Beach Energy has announced a material expansion of its Taroom Trough acreage position in Queensland through a farm-in agreement with Elixir Energy. The transaction involves Beach acquiring half of Elixir’s core holdings, including a 50% operated interest in ATP 2044 and ATP 2077A-B, plus a 25% interest in ATP 2056 and ATP 2057, for total consideration of $25 million in cash plus a $90 million work program carry over approximately four years. This farm-in structure provides Beach with operational control of key acreage while maintaining capital discipline.
The acquisition is significant in terms of scale. Beach will earn an interest in over 1,000 square kilometres of gross acreage, bringing its total Taroom Trough position to approximately 1,481 square kilometres, or 366,000 net acres. This positions Beach as one of the largest acreage holders in the basin. The timing matters as well, since the Taroom Trough remains at an early appraisal stage, and Beach management believes participation in multiple work programs will accelerate learnings about the most prospective regions and geological horizons.
The resource potential underpins the strategic rationale. Elixir has previously reported an independently certified 2C Contingent Resource estimate of 3.5 Tcfe net across the acreage, indicating multi-trillion-cubic-feet potential. Beach anticipates making an initial 2C Contingent Resource booking as part of its FY27 reserves process. The company notes that the acreage contains discovered gas resources in established reservoirs and is well positioned near the Wallumbilla Gas Hub and Gladstone LNG infrastructure, with defined pathways to the East Coast gas market.
The transaction complements Beach’s existing exposure through its participation in the Omega-operated ATP 2081 and ATP 2082 permits. By broadening its footprint across multiple work programs and joint venture structures, Beach diversifies its Taroom exposure while maintaining involvement in a play that management views as one of the most exciting emerging global resource opportunities. The geological comparison with successful North American basins such as the Montney and Bakken supports the company’s long-term case.
Near-term catalysts include completion of the transaction in H2 FY27, subject to pre-emptive rights and regulatory approvals. Under the Elixir farm-in, Beach will define the exploration and appraisal work program, with well drilling, seismic surveys and extended well testing anticipated over the carry period. Separately, results from the Omega-operated ATP 2081 wells are expected in Q2 FY27. These work program outcomes and the FY27 contingent resource booking will be key metrics for investors tracking the development of this emerging asset. This announcement is price sensitive and has been flagged as material by the ASX.
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About Beach Energy Limited (ASX: BPT)
Beach Energy Limited is an oil and gas exploration and production company headquartered in Adelaide, South Australia. It produces gas, oil, and natural gas liquids from five basins across Australia and New Zealand. The company explores, develops, and transports hydrocarbons including liquified natural gas, liquified petroleum gas, condensate, and oil.
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