Beach’s transformational quarter

Beach Energy has finished off the September quarter looking very different to how it started, with the acquisition of Lattice Energy the highlight.

The acquisition of Lattice transforms Beach into a leading upstream oil and gas mid-cap, with an expanded footprint across multiple basins, production hubs and jurisdictions.

The acquisition also increases Beach’s 2P reserves by 200 per cent to 232 MMboe and pro forma production guidance by 150 per cent to 25-27 MMboe.

As such, Beach’s production for the September quarter was 2.6 MMboe, up 2 per cent from the previous quarter.

This coincided with successful field development activities, which saw seven Western Flank oil wells brought online and six artificial lift installations commissioned.

Beach drilled 23 wells in the quarter with a 78 per cent success rate, including three new discoveries.

Beach CEO Matt Kay was more than pleased when commenting on the company’s results.

“Beach has continued its strong momentum from FY17 into the new financial year with success in the field, $90 million of operating cash flow generated, and announcement of the company transforming acquisition of Lattice Energy,” said Mr Kay.
 

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