Beach promises production growth on conventional and unconventional resources but with high risk.
We maintain our AUD 0.66 per share fair value estimate for no-moat Beach. Despite a stronger-than-expected first-half fiscal 2017 earnings improvement, our longer-term assumptions are unmoved. Underlying first-half 2017 NPAT increased to AUD 89 million, from a commodity price-dampened AUD 8 million low in first-half 2016. The result excludes a AUD 53 million profit on sale of Egyptian and high cost Queensland oil assets, partially offset by AUD 33 million in impairments. Our fiscal 2017 earnings...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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