Production up 12% quarter-on-quarter to 5.0 MMboe; FY23 full year production of 19.5 MMboe
- Otway Basin gas and gas liquids production up 51% from Thylacine North well connections in mid-May
- Western Flank oil production up 21% from new well connections, including seven horizontal wells
Revenue up 27% quarter-on-quarter to $450 million; FY23 full year revenue of $1,617 million
- Quarterly sales gas and ethane revenue up 19% on increased Otway production and higher spot prices
Waitsia Gas Plant construction progressing with actions taken to optimise schedule delivery
- Additional accommodation camps constructed, new EBA to attract and retain staff, elevated recruiting levels, extended shifts and commencement of night works
Targeting connection of Thylacine West 1 and 2 to the Otway Gas Plant in H1 FY25
- Root cause analysis of the hydro pressure test failure underway; costs expected to be largely recoverable
Enterprise pipeline completed and well site Christmas tree installed; targeting first gas in mid-FY24(1)
- Enterprise volumes to utilise spare capacity at the Otway Gas Plant
Moomba CCS project 70% complete and on schedule for first CO2 injection in 2024(2)
Active drilling campaigns continue across all basins; 90% drilling success rate from 29 wells
- Perth Basin gas exploration underway with second operated well, Trigg Northwest 1, currently drilling
- Preparing for Valaris 107 rig mobilisation to the Kupe South 9 well location; targeting spud in Q1 FY24
- Consortium rig secured for the next phase of offshore Victoria activity; early planning underway
FY23 full year results and FY24 guidance to be released on 14 August 2023
Comments from Chief Executive Officer, Morné Engelbrecht
'Beach ended the financial year with strong operational performance in the fourth quarter and revenue up 27% quarter-on-quarter as we progress our major growth projects.
'We successfully connected the Thylacine North development wells during the quarter, enabling us to increase our Otway Basin production by more than 50% and supply an additional 2.2 PJ (0.4 MMboe) of gas to the Australian East Coast market this quarter.
'The team also successfully installed and tested the new Enterprise pipeline where we are targeting first gas through the Otway Gas Plant in mid-FY24, subject to approvals.
'One of the nation’s biggest emissions reduction projects, Moomba CCS, is now more than two thirds completewith the first CO2 injection targeted for 2024.
'Significantly, the Waitsia Stage 2 project is progressing, and while there have been some challenges resultingfrom the now resolved financial issues with construction contractor Clough, there continues to be skilled trades getting the plant ready for first gas.
'We now have several exciting growth catalysts coming to fruition. Perth Basin exploration, connection of the Enterprise gas discovery, first LNG sales from Waitsia, connection of the Thylacine West wells and drilling of the offshore Kupe South 9 well will deliver a strong foundation for Beach in FY24 and beyond.
'The resulting production uplift will come at a time when markets need our products more than ever, where underinvestment in new supply, continuing supply constraints and robust demand are common themes.
'Against this backdrop, Beach’s value proposition has never been stronger', Mr Engelbrecht said.
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Source: Beach Energy
