Beach Energy's (ASX:BPT) sale of its 60% stake in the Artisan gas field offshore the Otway Basin in Victoria is a "sensible divestment" and a "rare win-win" deal, Euroz Hartleys said in a Monday note.

Beach Energy agreed to sell a 50% interest in the gas field to Amplitude Energy (ASX:AEL) and a 10% interest to O.G. Energy to align both acquirers' overall interest at 50% each.

The company also said the La Bella-2 development well will not be drilled, and forecast more than AU$500 million of capital expenditure savings as a result of not pursuing developments at Artisan and La Bella.

Amplitude Energy's involvement eliminates the risk of exploration outcomes resulting in the need for expensive carbon dioxide processing capability, while Beach Energy retains future exposure to production through a royalty, Euroz Hartleys said.

Given Beach Energy's AU$974 million of liquidity at the close of the fiscal third quarter, the deal provides pro-forma liquidity in excess of AU$1 billion, positioning the company well to pursue inorganic growth of scale in the near-term, the equity research firm said.

Euroz Hartleys maintained a hold recommendation on Beach Energy while lowering the price target to AU$1.12 per share from AU$1.15 based on an updated sum-of-the-parts valuation.