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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 : REPORT RECORD PRODUCTION INCREASED RESERVES DRILLING HIGHLIGHTS, FY2021 OUTLOOK FOR THE COOPER BASIN AUSTRALIA

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08/21/2020 | 08:25am EDT

Newport Exploration Ltd ('Newport' or 'the Company') is pleased to provide an update on operations and reserves on licenses in the Cooper Basin, Australia over which the Company has a 2.5% gross overriding royalty ('GOR').

This information was reported by Beach Energy Ltd ('Beach') (ASX: BPT) in news releases dated 17th August, 2020, and reference should be made to their website for guidance.

Beach reports on the Western Flank, which includes ex PEL's 91, 106 and 107, and PRL 26 which are subject to the Company's GOR, as well as for ex PEL's 104/11 and 92, and PEL 630 which are not. Beach report Western Flank reserves and contingent resources as at 30th June, 2020. Categories presented for reserves are 1P reserves (Proved) and 2P reserves (Proved and Probable). Reported reserves have been independently audited by RISC Advisory in accordance with the definitions and guidelines contained within the Petroleum Resources Management System (PRMS) as set out in SPE Reserves Auditing Standards in Australia. Beach's reported strategy in FY2020 yielded extensions of the Bauer and Hanson oil fields and the Lowry gas field in the Western Flank, as well as identifying additional drilling opportunities. Further Western Flank oil drilling is planned for FY2021. Gas drilling in the Western Flank is planned for FY2022.

Contact:

Tel: +1 604 685 6851

Cautionary Statement on Forward-Looking Information

This news release is intended to provide readers with a reasonable basis for assessing the future performance of the Company. The words 'believe', 'should', 'could', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forwardlooking statements. Forward-looking statements may pertain to assumptions regarding Beach's drilling plans, the price of oil and fluctuations in currency markets (specifically the Australian dollar). Forward-looking statements are based upon a number of estimates and assumptions that, which are considered reasonable by the Company, are inherently subject to business, economic and competitive uncertainties and contingencies. Factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits, taxation, controls, regulations and political or economic developments in Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Readers are cautioned that forwardlooking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.

(C) 2020 Electronic News Publishing, source ENP Newswire


Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED -2.48% 1.18 End-of-day quote.-52.99%
NEWPORT EXPLORATION LTD. 5.13% 0.41 Delayed Quote.2.50%
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Financials
Sales 2021 1 528 M 1 074 M 1 074 M
Net income 2021 337 M 237 M 237 M
Net cash 2021 116 M 81,3 M 81,3 M
P/E ratio 2021 7,82x
Yield 2021 1,66%
Capitalization 2 691 M 1 894 M 1 891 M
EV / Sales 2021 1,69x
EV / Sales 2022 1,47x
Nbr of Employees 483
Free-Float 70,2%
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Mean consensus BUY
Number of Analysts 15
Average target price 1,93 AUD
Last Close Price 1,18 AUD
Spread / Highest target 125%
Spread / Average Target 63,6%
Spread / Lowest Target 27,1%
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Managers
NameTitle
Matthew Vincent Kay Chief Executive Officer, MD & Director
Glenn Stuart Davis Independent Non-Executive Chairman
Ian Grant Chief Operating Officer
Mornť Engelbrecht Chief Financial Officer
Colin D. Beckett Independent Non-Executive Deputy Chairman
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