Oz Beach's Q1 Revenue Drops

Sydney-listed Beach Energy on October 23 said its sales revenue during the three months to September 30 (Q1) was A$361mn (US$257mn), down 17.6% yr/yr as a result of significantly lower oil prices. Revenue was up 13% quarter on quarter as oil prices recovered 38%.

Production came to 6.77mn barrels of oil equivalent, up 3.3% yr/yr but down 1% q/q. Its sales volume was 6.98mn boe, down 3.2% yr/yr but up 2% q/q. Beach said output was up largely due to higher production from the Victorian Otway basin and the Cooper basin joint venture.

First-quarter capital expenditure was A$135mn, down from A$214mn in the year-ago period. Beach said it is now gearing up for the start of both Enterprise 1 and Ironbark 1 drilling campaigns in the second quarter.

Last month, Ironbark-1 got all regulatory approval. The well is to be drilled to around 5,500 metres depth and will be the first test of the Ironbark gas prospect in the Carnarvon Basin, offshore Western Australia.