No-Moat Beach Reiterates Sensible Medium-Term Roadmap; FVE Increased to AUD 0.70
We increase our fair value estimate to AUD 0.70 per share from AUD 0.66 due to the time value of money and progress on Beach’s sustainment strategies. The company has begun a multiyear capital program to extract maximum value from its core Cooper Basin acreage. It will connect 20 already-completed wells in fiscal 2018, as well as undertaking various optimisation and expansion works. These will offset natural decline and sustain fiscal 2018 production at 10.0 million-10.6 million barrels of oil e...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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