Australia M&A – Amplitude and O.G. Energy to acquire Beach’s 60% interest in Artisan gas field

(Originally published on May 28, 2026)

At the start of this week, Beach Energy announced that it had entered into an agreement to sell its 60% interest in VIC/L35, which holds the Artisan discovery, to Amplitude Energy and O.G. Energy.

Under the transaction, Amplitude Energy will acquire a 50% interest in VIC/L35, while O.G. Energy will acquire a further 10% interest, bringing their interest to 50%. Amplitude will also assume operatorship of Artisan and VIC/L35 on completion.

In terms of payment terms, Beach will receive AU $70 million (~US $50 million) in upfront cash consideration on completion, split AU $58.3 million from Amplitude and AU $11.7 million from O.G. Energy, plus a production royalty of AU $3.75/GJ nominal on future Artisan production. Beach estimates the total royalty payments at approximately AU $140 million (~US $100 million) over the life of the field, based on the current 2C resource booking.

The transaction remains conditional on completion of the Artisan development well, regulatory approvals and other customary conditions. Completion is expected in June 2026, and we have not seen an effective date for the transaction, but it is likely to be at the point of completion.