This article is 17 years old. Images might not display.
The funds will be raised through a placement of new shares to institutional and retail investors. This is expected to be completed by June 12.
Existing shareholders will be offered the chance to subscribe for up to $5000 of shares through a non-underwritten share purchase plan.
Beach is acquiring a 20% stake in the offshore North Shadwan concession from TriOcean Energy, a 20% stake in Santos' fully-owned South East July concession in the Gulf of Suez and Santos Egypt's 25% interest in the onshore North Qarun concession, close to Cairo in the Gindi Basin of the Western Desert.
BP holds pre-emptive rights to the stake in North Shadwan that expire on June 28.
"The Egyptian acquisitions follow a strategic decision by Beach to increase its focus on opportunities in highly prospective areas, and give Beach exposure to projects which have the potential to make material additions to its reserve base," managing director Reg Nelson said.
Beach added it is at an advanced stage of evaluating further opportunities in the Middle East and North African region.
