Quarterly Activities Report
Adelaide, Jan 29, 2013 AEST (ABN Newswire) - Beach Energy Limited (
ASX:BPT) are pleased to provide the quarterly activities report for the period ended 31 December 2012.
HIGHLIGHTS
Corporate
- Long-term Chairman, Mr Bob Kennedy, decided not to seek re-election at the AGM in November 2012. Mr Glenn Davis elected Chairman
- Two new independent non-executive directors elected to the Board
Operations
- Record Cooper Basin oil production, due to Western Flank flowlines operational in early December; and record total oil sales volumes and revenue
- Total revenue of $173 million, 2% up, mainly due to increased prices and more oil in the sales mix
- Sales volumes of 2.0 MMboe, 21% down, mainly due to lower gas demand and production volumes, partly offset by increased oil sales
- Quarterly production of 1.85 MMboe, 12% down, mainly due to PEL 106B shut-in, partly offset by increased oil production
- Year to date production of 3.95 MMboe, with no change to full year guidance of 8.5-9.0 MMboe
- PEL 91 (Beach 40%) - Bauer oil field extended with Bauer-9, and new field discoveries at Pennington-1 and Bauer North-1
- PEL 92 (Beach 75%) - Exploration success at Windmill-1
- PEL 218 (Beach 100%) unconventional exploration program - Two vertical wells drilled and the first horizontal well, Holdfast-2, spudded
- SACB JV (Beach 20.21%) - Moomba-191 shale gas well connected to Moomba infrastructure, which confirms the REM shale gas concept tested by Beach in its Holdfast-1 and Encounter-1 wells
Subsequent Events
- PEL 218 (Beach 100%) - Basin centred gas (BCG) concept confirmed by Moonta-1 gas flow at up to 2.6 MMscfd; REM (Shale gas play) continues to be evaluated with Holdfast-2 horizontal well; Nepean-1 vertical well spudded
- ATP 855P (Beach 60%) - 14 stage fracture stimulation of Halifax-1 completed
Financial
- Strong balance sheet, with cash reserves of $343 million and a multi-option financing facility of $150 million available
View the complete Beach Energy quarterly report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-717527.pdf
Contact
Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au
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