Amplitude Energy's (ASX:AEL) acquisition of 50% of the Artisan gas field in the offshore Otway Basin from Beach Energy (ASX:BPT) de-risks the Otway growth outlook for the company, Euroz Hartleys said in a Monday note.

O.G. Energy, Amplitude Energy's joint venture partner in the Otway, agreed to acquire a 10% interest in the gas field on the same terms as the company, aligning interests at 50% each.

The company's net share of the acquisition consideration consists of an upfront cash payment of AU$58.3 million on completion of the agreement, with a royalty of AU$3.75 per gigajoule on its share of future production.

The company can blend Artisan gas field's low-impurity gas with that of the Annie field to meet pipeline standards through the acquisition, saving an estimated AU$100 million in processing infrastructure costs, the financial services firm said.

Additionally, the company is buying a de-risked completed production well that is ready to tie-in to its existing operated infrastructure.

Euroz Hartleys maintained a buy recommendation on Amplitude Energy while its AU$3.40 price target is under review.

Amplitude Energy shares rose more than 2% in afternoon trade on Monday, while Beach Energy shares were down 2%.