Reserves and production

 

Reserves

For detailed information regarding reserves and production, refer to the FY18 Full Year Report.

Details and disclosures in relation to Beach’s reserves and resources as at 30 June 2018 are contained in ASX release #034/18 from 2 July 2018.

An extract of this announcement is provided below:

On 2 July 2018 Beach reported in relation to its reserves and contingent resources as at 30 June 2018.

 

Reserves (net) 1P 2P 3P
Oil (million barrels MMbbl) 25 42 73
Gas and gas liquids (million barrels of oil equivalent MMboe) 165 272 418
Total as at 30 June 2018 (MMboe) 190 313 491
Total as at 30 June 2017 38 75 138
Increase / (decrease) 405% 320% 255%

 

Notes on the reserves statement

Beach prepares its petroleum reserves and contingent resources estimates in accordance with the Petroleum Resources Management System (PRMS) published by the Society of Petroleum Engineers. The reserves and contingent resources presented in this report were originally disclosed to the market in ASX release #034/18 from 2 July 2018. Beach confirms that it is not aware of any new information or data that materially affects the information included in the aforesaid market announcement and that all the material assumptions and technical parameters underpinning the estimates in the aforesaid market announcement continue to apply and have not materially changed. Conversion factors used to evaluate oil equivalent quantities are sales gas and ethane: 5.816 TJ per kboe, LPG: 1.389 bbl per boe, condensate: 1.069 bbl per boe and oil: 1 bbl per boe. The reference point for reserves determination is the custody transfer point for the products. Reserves are stated net of fuel and third party royalties.

 

Production summary

 

  FY18
FY17
Production
(net to Beach)*
Oil (MMbbl) Gas Liquids (MMboe) Gas (PJ) Oil Equivalent (MMboe) Oil Equivalent (MMboe) Year-on year change (%)
Western Flank Oil 4.7 - - 4.7 4.8 (1%)
Western Flank Gas - 0.5 5.5 1.4 1 46%
Cooper Basin JV 0.8 0.8 24.7 5.9 4.4 33%
Other Cooper Basin 0.1 0 0.3 0.2 0.3 (35%)
SAWA 5.7 1.3 32.9 12.7 10.6 20%
Otway Basin - 0.5 19 3.7 - -
Bass Basin - 0.3 4.7 1.1 - -
Victoria - 0.7 23.7 4.8 - -
New Zealand - 0.5 5.8 1.5 - -
Total Production 5.7 2.5 62.5 19 10.6 80%

 

* Due to rounding, figures may not reconcile to totals