Strong 1Q from No-Moat Beach Has Net Debt on the Run. No Change to FVE.
We make no change to our AUD 1.80 per share fair value estimate. No-moat Beach reported strong first-quarter fiscal 2019 production, up 7% to 7.8 million barrels of oil equivalent, or mmboe, towards the upper end of our expectations. The company previously provided relatively tight fiscal 2019 production guidance of 25-27 mmboe and says actuals are trending towards the upper end. We consequently increase to 27 mmboe, and lift our fiscal 2019 EPS forecast by 5.5% to AUD 0.135. First-quarter reven...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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