Beach Energy Limited (ASX: BPT) announced that it had reached an agreement with Webuild SpA to complete the supply of the Waitsia Stage 2 project, subject to finalisation of the Clough Limited administration. The company has increased its total capital expenditure estimation to AU$400 to AU$450 million from Beach's original capex estimate of AU$350 to AU$400 million after Webuild's due diligence and review of cost and work schedules were completed.
The Waitsia JV and Webuild expect the first gas from the Waitsia Gas Plant by the end of 2023. After the company's earlier announcement on 06 December 2022 about the voluntary administration of Clough Limited, Beach and Mitsui E&P Australia, its JV partner, and Waitsia operator, have worked with Clough management to confirm employee wages, subcontractors and suppliers continue to get paid, permitting the Waitsia Gas Plant construction to remain during this challenging time.
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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.