“At Waitsia, which Beach owns with operator Mitsui, Mr Koenders pointed to apparently sub-par results on drilling that presented risks around gas reserves at the site in the Perth Basin, while the collapse of contractor Clough added further challenges in construction.
He said there was a "confession" required from Beach on Waitsia, with the second quarter report on Tuesday providing the next opportunity.
But while that means he's cautious in the very short term on Beach, "after you get past that point …. we think there's a huge opportunity for them to materially grow production and free cash flow," he added.”
Cheers, xmagx
BPT Price at posting:
$1.51 Sentiment: None Disclosure: Held
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