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beach energy ltd (BPT) Snapshot

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04/28/14 - A$1.82
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12/11/14 - A$0.86
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beach energy ltd (BPT) Details

Beach Energy Limited explores, develops, produces, and sells oil, gas, and gas liquids. The company holds interests in approximately 300 exploration and production tenements in Australia, Egypt, Tanzania, Romania, and New Zealand. The company was formerly known as Beach Petroleum Limited and changed its name to Beach Energy Limited in December 2009. Beach Energy Limited is headquartered in Glenside, Australia.

Founded in 1962

beach energy ltd (BPT) Top Compensated Officers

Managing Director, Executive Director and Mem...
Total Annual Compensation: A$1.7M
Chief Financial Officer, Executive Vice-Presi...
Total Annual Compensation: A$582.9K
Chief Operating Officer and Executive Vice-Pr...
Total Annual Compensation: A$587.1K
Executive Vice-President of Australian Gas an...
Total Annual Compensation: A$566.9K
Executive Vice-President of Planning Manageme...
Total Annual Compensation: A$556.3K
Compensation as of Fiscal Year 2014.

beach energy ltd (BPT) Key Developments

Beach Energy Ltd Provides Balgowan Field Update

Beach Energy Ltd. advised on 13 August 2014 that the Balgowan-1 exploration well in PEL 91 (Beach 40% and operator, Drillsearch Energy Ltd. 60%) confirmed expectations of an oil fairway extension to the north-east of recent discoveries by intersecting a gross oil interval of approximately nine metres. Of this, 3.5 metres of net pay was encountered in the Namur Sandstone and two metres of net pay in the overlaying McKinlay Member. Based on these results, Balgowan-1 was cased and suspended as a future McKinlay Member /Namur Sandstone oil producer. Beach has subsequently estimated reserves for the Balgowan field with preliminary mapping, resulting in 2P gross reserves of 344,000 barrels of oil (kbbl). Conceptual development plan: McKinlay Member /Namur Sandstone analysis: Commercial productivity of the McKinlay Member and Namur Sandstone reservoirs is proven in offset fields within PEL 91. The Balgowan field is analogous to commercially producing fields in PEL 91, including Bauer, Chiton, and Hanson. As such, Beach has a high degree of confidence in the commercial productivity of the McKinlay Member /Namur Sandstone reservoirs at Balgowan. Beach has carried out a preliminary economic evaluation of the project using costs based on analogous projects and recently revised internal company oil price assumptions to assess commercial viability. Beach believed that the Balgowan field can be developed via a four kilometre flowline to transport formation fluid to the proposed Stunsail facility. Following processing at the Stunsail facility, oil will be transported via the proposed 19 kilometre Stunsail to Bauer flowline, or trucked directly to the Lycium Hub as required. Pending joint venture approval it is anticipated that the development of the Balgowan field will cost approximately $1.3 million. The proposed Stunsail facility is expected on-line in the fourth quarter of fiscal 2015, with the tie- in of Balgowan-1 expected prior to financial year end. Using the proposed development model, Beach estimates preliminary gross undeveloped reserves from the McKinlay Member /Namur Sandstone reservoirs as follows: Preliminary petroleum reserves were estimated for each target reservoir formation using probabilistic methods. The areal configuration of the Balgowan McKinlay Member and Namur Sandstone structures is based on interpretation and mapping of the Aquillus and Caseolus 3D seismic volumes, with oil column heights defined from wireline log analysis. The range of input petrophysical parameters was derived following comparison of Balgowan-1 well data to analogous reservoir data at commercial fields within PEL 91. Based on this analysis, it was determined that the reservoir is discovered and commercially producible.

Beach Energy Limited Announces Auditor Changes

Beach Energy Limited at its annual general meeting held on November 27, 2014, the shareholders of the company approved the appointment of KPMG as its auditor of the company, such appointment to take effect from the time at which the resignation of Grant Thornton as auditor takes effect.

Beach Energy Ltd Appoints Robert Cole as Director and Managing Director, Effective 1 June 2015

Beach Energy Ltd. announced the appointment of Robert Cole as its new Managing Director, effective 1 June 2015 or such earlier date as is available and mutually agreed. His most recent role was Executive Director and Executive Vice President, Corporate and Commercial, Woodside Petroleum Ltd. Cole has broad experience across strategy and planning, upstream commercial marketing and trading, human resources, corporate affairs, and joint venture management. There will be an orderly transition and handover once Nelson ceases his role as Managing Director. At that point in time, Cole will join the Board as a director.


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