Beach Targets Production Growth to 40 mmboe by Fiscal 2023. FVE Increased to AUD 1.80.
We increase our fair value by 13% to AUD 1.80 after Beach outlined plans to increase production by 80-100% to 34-40 million barrels of oil equivalent, or mmboe, by fiscal 2023, or by 20%-55% from forecast fiscal 2019 production of 26-28 mmboe, which includes a full year’s contribution from the AUD 1.6 billion Lattice Energy acquisition. Our midcycle fiscal 2023 production forecast had been for 30 mmboe, with Beach’s plans representing a 13%-33% increase on our prior target. However, we only incr...Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.
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