September proved to be a strong quarter for Beach Energy Ltd (ASX: BPT) with a 6% lift in the oil price which saw revenue for the three months of $A514 million.
Of that amount $A152 M was free cash flow.
Group production from Australian and New Zealand operations increased by 7% to 8.3 MMboe, largely through higher production volumes.
The quarter report said the company had reached the 20% net gearing target at the end of September and was on track to be debt-free within 12 months. Beach had gone into significant debt to acquire the Lattice Energy assets from Origin Energy, which included operatorship and 50% of the Kupe offshore petroleum field in New Zealand.
Kupe production for the three months for Beach saw gas and ethane sales of 3.4 PJ (2.6 PJ in June quarter), 15 kt of LPG (13 kt) and 141 kbbl of condensate (130 kbbl).
Gross average daily gas production for the quarter was up 12% quarter-over-quarter to about 105 The/day, which was positively impacted by high facility reliability liquids optimisation and continued high customer nominations.