Melinvest,
My copy of the PEPS database indicates water problems at Sellicks, Christies and Acracia.
I'd say all three wells are due for reserves downgrades ... the step-outs at Sellicks and Christies will clarify the picture.
Add to that the always-disappointing Aldinga, the disappointing Harpoono, and the fact BPT have only 6% of Reg Sprigg West, and their production in the Cooper has issues.
Queensland might be able to carry Beach, but I havent seen anything about the step-outs changing P50 reserves there (classically a step-out/appraisal well will move reserves from P50 to P90, but it wont increase the P50 reserves).
Basically, I'd like to see a well-by-well breakdown of Beach's Queensland wells, together with the oil and water production of each now and 12 months ago before I'd have confidence in Beach's reserves (note that with the PEPS database, I have that for the SA wells).
Ian Whitchurch
beach quarterly, page-11
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