Beach Energy Limited, page-2

BPT's Western Flank Oil and Gas Production...

"Total production of 1.9 MMboe was 35% below the prior corresponding period (H1 FY22: 2.9 MMboe) and comprised 1.3 MMbbl of oil (-30%), 2.3 PJ of sales gas (-41%), 11 kt of LPG (-44%) and 83 kbbl of condensate (-50%)."

"The decrease in production was primarily attributable to flooding in the Cooper Creek, weather related downtime and supply chain and procurement challenges arising from changes to the drilling schedule due to the rain delays. Consequently, a number of well connections planned for the period were delayed to H2 FY23. A total of 10 wells were drilled and unconnected at the end of the period, including five horizontal development wells, four appraisal wells and one exploration well. Based on the current outlook for drilling and connection activity during H2 FY23, Beach is expecting full-year Western Flank oil production decline of ~10% from FY22 production of 3.4 MMbbl. The revised outlook reflects a deferral of production which is principally related to weather and operational delays, with reservoirs performing as expected." - Half Year Report 31-12-22

BPT needs higher oil production (work currently in progress) from its Western Flank as soon as possible. Also higher oil prices will help.