The Lattice Energy assets purchased by Beach Energy Ltd (ASX: BPT) from Origin Energy at the beginning of 2018 continued to provide a strong result in the June quarter.
Beach said it had a 10% increase in production on the March quarter to a total 7.23 MM boe, with liquids production providing 60% of revenue.
Purchase of the Lattice Energy assets took in operatorship of the Kupe oil and gas field in New Zealand’s offshore Taranaki.
Despite the stronger group performance, the Kupe operation produced less gas and ethane, LPG and condensate in the June quarter, with Beach saying gross Kupe production was impacted by lower customer nominations relative to a strong March quarter and “unplanned outages.”
Group sales revenue for the quarter was $A471 million which was 20% higher than the March quarter – helped by higher oil, LPG and condensate prices, and higher sales volumes.
Total average realised pricing was up 7%.
Commenting, chief executive Matt Kay said the quarter was one of heightened activity and success across the board and rounded out “what has been a transformational year for Beach.”
He said net gearing was under 26% at June 30, down from about 33% at the financial close of the Lattice acquisition on January 31.
“Liquidity at the end of FY18 was $A761 M, providing Beach with plenty of headroom to fund our growth ambitions.”