of an upfront cash payment of AU$58.3 million upon completion of the agreement, with a royalty of AU$3.75 per gigajoule on its share of future production, per the filing.

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