You may be right. Management is looking to draw a line in the sand with respect to bad news. This extract from the news wires makes that exact point (below).
DJ Beach Falls 18% on Waitsia Setback, But First Gas May Come Early -- Market Talk
0109 GMT - Beach Energy shares are 18% lower at A$1.55 after the company said the Waitsia Stage 2 natural-gas project in Western Australia would cost more to complete and first production would be delayed. RBC Capital Markets suggests the company may be putting out a worst-case scenario after repeated setbacks. In a note, analyst Gordon Ramsay highlights that Beach's contractor is claiming that it is currently eight weeks behind schedule. "This compares to Beach's new guidance of a six-month delay," RBC says. "We see this highlighting potential to deliver first gas ahead of the new project schedule." Beach said today that first gas from Waitsia Stage 2 is now likely in early 2025, later than the mid-2024 schedule outlined before. ([email protected]; @dwinningWSJ)
(END) Dow Jones Newswires
April 07, 2024 21:09 ET (01:09 GMT)
Ann: Waitsia Stage 2 update, page-28
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