Beach’s record production was up 37% on the previous quarter. This eclipsed the company’s previous record in the June 2005 quarter of 301,000 barrels, it said.
“The record quarterly production resulted from continuing strong performance from the company’s oil fields in the Cooper/Eromanga Basin, complemented by the commencement of oil production from Basker-2 well in the Gippsland Basin,” the company said.
However, despite the increased production, sales for the quarter were down 11%. This was due to relatively low production in the previous quarter and a gap between production and sales, especially in the Cooper/Eromanga basin, the company said.
“None of the Basker-2 production was sold during the quarter, with the first sales being achieved in January 2006,” Beach said.
Beach’s revenue from oil and gas sales was A$20.8 million in the December quarter, compared with $14.7 million in the previous corresponding period.
Looking ahead, the company is planning a “very active” drilling campaign in the first half of 2006, with 18 wells scheduled across three Australian basins.
With the Manta-2A oil development well yesterday at a depth of 1665 metres, the Basker-Manta joint venture, which also includes operator Anzon Australia, plans to drill a further three wells in the Basker field. These oil development wells – Basker-3, 4 and 5 – are planned in a consecutive monthly progression, starting next month and ending in April.
At Manta-2A, drilling will continue to a production casing depth of about 2700 metres, Beach said in a separate ASX report.
The well was respudded last Monday, after the surface casing failed in the original Manta-2 development well.
Beach also has five oil appraisal and development wells planned for its 100% held Kenmore field in Queensland Eromanga permit PL 32 between April and June this year.
In the South Australian Cooper Basin, the company plans to participate in drilling two oil appraisal and development wells in the Christies Field in PPL 205 and two wells in the Sellicks Field in PPL 204.
Beach also has one exploration well, Glenaire-1, planned for drilling in Otway Basin permit PEP 160 in May.
A further four exploration wells are also planned for drilling in the Cooper/Eromanga basin.
The company said the drilling program for the second half of 2006 is currently being finalised and will most likely comprise a further 10-15 wells, mostly in the Cooper/Eromanga basin.
