Beach Energy Limited (ASX:BPT) Quarterly Activities Report

30.10.2013  |  ABN Newswire

Adelaide, Australia (ABN Newswire) - Beach Energy Ltd. (ASX:BPT) announce the quarterly report for the period ending 30 September with the following highlights:

Corporate

- Managing Director extends employment contract until 1 July 2015

- Commencement of farm-down process relating to Lake Tanganyika South block, Tanzania

OPERATIONS

- Production of 2.5 MMboe, 10% up on the previous quarter, mainly due to higher Western Flank oil and condensate production

- Record total revenue of $270 million, 35% up on the previous quarter, mainly due to continued strong A$ brent oil price and higher oil sales volumes

- Total sales volumes of 2.9 MMboe, 16% up on the previous quarter, mainly due to record oil sales volumes of 1.6 MMboe

- Western Flank oil production at ~10,300 bpd (net)

- Oil and gas discovery at El Salmiya-2, Egypt

- High pressure gas influx at Keppel-1 vertical well in ATP 855

- Participation in 27 wells, with a success rate of 80%

SUBSEQUENT EVENTS

- Preparation work commenced in relation to the Nappamerri Trough Natural Gas fracture stimulation program

- Holdfast-2 horizontal well to be fracture stimulated imminently

- Increase in shareholding of Cooper Energy Ltd. to 18.4% Financial

- Strong balance sheet, with cash reserves of $402 million

- Secured $320 million financing facility, negotiated and in place

Key Statistics

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                     Sep 2012  Jun 2013  Sep 2013 Qtr on Qtr
                      Quarter  Quarter    Quarter  Change
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Production (kboe)    2,106.9   2,227.8    2,460.4   10%
Sales (kboe)         2,543.3   2,480.8    2,866.1   16%
Revenue ($ million)    169.9     199.7      270.4   35%
Oil Price ($ per bbl)  109.4     110.4      128.1   16%
Cash ($ million)       352.1     347.6      401.8   16%
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About Beach Energy Limited:

Beach Energy Ltd. (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.

Source:

Beach Energy Ltd.

Contact:

Beach Energy Ltd.
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au