Quarterly Activities Report to 30 September 2012
Adelaide, Oct 30, 2012 AEST (ABN Newswire) - Beach Energy Limited (
ASX:BPT) Quarterly Activities Report to 30 September 2012 with the following highlights:
Corporate
- Farm-in to offshore Romanian tenements
Operations
- Production of 2.1 MMboe, sales volumes of 2.5 MMboe and total revenue of $170 million, all up 2% when compared with the previous quarter
- Participation in 20 wells with a success rate of 90%
- PEL 91 (Beach 40% and operator) Bauer oil field extended with four appraisal/development wells
- SACB JV (Beach 20.21%) Moomba-191 shale gas well flowed gas up to 3.0 MMscfd
- PEL 111 (Beach 40%) exploration success with Mustang-1, and Snatcher oil field expansion with three development wells
Subsequent Events
- Fracture stimulation of Moonta-1 well (Beach 100%) commenced on 26 October 2012
- SACB JV Moomba-191 shale gas well connected to Moomba infrastructure
- Initial interpretation of Halifax-1 well (Beach 60% and operator) encouraging, with 461 metres of REM and over 490 metres of Patchawarra Formation
- Windmill-1 exploration well in PEL 92 intersected oil in the Namur Sandstone and the Birkhead Formation
- Nomination of two new independent non-executive directors to the board
Financial
- Strong balance sheet, with cash reserves of $352 million and a multi-option financing facility of $150 million available
- Final dividend paid of 1.5 cents per share, resulting in full year dividend total of 2.25 cents
To view the full Quarterly Activities report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-703251.pdf
Contact
Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au
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