Beach Energy Limited (ASX: BPT) has reported a 5% decrease in its quarterly production, to 4.5 million barrels of oil equivalent (MMboe), primarily due to the impact of planned and unplanned outages across its assets. However, the Western Flank oil production has stabilized with the completion of nine out of 10 unconnected wells, while drilling campaigns are progressing with a success rate of 89% from 36 wells, including six horizontal oil wells.
In addition, the company has secured the Valaris 107 rig for the Kupe South 9 development well in New Zealand, which is scheduled for Q1 FY24. The Moomba Carbon Capture and Storage (CCS) project is now 55% completed and remains on track for the first CO2 injection in 2024. Meanwhile, the Thylacine flowlines update revealed that one of the three newly installed flow lines has failed a hydro pressure test and requires repair or replacement. The company remains on schedule to connect two of the four wells by mid-2023.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
