Beach Energy Ltd.’s significant increase in the reserves

Reserves and contingent resources as at 30 June 2018: Beach Energy Ltd.’s (ASX: BPT) stock edged up on July 02, 2018 after the company reported significant increase in 1P and 2P reserves which reflects the transformation of BPT over the past year. Further, it also reflects the strong underlying performance of the assets and exploration/appraisal success of the company. There has been 405% increase in 1P reserves to 190 MMboe and 320% increase in 2P reserves to 313 MMboe. Lattice assets has reported a significant rise in 2P reserves and Western Flank oil 2P reserves has increased to 14 MMbbl (net of production), due to the successful application of horizontal drilling technology and continued strong production performance at the Bauer oil field. Beach ‘pre-Lattice acquisition’ assets 2P reserves have enhanced from 75 to 95 MMboe. Meanwhile, at 30th June 2018 approximately 48% of Beach 2P reserves are classified as undeveloped, so there is  lot of potential in their development. Moreover, 2P reserves life has increased from 7 years at the end of FY17 to 11 years at the end of FY18 and Organic 2P reserves replacement ratio is of 368%. BPT stock has risen 44.44% in three months as on June 29, 2018 and is trading at a low P/E of 8.85x.


Beach reserves as at 30th June 2018 (Source: Company Reports)


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