Beach Energy creates a contest for Perth Basin’s Warrego

The view among analysts is that Beach has been somewhat constrained in chasing deals by its major shareholder Seven Group, which owns a 30 per cent stake and keeps a close eye on the company.

Beach was in a $38 million net cash position at September 30, according to its quarterly report released last month, and had undrawn facilities worth $490 million. Analysts expect it to report $1.77 billion revenue and $1.16 billion EBITDA in the 2023 financial year which, combined with its balance sheet position, means it shouldn’t have too much trouble swallowing Warrego should it get to that point.

Warrego is focused on developing onshore assets in Australia and Spain. The bulk of its value comes from its 50 per cent stake in the West Erregulla gas project, which is not yet in production. Beach Energy has existing interests in the Perth Basin. Warrego has RBC Capital Markets and Allens in its corner, running what’s quickly turned into an auction. The company disclosed Strike’s interest on Thursday, only for Beach Energy to pop out of the woodwork on Friday night.Both bidders would like a board recommended deal and a scheme of arrangement., is sitting on an 8.2 per cent pre-bid stake. Fund managers reckon the pair have a unique relationship, working together well at a project level but not always seeing eye to eye on corporate matters.

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