Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Beach Energy has reported record full-year production during the year ended June, along with record full year sales.
During the year ended June, Beach produced 9.6-million barrels of oil equivalent, a 20% increase on the previous corresponding period, on the back of record oil production.
Total oil production hit a record 5.2-million barrels, which is a 38% increase on the previous financial year, with oil output from the Western Flank operations averaging around 10 000 bbl/d for the 12 months under review.
During the three months to June, Beach’s total production reached 2.3-million barrels of oil equivalent, up 1% on the previous quarter.
Meanwhile, sales volumes for the quarter increased by 20%, to 2.8-million barrels of oil equivalent, driven by higher winter gas sales, the timing of oil shipments and a liquefied petroleum gas shipment, which was not recorded in the previous quarter.
Full-year sales also reached record highs of 10.8-million barrels of oil equivalent, which was a 20% increase on the previous financial year, and resulted mainly from the record oil production and associated sales, as well as higher third-party volumes.
The record sales during the quarter generated a revenue of A$263.6-million, up 14% on the previous quarter, while full-year revenue was recorded at A$1.05-billion.
For the 2015 financial year, Beach expected to produce between 8.6-million and 9.4-million barrels of oil equivalent, with the production expected to reflect the timing of new oil facilities coming on line on the Western Flank, the level of natural decline in the Bauer oil field, the timing of production ramp-up at the South Australian Cooper basin joint venture associated with conventional infill gas development drilling, and the outcomes of continued exploration, appraisals and development activities.