Beach flags higher output in 2014
PERTH (miningweekly.com) – ASX-listed Beach Energy on Tuesday told shareholders that production for 2014 was likely to be between 8.7-million and 9.3-million barrels of oil equivalent, on the back of exploration success.
The miner reported that full-year production for 2013 had reached eight-million barrels of oil equivalent, up 7% on the previous financial year, driven by a 23% increase in the June quarterly production, which rose to 2.2-million barrels of oil equivalent.
The increased oil production was ascribed to new oil flowlines on the Western flank, as well as new gas and condensate production and a lower level of shutdowns in the Cooper basin facilities.
Quarterly sales volumes were also up by 28% on the previous quarter, to 2.5-million barrels of oil equivalent, generating a record quarterly revenue of A$200-million and record full-year revenue of A$698-million.
Beach stated that 2014 production was expected to further increase mainly as a result of continued exploration, appraisal and development success, as well as full-year production from the gas and gas liquids licence PEL 106B.
Further, conventional gas production was expected to increase in the Cooper basin, while oil production from the Abu Sennan project, in Egypt, was also expected to increase.
For the full 2014, Beach expected to spend between A$420-million and A$480-million in capital, with between A$175-million and A$200-million of these funds set aside for exploration.
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