Beach Energy has announced FY22 full-year results and FY23 outlook. Despite lower production, increased demand and pricing for its products saw a rise in earnings and cash flows. Total revenue increased 13% to $1.8 billion and underlying earnings before interest, tax, depreciation and amortisation increased 17% to $1.1 billion.
ASX-listed Beach Energy has completed its offshore drilling campaign in Otway Basin off Australia, describing it as a critical investment in new gas supply for the east coast market, providing much-needed gas to homes and businesses.
Beach Energy has announced the successful completion of its offshore Otway Basin drilling campaign. The seven-well campaign was the largest in the basin’s history and delivered one new gas discovery at the Artisan field and six successful development wells in the Geographe and Thylacine fields. Results were at or above pre-drill expectations.
JDR, the global subsea umbilical supplier and servicer, has been awarded a contract with Beach Energy to supply subsea umbilicals that will form part of a subsea production system used to produce natural gas in the Otway Basin off the Victorian coastline.