Beach Energy announced Monday that it has acquired a 20 percent interest in the T/49P offshore exploration permit in the Otway Basin, Australia from 3D Oil.
Under the terms of the deal, Beach will pay 3D Oil $2.81 million in cash and 3D Oil will remain as operator.
The deal includes 291 square miles of seismic acquisition program within the next 12 months, pending regulatory approvals.
The T/49P permit, located approximately 12.4 miles west of King Island, is 1,915 square miles in size with water depths of around 328 feet.
