To give you an idea of the quality and value of Beach's Pel 218 acreage, go back last year and see how much Petro Hawk went for in America. BHP picked them up for $15.1B cash and debt and they only had 3.4tcf of proved reserve and 32 tcf non proved.
Beach could be sitting on up to 20times that amount!!!
So the next 6 months will be absolutely pivotal in the history of Beach. They will be drilling at least 4 vertical wells in Pel 218 by end of June this year and will be starting on a horizontal well around that time also. The horizontal wells will be of the most significance. If they can prove up economic flow rates then we have a very very exciting road ahead!
DYOR
BPT Price at posting:
$1.60 Sentiment: LT Buy Disclosure: Held
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