Sydney, 30 July (Argus) — Australian independent Beach Energy today reported a 15pc rise in oil and gas production in its latest financial year and success at its unconventional gas exploration program in the Cooper basin.
Beach produced 20,562 b/d of oil equivalent (boe/d) in the year to 30 June 2012, in line with analysts' expectations. The company, which has attracted interest from potential joint venture partners for its shale gas projects in the Cooper basin in central Australia, said its Encounter-1 well flowed at more than 2mn ft3/d (20.6mn m3/yr) and the Moonta-1 well interpreted more than 1,000m of saturated gas structures. The wells are in Beach's PEL 218 unconventional gas licence in the Nappamerri trough in the Cooper basin, which straddles South Australia and Queensland.
Beach raised A$345mn ($361mn) in March to finance exploration and development of its shale gas reserves in the Cooper basin, as well as continuing appraisal and development of oil discoveries in Egypt and its exploration activity in Tanzania.
The company also had exploration success at its PEL 111 oil exploration project in the Cooper basin, where the Mustang-1 exploration well flowed at almost 2,500 b/d.
“The Western Flank of the Cooper Basin is a highly profitable oil province,” Beach managing director Reg Nelson said. “New oil production pipelines are being built which we believe will help deliver record Western Flank oil production for Beach in the 2013 financial year.”
Nelson expects a material increase in Beach's profitability in the 2013 financial year ending 30 June next year, following a 25pc increase in sales revenue in the 2012 financial year.
The firm reported a A$56.6mn profit in the first half of its fiscal year from July-December 2011 after making a loss in the year-earlier period.
Send comments to firstname.lastname@example.org
If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.
Copyright © 2012 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.