Beach Energy Limited (ASX:BPT) Announce Prospective 18% Reserves Increase For Cooper Basin Joint Venture
Santos Limited (ASX:STO) (PINK:SSLTY) ("Santos") has announced an increase of its Cooper Basin 2P reserves by 39 MMboe. Assuming this equates to approximately 60 MMboe to the SACB JV (Beach Energy Limited ("Beach") 20.21%, Origin Energy Limited (ASX:ORG) (PINK:OGFGF) 13.19% and Santos 66.6% and operator), the result would be a 12 MMboe net increase to Beach.
The increase is due to the conversion of the first tranche of infill drilling aimed at converting contingent resources to reserves, an improved base performance of existing producing fields and the identification of additional compression projects.
Beach is yet to independently assess this potential increase of reserves as advised by Santos and will do so as a matter of course at the end of the financial year.
The magnitude of this potential increase is significant. It represents approximately 18% of Beach's current booked 2P reserves of 66 MMboe at 30 June 2010 and equates to an approximate 170% 2P reserves replacement ratio for Beach's reserves position. Along with anticipated further SACB JV conversions of resources to reserves and the potential to supply gas to new large scale customers such as the Santos operated GLNG project, this increase underlines the significant potential of Beach's Cooper Basin asset portfolio.
About Beach Energy Limited
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.
Origin Energy Limited
Beach Energy Limited