Beach Energy Limited advised of the following guidance range in relation to the financial year 2015 (FY15) regarding the production of 8.6 to 9.4 MMboe and capital expenditure of $450 to $500 million.
The guidance has resulted from the annual strategy and budget review process, which takes into consideration factors such as business and strategic objectives, operating performance and the timing of new developments.
The guidance does not include the potential impact of weather and other delays, potential acquisitions, divestments, farm-ins, farm-outs or expenditure for the upgrade of the corporate office.
Production
The FY15 oil and gas production guidance range of 8.6 to 9.4 MMboe reflects the following:
Capital expenditure
The FY15 capital expenditure guidance range of $450-$500 million, which excludes the upgrade of the corporate office, is split between development and exploration as follows:
Development expenditure of $335 – $370 million:
Exploration expenditure of $115 – $130 million:
As a result of expected operating cash flow, and in conjunction with a cash balance at 30 June 2014 of $411 million and a secured $300 million debt facility, Beach anticipates it will be able to fund its FY15 capital expenditure activities in full.
Press Release, July 29, 2014; Image: Beach Energy