The pair signed a binding agreement last month for Beach to take AGL's 40% operated stake in ATP 1056 for A$1.15 million (US$818,557).
However, on Tuesday Beach released statement claiming pre-emptive rights had been exercised “by certain of the joint venture parties”.
Beach did not disclose which of the joint venture partners were exercising their pre-emptive rights, while a spokesperson for AGL told Upstream they were unable to "elaborate further".
The deal between Beach and AGL was conditional on the existing joint venture members waiving their pre-emptive rights, however the assignment of AGL's stake in the permit to the existing partners is still subject to certain conditions.
Beach said if the conditions were met its agreement with AGL would be terminated.
