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BEACH PETROLEUM LIMITED

ASX: BPT

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Beach Energy is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has:

- Oil and gas reserves of 66 million barrels of oil equivalent and Contigent resources of 297 million barrels of oil equivalent (at 30 June 2010).
- Annual production in the 2009/10 Financial Year of 7.3 million barrels of oil equivalent.
- An active drilling program within a well balanced portfolio of tenements.

Cooper Eromanga Basin

The Cooper and the overlying Eromanga Basin host Australia's largest onshore oil and gas development. Beach currently operates 19 oil fields in the Cooper-Eromanga with five gas discoveries awaiting development and owns an approximate 21% interest in the Cooper Basin project operated by Santos Limited. Since late 2006, Beach has participated in more than 100 oil wells operated by Santos, delivering net reserves of 4 million barrels.

Gippsland Basin

Beach holds a 30% equity in the Basker, Manta and Gummy oil and gas fields, offshore Victoria in the South East of Australia (known as the BMG Project). This project presently involves oil production from four wells in the Basker field and one well in the Manta field, all of which are connected, via subsea connections, to the Crystal Ocean floating production storage and offloading facility (FPSO). Separation of gas associated with the oil production is undertaken on board the Crystal Ocean with excess gas reinjected into the Basker field and oil transferred to a leased shuttle tanker, the Basker Spirit.

Egypt Projects

In 2008, Beach acquired a 20 percent interest in each of the North Shadwan and South East July Concessions, in the Gulf of Suez. The Gulf is the most prolific petroleum producing province in Egypt, having yielded approximately 10 billion barrels of oil to date. In August 2010 Beach entered into conditional agreements to acquire a 22% interest in the Abu Sennan Concession and a 15% interest in the Mesaha Area Concession. Finalisation of the acquisitions is contingent upon receipt of approvals from the Egyptian regulatory authorities and the waiver of pre-emption rights for the Abu Sennan Concession by the Government Regulatory Authority for Western Desert concessions (EGPC).

South Antelope, Williston Basin, USA

During 2010, Beach, through its wholly owned subsidiary Beach (USA) Inc, reached an agreement with Sundance Energy Australia Limited, to acquire a:

1. 23% working interest (18.5% revenue interest) in lease area section 25, being part of Sundance’s South Antelope oil prospect in the Bakken Shale of North Dakota in the USA. The Henderson 4-25H oil appraisal well in lease area 25 was drilled during June 2010 and reached a final total depth of 4865 metres, measured depth (3320 metres true vertical depth). Well-site shows in the 1.4 km horizontal section through the reservoir target were encouraging. In July 2010, surface facilities were installed and a multistage fracture stimulation of the Three Forks Formation was successfully completed. The well commenced flow testing and was free flowing oil and fracture stimulation fluids, with the oil rate being approximately 1000 bopd. Mean reserves of 460,000 barrels of oil (85,000 barrels net to Beach) are being targeted.

2. An additional 18.4% working interest (14.7% net revenue interest) in a second horizontal Bakken shale oil well was acquired in August 2010. The Henderson 4-26/35H well is located in the section immediately west of the successful Henderson 4-25H well and is expected to address 600,000 barrels of recoverable oil (90,000 net to Beach). The well has a 2.7km long horizontal section and will be stimulated with a 24 stage fracture stimulation treatment.

Browse Basin, Australia - WA-281P (Beach 7.3%) and WA-411P (Beach 10%)

Beach currently holds two permits in the Browse Basin, located approximately 200km off the northern coastline of Western Australia. This remote area is an emerging major gas province with several large fields currently being assessed for LNG export development. In 2009, Beach and its co-venturers drilled a gas discovery at Burnside-1ST1 within WA-281P. A gross gas column is evident over a 65 metre thick sand and pressure data acquired in the reservoir section supports the potential for the gas column to stratigraphically trapped over a large area. Ongoing studies are directed toward assessing and appraising this gas discovery.

Carnarvon Basin, Australia - WA-208P (Beach 10%) and WA-264P (Beach 16.67%)

The Carnarvon Basin is one of Australia's most productive oil and gas provinces and is commonly referred to as the NorthWest Shelf. Several very large and highly productive gas fields have been discovered and produce gas for export via a large LNG facility at Dampier. A number of oil fields have also been developed, mostly via floating production facilities. The establishment of new LNG projects based upon several recent large gas finds will increase export activity in this area for many years. Beach holds two permits in the Carnarvon Basin. Permit WA-264P includes the small Corowa Oil Field for which a Retention Licence application has been submitted. Further north, permit WA-208P is also highly prospective, as shown by the oil and gas accumulation discovered in drilling the Hurricane field in 2005 and 2007. The Joint Venture is planning to drill an exploration well in 2011.

Otway Basin, Australia - PRL 13 (Beach 30%), PPL 6 (Beach 10%), PPL 9 (Beach 10%), PRL 1 ( Beach 10%), PEP 168 (Beach 50%) and PEP 150 (Beach 50%)

Beach has a long history of participation in exploration and production in the Otway Basin through various permits since the 1960's. Current Victorian PPLs 6 and 9 are production licences over depleted gas fields that were produced until 2005, and PRL 1 is a retention permit over the Buttress North carbon dioxide accumulation. PRL 13, in the South Australian portion of the Otway Basin, is a retention licence over the Killanoola Oil Field. Beach also has a 50% equity in the Victorian exploration permits PEP 168 and PEP 150. Equity in PEP 168 was recently transferred to Beach as part of the arrangement to re-structure Somerton Energy Limited (formerly Essential Petroleum Limited), with Beach assuming operatorship of the permit in July 2010. The permit is proven gas productive with the East Wing gas discovery (in 2008) the latest in a series of productive gas fields. The PEP 150 application is subject to agreement with the local Native Title Holders.

Bass Basin, Australia - T/38P FI (Beach 80%) and T/39P (Beach 50%)

Beach holds interests in two permits in the Bass Basin, drilling a well in each permit during 2008 to test the oil potential in the south-east of the Basin. Both wells were plugged and abandoned as dry holes and the relevant Joint Ventures are re-assessing prospectivity in respect of these results.

Papua-New Guinea - PRL 1 (Beach 6.5%)

PRL 1 is a retention licence covering the Pandora Gas Field, which lies about 160km offshore PNG in the Gulf of Papua and about 220 kilometres due west of Port Moresby. Pandora is a highly productive carbonate reef reservoir that was discovered in 1988, with a second well drilled in 1992. Recent improvements in the gas market has seen the Joint Venture re-assess the Pandora Field by acquiring a detailed 3D seismic survey in 2008 and undertaking a series of studies aimed at better defining technical and commercial aspects of its development potential. These studies are ongoing.

New Zealand - PEP38259 (Beach 20%) and PEP 38482 (Beach 20%)

Beach entered New Zealand in 2005 and currently has interests in two offshore exploration permits. PEP 38259 is located in the Canterbury Basin off the eastern coast of the South Island and includes the sub-commercial Galleon gas and condensate discovery (1985). Beach participated in the drilling of Cutter-1 in 2006 (P&A with shows) and acquired long-cable seismic over the large, prospective Barque structure in 2009. Work is currently aimed at assessing the prospectivity and (deep-water) logistics of drilling the Barque Prospect. Permit PEP 38482 is located in the Taranaki Basin, about 15km north of the Tui Oilfields Development. Beach farmed-in to drill the Kopuwai-1 exploration well in 2007, which intersected oil in poor reservoir and was P&A as unproductive. The Joint Venture is currently considering the prospectivity of the remainder of the permit.

Mine For

oil, gas

Location of operation(s)

Albania, Spain, Egypt, Papua New Guinea, New Zealand, Australia, Tanzania

Australian Basins

Cooper, Eromanga, Otway, Bass, Gippsland, Browse, Carnavron

Address

Level 1 , 25 Conyngham Street
GLENSIDE, SA, AUSTRALIA

Phone

08 8338 2833

Email

Website


Last Updated

19/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.