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Higher prices drive Beach revenues

26th April 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Beach Energy has reported a 15% uplift in revenue during the three months to March, on the back of higher realised oil prices, and despite a 3% decline in production.

The ASX-listed Beach on Tuesday reported that production during the third quarter reached 5.2-million barrels of oil equivalent (boe), down 3% on the previous quarter owing to rain delays to workover activities at its Cooper basin assets, and planned maintenance downtime in the Bass basin.

Sales volumes for the third quarter declined by 5% on the previous quarter, to 5.2-million boe however, sales revenues increased by 15% in the same period from A$398-million to A$458-million on the back of higher realised oil prices, which were up 51% in the period under review.

“The third quarter was highlighted by the achievement of major milestones as we continued to deliver meaningful progress against our growth strategy,” said Beach Energy acting CEO Morne Engelbrecht.

“Quarterly production remained broadly stable despite weather challenges in the Cooper basin and maintenance downtime in the Bass basin. Pleasingly, Western Flank oil production is performing better than our beginning-of-year expectations, with a large inventory of workover activity and development well connections supporting the current production levels.

“In the Otway basin, Beach is now well placed to service higher customer nominations as seasonal gas demand increases during winter months. Connection of the Geographe wells has enabled the Otway gas plant to deliver average daily gas supply of 152 TJ/d since quarter-end.

“Our major capital programs remain on schedule with the commencement of the Waitsia drilling campaign, completion of the second offshore Otway Thylacine well and a final investment decision for the Enterprise pipeline project. These are critical projects to support looming gas shortfalls in the east and west coast markets,” Engelbrecht said.

Edited by Creamer Media Reporter

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