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Beach reports 10% increase in quarterly production

29th October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Beach Energy has reported a 10% quarter-on-quarter increase in production during the three months to September.

Total production reached 2.5-million barrels of oil equivalent, with Beach saying the strong result was driven by record net oil production of 1.3-million barrels of oil.

Most of the production was sourced from the Western Flank, in the Cooper basin, which the company said confirmed its potential, with recently installed pipelines achieving maximum available capacity for the quarter.

The Western Flank operations produced an average of 10 300 bbl/d, which was 16% higher than the previous quarter.

Beach told shareholders that sales volume for the quarter under review was also up by 16% to 2.9-million barrels of oil equivalent, resulting in a 35% increase in revenue, to a record A$270.4-million.

The record revenue was driven not only by the increased sales volumes, but also by higher prices for all products.

Edited by Creamer Media Reporter

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