Quarterly Activities Report
Adelaide, Oct 29, 2013 AEST (ABN Newswire) - Beach Energy Limited (
ASX:BPT) announce the quarterly report for the period ending 30 September with the following highlights:
Corporate
- Managing Director extends employment contract until 1 July 2015
- Commencement of farm-down process relating to Lake Tanganyika South block, Tanzania
OPERATIONS
- Production of 2.5 MMboe, 10% up on the previous quarter, mainly due to higher Western Flank oil and condensate production
- Record total revenue of $270 million, 35% up on the previous quarter, mainly due to continued strong A$ brent oil price and higher oil sales volumes
- Total sales volumes of 2.9 MMboe, 16% up on the previous quarter, mainly due to record oil sales volumes of 1.6 MMboe
- Western Flank oil production at ~10,300 bpd (net)
- Oil and gas discovery at El Salmiya-2, Egypt
- High pressure gas influx at Keppel-1 vertical well in ATP 855
- Participation in 27 wells, with a success rate of 80%
SUBSEQUENT EVENTS
- Preparation work commenced in relation to the Nappamerri Trough Natural Gas fracture stimulation program
- Holdfast-2 horizontal well to be fracture stimulated imminently
- Increase in shareholding of Cooper Energy Ltd to 18.4% Financial
- Strong balance sheet, with cash reserves of $402 million
- Secured $320 million financing facility, negotiated and in place
Key Statistics
------------------------------------------------------------ Sep 2012 Jun 2013 Sep 2013 Qtr on Qtr Quarter Quarter Quarter Change------------------------------------------------------------Production (kboe) 2,106.9 2,227.8 2,460.4 10%Sales (kboe) 2,543.3 2,480.8 2,866.1 16%Revenue ($ million) 169.9 199.7 270.4 35%Oil Price ($ per bbl) 109.4 110.4 128.1 16%Cash ($ million) 352.1 347.6 401.8 16%------------------------------------------------------------
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-764039.pdf
Contact
Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au
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