Fiscal 2017 Cost Improvement a Highlight for No-Moat Beach. No Change to AUD 0.70 FVE.
Our longer-term assumptions are unmoved for no-moat Beach following fiscal 2017 results. Underlying fiscal 2017 EPS increased nearly three-fold to AUD 0.086, though not sufficiently ahead of our AUD 0.072 forecast to justify a change to AUD 0.70 fair value. The improved result reflects 10% higher production of 10.6 million barrels of oil equivalent, expanded by a full year’s contribution from fiscal 2016’s Drillsearch merger, and 13% improvement in the Brent crude price to USD 50.25 per barrel. ...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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