From today's Energy News Premium:
"Beach still worth a punt: MPW
Thursday, 1 November 2012
BEACH Energy shares have recovered good ground from the lows of June/July but one analyst continues to see upside, especially if the flow rates from the Moonta-1 unconventional gas well impress.
Macquarie Private Wealth says its expects Beach to release flow rates at Moonta-1 by late November, which could be a catalyst for the company’s shares to achieve a target of $1.60, 16% up on yesterday’s close of $1.38.
Helping Beach achieve that target will be a busy work program over the next three months, the analyst said, with fracture stimulation underway and the completion of western flank pipeline infrastructure expected by year-end.
Beach announced earlier this week it would frac Moonta-1 in 10 stages, using upgraded equipment and machinery that would allow it to pump about double the rate of stimulation fluid it used at the previous wells.
MPW said the hydraulic pumping rate of about 80 barrels per minute was similar to that used at Santos’ Moomba-191 well and should also result in improved frac productivity.
It warned that the carbon dioxide content of the gas from Moonta-1 was a “key concern”.
Cooper Basin gas is usually high in CO2, sometimes as much as 35%, which can affect the commerciality of a well.
MPW said there were “no surprises” in Beach’s quarterly report, with production and sales volumes both in line with forecasts.
But it said Beach’s quarterly revenue of $170 million was 5% ahead of its forecasts and it expected the company to “comfortably deliver” within its 8.5–9.0 million barrel of oil equivalent full year production guidance.
MPW maintained its outperform rating and $1.60 per share 12-month target for Beach."
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