Adelaide, Jan 31, 2012 (ABN Newswire) - Beach Energy Limited (
ASX:BPT) is please to provide a Quarterly Report for the period ended 31 December 2011.
Corporate
On 7 November 2011, Beach announced a 20 cent per share on-market takeover offer for Adelaide Energy Limited, valuing the company at A$94 million. By the close of the bid, on 22 December 2011, Beach had a relevant interest in Adelaide Energy of 96.99%, at which time Beach lodged a Notice of Compulsory Acquisition with ASIC, allowing the remaining shares in Adelaide Energy to be compulsorily acquired.
In October, Beach signed a formal agreement with private company, Territory Oil and Gas Pty Limited (TOAG), to earn up to 90% in TOAG's onshore Bonaparte Basin areas, EP 126 and EPA 138, as well as up to 55% in the offshore areas EPA 135 and NTC/P 10.
In December, Beach continued to rebalance its portfolio through the relinquishment of its interests in the Ebro Basin in Spain and the Durresi Block in Albania, with the South East July concession in Egypt allowed to expire. It is unlikely that there will be material impairment charges associated with these withdrawals. In relation to the Spanish concession, agreement to relinquish was made by both joint venture partners, with the area released back to the government.
Highlights
Corporate
- Successful on-market takeover of Adelaide Energy
- Farm-in to the highly prospective and underexplored Bonaparte Basin
Operations
- Further success in the newly discovered Bauer oil field with the Bauer-2 and Bauer-3 wells
- Tantanna oil pipeline reinstatement earlier than expected
- Growler field expansion through Growler-6, Growler-9 and Growler-11 development wells
- Completion of the El Salmiya-1 and Al Jahraa-1 exploration wells in Egypt, currently undergoing production testing
- Production steady and on target to meet production guidance of 7.5 MMboe for the full year
- Revenue 6% lower than the previous quarter mainly due to timing of sales, partially offset by higher pricing
Subsequent Events
- Renegotiation of the royalty between Delhi Petroleum and Esso Australia Resources
- First gas and condensate from the Middleton project in the Cooper Basin
- Drilling commenced at Moonta-1, the first PEL 218 shale and basin centred gas exploration well for 2012
Financial
- Net cash on hand of A$58.5 million
Key Statistics
http://media.abnnewswire.net/media/en/docs/ASX-BPT-186766.pdf
ASX:BPT) is please to provide a Quarterly Report for the period ended 31 December 2011.Corporate
On 7 November 2011, Beach announced a 20 cent per share on-market takeover offer for Adelaide Energy Limited, valuing the company at A$94 million. By the close of the bid, on 22 December 2011, Beach had a relevant interest in Adelaide Energy of 96.99%, at which time Beach lodged a Notice of Compulsory Acquisition with ASIC, allowing the remaining shares in Adelaide Energy to be compulsorily acquired.
In October, Beach signed a formal agreement with private company, Territory Oil and Gas Pty Limited (TOAG), to earn up to 90% in TOAG's onshore Bonaparte Basin areas, EP 126 and EPA 138, as well as up to 55% in the offshore areas EPA 135 and NTC/P 10.
In December, Beach continued to rebalance its portfolio through the relinquishment of its interests in the Ebro Basin in Spain and the Durresi Block in Albania, with the South East July concession in Egypt allowed to expire. It is unlikely that there will be material impairment charges associated with these withdrawals. In relation to the Spanish concession, agreement to relinquish was made by both joint venture partners, with the area released back to the government.
Highlights
Corporate
- Successful on-market takeover of Adelaide Energy
- Farm-in to the highly prospective and underexplored Bonaparte Basin
Operations
- Further success in the newly discovered Bauer oil field with the Bauer-2 and Bauer-3 wells
- Tantanna oil pipeline reinstatement earlier than expected
- Growler field expansion through Growler-6, Growler-9 and Growler-11 development wells
- Completion of the El Salmiya-1 and Al Jahraa-1 exploration wells in Egypt, currently undergoing production testing
- Production steady and on target to meet production guidance of 7.5 MMboe for the full year
- Revenue 6% lower than the previous quarter mainly due to timing of sales, partially offset by higher pricing
Subsequent Events
- Renegotiation of the royalty between Delhi Petroleum and Esso Australia Resources
- First gas and condensate from the Middleton project in the Cooper Basin
- Drilling commenced at Moonta-1, the first PEL 218 shale and basin centred gas exploration well for 2012
Financial
- Net cash on hand of A$58.5 million
Key Statistics
Period ending 31 December 2011
--------------------------------------------------------------------
Dec 2010 Sept 2011 Dec 2011 Qtr on Qtr YTD
Quarter Quarter Quarter Change
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Production (kboe) 1,675 1,735 1,716 (1%) 3,451
Sales (kboe) 2,374 2,448 2,138 (13%) 4,587
Revenue ($ million) 142.4 151.4 142.9 (6%) 294.3
Oil Price ($ per bbl) 88.4 111.7 114.5 2% 113.1
Net cash ($ million) 178.6 146.8 58.5 (60%) 58.5
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To view the complete Beach Energy Quarterly Report, please refer to the following link below:http://media.abnnewswire.net/media/en/docs/ASX-BPT-186766.pdf
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About Beach Energy Limited
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.
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