dated 13 January, so we will have 2.5 months of production from...

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rollacoaster

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18/01/22

11:05

Post #: 58940384
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Originally posted by g12m0 ↑

Media Announcement
First gas from Geographe wells

Beach Energy is pleased to announce the first two wells of its offshore Otway Basin campaign - Geographe 4 and 5 - have been connected to the Otway Gas Plant and are now delivering gas into the East Coast market following the completion of the commissioning phase.
The new wells effectively double the Otway Gas Plant production capacity which now has the well capacity to deliver ~180 TJ/d. Actual production rates will depend on customer nominations which vary on a seasonal and daily basis.
Connecting the remainder of the wells from the offshore campaign and connecting the nearshore Enterprise discovery is required to attain plant nameplate production capacity of 205 TJ/d.
Beach Energy Acting CEO, Morné Engelbrecht said the connection of the Geographe wells is an important step towards delivering on Beach’s growth targets at a time when the East Coast Gas market is potentially facing shortfalls as early as 2023.
“Achieving first gas from these Geographe wells is an important milestone for Beach as it represents the first gas from our first ever offshore drilling campaign,” Mr Engelbrecht said.
“This represents one of the first key building blocks towards our production growth target of 28MMboe in FY24.
“We know that the East Coast market needs this supply of natural gas and this is why Beach is continuing its development campaign in the Otway Basin and we are focussed on delivering that program.”
Drilling and testing of Thylacine North 1 well, the third well in the 6-well development campaign, was also recently completed with the rig preparing to move to the Thylacine West 1 well location which will be followed by two more Thylacine development wells.

https://www.beachenergy.com.au/wp-content/uploads/Media-Release-First-gas-from-Geographe-wells.pdf

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dated 13 January, so we will have 2.5 months of production from these two wells in the March quarter.
Excellent.
i assume this gas is sold at spot - any idea what spot east coast gas is selling at currently - a quick payback on these wells wpuld be nice given they are offshore and costly (but generally long life)

Cooper Oil production for the December qtr will be interesting as I am not sure if they will have completed and connected many of the wells they were drilling in the Western Flank that started drilling mid October going by the language in the last quarterly.
Benefit should definitely be seen in the March quarter which is great given oil is $86!

Last edited by rollacoaster: 18/01/22

BPT Price at posting: $1.47 Sentiment: Buy Disclosure: Held
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0 Great analysis

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