Oz Beach Ups Full Year Production Guidance

Australian oil and gas explorer Beach Energy January 31 raised its production guidance for the year that ends June 30, 2019 (FY2019) thanks to better than expected output in the first half of the year.

Production guidance has been increased from 25 – 27 million barrels of oil equivalent to 28 – 29mn boe, Beach said.  The company has narrowed FY2019 capital expenditure guidance from A$440 – 520mn to A$450 – 500mn.

For the three months to December 31 (2Q2019), Beach’s output was 7.4mn boe, 182% year-on-year. Revenue during 2Q was A$441mn (US$320mn), up 112% year-on-year.

Beach expects its Victorian Otway interests sale, announced in October last year, to close by March 31 instead of December 31 as previously announced.