Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Beach Energy has made a new gas discovery at its jointly held well in the Perth Basin
  • The company holds the well in a 50:50 split partnership with resource exporter Mitsui & Co
  • Beach’s Managing Director Matt Kay said its work in the Perth Basin is a key growth asset to its portfolio, as it continues drilling and exploring
  • Beach Energy’s share price is up 2.5 per cent today, currently sitting at $2.41 per share

Beach Energy has made a new gas discovery at its jointly held well in the Perth Basin.

The company holds a 50 per cent interest in the Beharra Springs well, with resource exporter Mitsui & Co holding the other half.

“Perth Basin is a key growth asset in the Beach portfolio,” Managing Director Matt Kay said.

“The result at Beharra Springs Deep is further validation of the Basin’s conventional gas potential,” Matt added.

Testing at the well continues and is expected to be completed in the coming weeks. From here, the company will commence production testing.

According to Beach, the well is 450 metres from the Beharra Springs gas processing facility. A portion of the gas extracted is set to be commercialised.

Beach Energy operates the Waitsia project which it holds a 50 per cent interest in. When the company purchased its interest, it gained a holding in the Xyris production facility where gas from two wells is processed.

Going forward, the company aims to further develop the Waitsia project in a bid to find more prospective targets which will guide future drilling campaigns.

“Our near term plans include the expansion of Waitsia Stage 1, reaching final investment decisions of Waitsia Stage 2 and acquisition of the Trieste 3D seismic survey over the coming months,” Matt said.

Beach Energy’s share price is up 2.5 per cent today, currently trading for $2.41 per share.

BPT by the numbers
More From The Market Herald
The Market Herald Video

" Buru Energy (ASX:BRU) systematic appraisal of JV Rafael discovery delayed

Buru Energy's (ASX:BRU) joint venture partner Origin Energy (ASX:ORG) delays systematic appraisal of the Rafael gas…

" Comet Ridge (ASX:COI) finalises acquisition settlement of Mahalo

Comet Ridge (ASX:COI) has completed the acquisition of Australia Pacific LNG's (APLNG) 30 per cent interest…
The Market Herald Video

" Grand Gulf Energy (ASX:GGE) confirms helium at Jesse#1A, Utah

Grand Gulf Energy (ASX:GGE) confirms helium at Jesse#1A within the Red Helium Project in the Paradox…
The Market Herald Video

" Melbana Energy (ASX:MAY) reaches 1.6km depth at Zapato-1, Cuba

Melbana Energy (ASX:MAY) has reached a depth of 1.66 kilometres at the Zapato-1 exploration well within…