Beach Energy to Raise Funds to Boost Operations

Beach Energy is mulling to raise $363 million via sale of fresh shares and bonds to fund its future exploration and development work.

The company plans to spend up to $683 million during the next one year to boost exploration and development of shale gas prospects in the Cooper Basin. It also plans to develop conventional Cooper Basin prospects and work in Egypt and Tanzania.

Beach is looking to supply gas Santos Ltd's Gladstone liquefied natural gas project in Queensland, from 2014 and said it is also in talks with other potential customers.