Beach Energy Reports Strong Results with 12% Production Increase in Q4 FY23
Australian oil and gas exploration company Beach Energy (ASX: BPT) has released its FY23 Fourth Quarter Activities Report showing a positive outlook for the future. The results show a revenue increase of 27% quarter-on-quarter to $450 million, with FY23 full year revenue reaching $1,617 million.
Production Increases
Beach Energy's production increased by 12% in Q4 FY23 to 5. 0 MMboe and FY23 full year production reached 19. 5 MMboe. Gas and gas liquids production in the Otway Basin increased by 51% from the Thylacine North well connections in mid-May. Additionally, Western Flank oil production increased by 21% from new well connections, including seven horizontal wells.
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Waitsia Gas Plant
The Waitsia Gas Plant construction is progressing with additional accommodation camps constructed, elevated recruiting levels, extended shifts, and the commencement of night works. Targeting connection of Thylacine West 1 and 2 to the Otway Gas Plant in H1 FY25, Beach Energy is undertaking a root cause analysis of the hydro pressure test failure, with costs expected to be largely recoverable. The Enterprise pipeline has been completed, and well site Christmas tree installed, with a target of first gas in mid-FY24.
Active Drilling Campaigns
Beach Energy's active drilling campaigns continue across all basins, with a 90% drilling success rate from 29 wells. Gas exploration in the Perth Basin is underway with the second operated well, Trigg Northwest 1, currently drilling. Beach Energy is preparing for Valaris 107 rig mobilisation to the Kupe South 9 well location, targeting spud in Q1 FY24. The consortium rig has been secured for the next phase of offshore Victoria activity, with early planning underway.
Expansion Plans
Beach Energy is embarking on several exciting growth catalysts, including 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, which the company expects to deliver a strong foundation in FY24 and beyond.
Comments from CEO
Morné Engelbrecht, Chief Executive Officer of Beach Energy, expressed optimism about the result outcomes achieved by the company. "The team has successfully installed and tested the new Enterprise pipeline, and the Waitsia Stage 2 project is progressing despite challenges. We now have several exciting growth catalysts coming to fruition, which will deliver a strong foundation for Beach in FY24 and beyond," he said.
The FY23 full-year results and FY24 guidance will be released on 14 August 2023.
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