Beach Energy unveils capital spending programme
Beach Energy has launched a multi-year capital programme designed to assess undeveloped reserve and prospective resource potential of the Cooper Basin in Australia.
The company has envisioned a capital spending of $220m-$260m in the financial year 2018, with production expected to be between ten million and 10.6 million boe during this period.
According to the company, the expenditure will set the ground for production beyond the 2018 financial year, with a target of more than ten million boe in FY2019 and FY2020.
Alongside enhancing production and recovery from existing fields, the capital programme is directed at proving commercial viability and defining development plans for recent discoveries.
Furthermore, it is also expected to deliver exploration and development drilling campaigns for future.
The investment will be focused on core Western Flank oil and gas play fairways and the Cooper Basin JV.
It will be used in the company’s plan to participate in up to 78 wells, including up to 44 exploration and appraisal wells, in addition to completion and connection of more than 20 currently cased and suspended wells.
In addition, the investment will be used to take up exploration and appraisal drilling programme at Birkhead oil play fairway to test commerciality and up-side potential of existing discoveries.
The company will also use the capital to undertake an expanded exploration programme in the Southwest Patchawarra and Permian Edge gas play fairways.
Around 75% of the capital expenditure is categorised as discretionary and is dependent on investment return requirements.