DRILLING

Beach announces soaring revenue, 11-well program

Beach Petroleum has seen its monthly revenue increase from $300,000 to around $800,000-$1 million after shareholders gave approval to the company to acquire a controlling stake in the Bodalla oil fields.

Beach has increased its stake from 22 per cent to 94.75% in the Bodalla fields, which are located in the Cooper/Eromanga Basin.

The revenue stream has been backdated to and is effective from 1 October 2001. "The overall higher revenue contribution is backdated to October 1 so the effect on revenue flows is both immediate and a significant contributor to the first half result for 2001/2002."

Shareholders also approved the issue of 333 million fully paid ordinary shares at 4.5 cents each to institutions to raise $15 million and a share purchase plan for existing retail shareholders to raise a further $5 million.

The funds will be used primarily to acquire Oil Company of Australia's 72.75% interest in the Bodalla Block, amongst other interests in the region, for $16.5 million. Beach's daily oil production rises from 500 barrels to 1,900 barrels, which makes the company a medium size producer.

An 11-well oil and gas exploration program over the next seven months was outlined to shareholders by chief executive, Mr Reg Nelson. This includes Marabou-1 offshore Western Australia, three wells in the Otway Basin starting in December as well as the Cooper Basin drilling within weeks of Acrasia-1. It will be followed by four exploration wells, Sellicks-1, Maslins-1, Henley-1 and Semaphore-1. Two development wells are planned for the Bodalla Block.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry

editions

ENB Social Licence Report 2021

In its second year, this research now includes trends and new findings surrounding impacts and responses as the energy industry seeks to secure and maintain a social licence to operate.