Key points
- 22% increase in Bass Basin production from successful wellbore interventions
- Moomba CCS project commissioned, exceeding expectations
- Waitsia Stage 2 transitions to commissioning phase, targeting first sales gas in Q4 FY25
Full summary
Beach Energy Limited reported a strong second quarter of FY25, with production of 5.0 MMboe, a 22% increase in Bass Basin production from successful wellbore interventions, and the completion of the offshore Otway Basin development program with the Thylacine West 1 and 2 wells brought online. The Moomba CCS project was commissioned, with capacity injection rates exceeded expectations, and the Waitsia Stage 2 project transitioned from the construction phase to the commissioning phase, targeting first sales gas in Q4 FY25. Sales revenue increased 32% quarter-on-quarter to $563 million, driven by higher LNG sales, and the company's liquidity position strengthened with net debt reduced from $555 million to $389 million and net gearing reduced from 14% to 10%. The company participated in 26 wells across the Cooper Basin, Perth Basin, and Otway Basin, with an overall success rate of 77%.
Guidance
Beach Energy is targeting first sales gas from the Waitsia Gas Plant in Q4 FY25.