Beach Energy Ltd Announces Executive Changes
Sep 16 15
Beach Energy Ltd. announced Mr. Robert Cole has resigned as Managing Director of the company. Mr. Cole will remain with Beach until 14 October 2015 to allow for an orderly transition. As announced on 19 August 2015 Mr. Cole has been on leave to attend to family matters in Perth. As a result of those matters, Mr. Cole has decided it is not possible to return to a full time executive role with Beach in Adelaide. He has accordingly resigned. The company will commence the process of replacing Mr. Cole. In the meantime, Mr. Neil Gibbins will continue in the role of Acting Chief Executive Officer until a new Managing Director is appointed.
Beach Energy Limited Reports Earnings Results for the Full Year Ended June 30, 2015
Sep 11 15
Beach Energy Limited reported earnings results for the full year ended June 30, 2015. For the full year, the company reported that net loss after tax of AUD 514.1 million or a loss of 39.64 cents per diluted share, compared to a net profit after tax of AUD 101.8 million or 7.79 cents per diluted share, for the year ended June 30, 2014. Operating loss before financing costs was AUD 648.4 million compared to an operating profit before financing costs of AUD 229.5 million for the year ended June 30, 2014.
Beach Energy Ltd. Provides Operational Update
Aug 25 15
Newport Exploration Ltd. provided an update on Oil and Gas interests in the Cooper Basin, Australia as publicly reported by Beach Energy Ltd. In summary, in ex-PEL 91 Beach's 40% net 2P reserves are estimated at 5.8MMboe. In ex-PEL 106, Beach's 40% net 2P reserves are estimated at 0.6MMboe Gas Liquids and 9.1PJ Gas. The company has a 2.5% gross overriding royalty over all commercial production from all Production Licenses (PPL's) in ex-PEL91 and ex-PEL 106. In ex-PEL 91 (Beach 40% and operator, Drillsearch Energy Ltd. 60%). Fiscal 2015 gross oil production of 4.1 MMbbl was down 11% from fiscal 2014, with average daily gross production of 11,263 bopd. Natural field decline was partly offset by additional wells being brought on line and continued strong performance of the Bauer Field. Beach also reported that on the Bauer Field a 10-well drilling campaign was completed, which included a number of oil column intersections higher than pre-drill estimates and strong flow rates recorded from short term tests. Beach report that the results from this drilling campaign have extended the aerial extent of the Bauer Field. Revised petroleum reserves were estimated by Beach using probabilistic methodology are based on interpretation and mapping of 3-D seismic data, with oil column heights defined from wireline log analysis. The range of petrophysical parameters applied was revised based on recently acquired core data. Results from the 10 well program added 2.5 MMbbl of net 2P reserves. A Bauer facility upgrade was completed, which increased water handling capacity from 50,000 barrels of fluid per day (bfpd) to 75,000 bfpd. As reported previously by the company, exploration discoveries were made at Balgowan-1 and Burners-1, with the former confirming a north-eastern extension of the oil fairway. The joint venture was granted Petroleum Retention Licences 151 to 172 over the former PEL 91 permit, which secures tenure over this area for up to 15 years. Commercial productivity of the Namur Sandstone in the Bauer Field is proven, with 19 wells currently producing with operating cash costs of AUD 25 – AUD 30 per barrel. Following recently completed infrastructure upgrades to cater for increased production volumes, Beach reported having a high degree of confidence in the commerciality of the 10 development wells. In ex-PEL 106 (Beach 50% and operator, Drillsearch 50%) gross gas and gas liquids production of 0.7 MMboe was down 30% from fiscal 2014, with average daily gross production of 1,794 boepd The decline in production was mainly attributable to natural field decline. As reported previously, a five-well exploration and appraisal campaign was completed in the permit, with the Ralgnal-1 exploration well and Canunda-2 appraisal well cased and suspended as future producers. The joint venture was granted Petroleum Retention Licences 129 and 130 over the former ex-PEL 106 permit, which secures tenure over this area for up to 15 years. Within ex-PEL 106, the work program is expected to comprise two exploration wells and completion of the compression project at the Middleton gas processing facility. In addition, four existing wells are expected to be brought online, which is expected to result in a material uplift in production by financial year end.