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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Beach Energy Limited    BPT   AU000000BPT9

BEACH ENERGY LIMITED

(BPT)
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Beach Energy : Enterprise drilling to commence

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09/17/2020 | 02:30am EDT

Beach Energy Limited ABN 20 007 617 969 | Level 8, 80 Flinders Street Adelaide, South Australia 5000

GPO Box 175, Adelaide, South Australia 5001 | beachenergy.com.au

Media release

Enterprise Project to commence

Date

31 August 2020

As part of Beach Energy's ongoing natural gas development program in Victoria, the Enterprise Project west of Port Campbell will commence drilling late September 2020 or shortly after, for a period of three to four months, following strict COVID-19 protocols.

The well follows the successful Black Watch well, drilled near Nirranda South earlier this year, which is now supplying natural gas to the Otway Gas Plant - the first new supply in over four years.

The well will be constructed using 'extended reach drilling', the same method safely used for Black Watch, with the potential reservoirs located up to 3 nautical miles from the coastline, while the well site will be located onshore near Port Campbell.

Beach Energy Community Manager Linda French said that ahead of the arrival of the drilling rig, the transport of oversized loads and other heavy vehicles to the site will commence in September.

"This is a period where there will be a number of heavy vehicle movements to and from the site, however the route for pilot escorted oversized loads will not involve transit through Warrnambool," Ms French said.

As an essential service provider, Beach continues to operate under strict COVID-19 management proceduresthat go above and beyond the minimum requirements set by Victorian authorities.

These procedures go above and beyond the minimum requirements and include; pre-mobilisation health screening, maintaining an operating 'bubble', strict PPE requirements, daily temperature checks, adhering to physical distancing requirements, strict delivery controls for supplies and restricting contact within the community.

"We are committed to doing the right thing to keep people safe while also doing our best to support local businesses through procurement of goods and services," Ms French said.

For more information on the Enterprise Project and how we are staying COVID safe, please see beachenergy.com.au/vic-otway-basin

For further information contact the following on +61 8 8338 2833

Media

Chris Burford, Corporate Affairs Manager

Community

Linda French, Commuinity Manager

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Disclaimer

Beach Energy Limited published this content on 31 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 06:29:06 UTC

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Sales 2021 1 546 M 1 111 M 1 111 M
Net income 2021 341 M 245 M 245 M
Net cash 2021 113 M 81,2 M 81,2 M
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Nbr of Employees 483
Free-Float 70,2%
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Mean consensus BUY
Number of Analysts 14
Average target price 1,94 AUD
Last Close Price 1,34 AUD
Spread / Highest target 98,5%
Spread / Average Target 45,7%
Spread / Lowest Target 12,4%
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NameTitle
Matthew Vincent Kay Chief Executive Officer, MD & Director
Glenn Stuart Davis Independent Non-Executive Chairman
Ian Grant Chief Operating Officer
Morné Engelbrecht Chief Financial Officer
Colin D. Beckett Independent Non-Executive Deputy Chairman
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