Beach looks like having 600 - 800 mil revenue this year with only 300 mil debt.
Santos is having an 80% success rate on new wells in Coopers and likely to improve reserves by 50%.
In spite of large capex Beach can cover interest many times over. They would prefer to pay out FIELDS since their cost of capital is a lot lower, but l reckon better to hold to maturity for the 11% interest.
at around $1.40 beach seems fair value to me, l am not sure about converting it into shares.
AEY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
