This alliance will expand on the Cooper Basin to the Otway Basin.
Here are the key quotes:
(1) "We had a small equity stake of less than 5 per cent in the company and this is an opportunity to build on that," Beach managing director Reg Nelson said.
"We've got a good relationship with Adelaide Energy and a strong program going forward. We wanted to make sure we had a strong partner to help fund its share of the program.
"So this achieves both objectives.
(2) Beach and Adelaide both hope to extend their partnership in unconventional plays.
After Nappamerri, focus will shift to the Otway Basin in the South-East in conjunction with Beach spin-off Somerton Energy.
"The Otway is really shaping up as a very good opportunity," Mr Nelson said.
