Total
0
Shares
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

" 88 Energy (ASX:88E) executes rig contract for Merlin-2 well, Alaska

88 Energy (88E) has executed a rig contract with Doyon Drilling to drill the Merlin-2 appraisal well at Project Peregrine in the NPR-A

" Sprintex (ASX:SIX) to develop industrial air supply systems in China

Sprintex (SIX) has entered a three-year agreement with Nanjing RGE Membrane Tech (RGE) to develop and supply air supply systems used in China’s

" Melbana Energy (ASX:MAY) faces drilling delays at Alameda-1

Melbana Energy (MAY) has flagged delays to drilling operations at the Alameda-1 exploration well in onshore Cuba.
Renergen (ASX:RLT) - Managing Director and CEO, Stefano Marani

" Renergen (ASX:RLT) improves revenue performance over half-year

Renergen (RLT) has improved its half-year revenue performance, bringing in R$1.2 million (A$108,000) in sales during the six-month period.