M&A in Australasia - 2026 Q2

(Originally published on July 1, 2026)

Q2 has seen four deals announced across Australasia, three of which were in Australia and one in New Zealand.

Transaction values were disclosed for three deals, with a combined disclosed value of approximately US$286 million.

The rolling deal count for 2026 now stands at ten deals, with a total disclosed deal value of approximately US$573 million. By comparison, at the end of Q2 2025, we had seen eleven transactions with a total disclosed deal value of US$37.45 million.

New deals announced in Q2

The four deals announced this quarter were:

1. In early-April, Sunda Energy agreed to acquire Matahio Energy NZ, which owns onshore Taranaki production and exploration assets including Cheal, Sidewinder, Puka and related permits. The transaction has a headline value of US$11 million, excluding certain contingent and revenue-linked payments, and completion remains subject to New Zealand change-of-control approval. We looked at the deal in more detail here.
2. In mid-May, INPEX announced it had agreed to acquire PetroChina / CNPC’s proposed sale of a 10.67% interest in the Browse JV. However, in mid-June, Woodside announced it had exercised its pre-emption right over the deal. Woodside will acquire the interest on matched terms, including US$225 million upfront and a possible US$175 million contingent payment if the Browse JV reaches FID by 30 June 2032. We looked at the deal in more detail here.
3. In late-May, Amplitude Energy and O.G. Energy agreed to acquire Beach Energy’s 60% operated interest in VIC/L35, including the Artisan gas discovery. Amplitude will acquire 50% and O.G. Energy will acquire 10%, with Beach retaining a production-linked royalty. The upfront cash consideration is A$70 million, or around US$50 million, with the royalty excluded from headline value because it is production-dependent. We looked at the deal in more detail here.
4. In early-June, GS Energy agreed to acquire a 5% interest in the Browse project from bp, reducing bp’s interest from 44.33% to 39.33%. The transaction value was not disclosed and completion remains subject to approvals. This was the second Browse-related transaction announced during the quarter, following Woodside’s move to pre-empt the PetroChina / CNPC sale. We looked at the deal in more detail here.

The table below summarises the deals announced this quarter:

Previously announced deals cancelled in Q2

There is a single previously announced deal that was cancelled in Q2:

1. In December 2025, Vintage and Metgasco executed a formal sale agreement for ATP 2021 and PRL 211 interests that contain the Odin and Vali fields. However, Metgasco’s quarterly report for the quarter ended 31 March 2026 states that Vintage terminated the proposed acquisition on 1 April 2026 because the pre-conditions were not satisfied by the 31 March 2026 sunset date.

Deals that closed in Q2

From what I can see, two previously announced Australasia deals closed during the quarter.

1. In late-May, Tamboran Resources completed its acquisition of Falcon Oil & Gas subsidiaries holding interests in the Beetaloo Basin. The transaction was originally announced in September 2025 and involved a mix of cash and Tamboran shares, with a disclosed headline value of US$172 million. The deal consolidates Tamboran’s position across a large Beetaloo acreage portfolio and had already received shareholder and court approvals before completion was announced.
2. In mid-June, Bass Oil completed its acquisition of Beach Energy’s 100% interest in PPL 268 and PRL 135, which together contain the Vanessa gas field in South Australia. The transaction gives Bass control of a shut-in gas field and associated infrastructure. No cash value was disclosed, but Bass assumes future abandonment liabilities for the well and facilities, with assistance from Beach. Completion followed regulatory approval.

Deals still pending completion

Including the four new deals this quarter, we now have sixteen announced deals waiting for completion, with most of them announced over the last twelve months.

I won't go through all of the deals, with ten of them from the last six months, but the ones older than this are:

1. The oldest deal (from 2022 so not shown above) is between Pilot Energy and Triangle Energy for the Cliff Head asset. The first-stage transfer of the onshore / WA State-jurisdiction assets and facilities completed on 24 June 2025, but the remaining offshore / Commonwealth-water asset transfer still appears outstanding.
2. The next deal is the swap deal between Woodside and Chevron that was announced in December 2024. The asset swap is still expected to close in 2026. Completion remains subject to ACCC, FIRB and other approvals, joint venture consents and pre-emption processes, Julimar Phase 3 execution and handover, and certain abandonment activities.
3. The next deal is from May 2025, with Tamboran Resources and Daly Waters Beetaloo acreage sale and checkerboard arrangement. Tamboran’s March 2026 filing indicates the arrangements were amended, with related end dates extended to 31 December 2026 and 31 December 2027.
4. The next deal is from July 2025, and is between Koloma and Buru for Canning basin blocks. Buru has completed the separate 2H Resources share sale to Koloma, but the Canning Basin asset sale and purchase agreement remains outstanding. Buru’s latest statement says the parties continue to work toward completion of that separate Canning Basin ASPA.
5. The next deal is also from July 2025, and is the change in operatorship from ExxonMobil to Woodside at the Bass Strait assets. Woodside continues to indicate that it is progressing toward operatorship in the second half of 2026.
6. The last deal is from December 2025, with Comet Ridge acquiring Santos’ stake in the Mahato gas project. The acquisition remains pending but the timetable has been extended. The amended terms reduced the upfront cash payment and extended the funding satisfaction date to 14 August 2026, with remaining conditions precedent due by 30 September 2026.

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