Adelaide-based Beach Energy, whose biggest shareholder is media billionaire Kerry Stokes, operates onshore and offshore oil and gas production in five basins across Australia and New Zealand.

The company this year struck a deal to make its foray into Australia’s booming global liquefied natural gas (LNG) trade. The company signed a heads-of-agreement with BP subsidiary BP Singapore to supply its 3.75 million-tonne share of LNG from its jointly owned Waitsia development in Western Australia’s Mid West region.

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Beach chairman Glenn Davis paid tribute to Mr Kay for transforming the company into a strategically diverse business that was “well-positioned to deliver material gas production into the tightening Australian east coast, New Zealand and international LNG markets”.

“I want to thank Matt for his efforts in helping transform Beach into the multi-basin upstream oil and gas company it is today,” Mr Davis said. “I wish him all the very best for his future endeavours.”