Higher production guidance and assets sale close promising month

higherIT has been a lively few months for Beach Energy, with an increased production guidance and the sale of three Queensland permits.
The company raised its full year guidance to between 9.2 and 9.6 million barrels of oil equivalent: 4.4 per cent higher than the 8.7mmboe to 9.3mmboe predicted in August.
The company’s December quarterly report revealed that total quarterly production was 1 per cent higher than the September quarter while revenue was 6 per cent higher, due to its Western Flank assets in the Cooper and Eromanga basins.
“Our Western Flank assets continue to deliver, especially in terms of oil production, and we expect these production results to remain solid,” Beach Energy managing director Reg Nelson said.
Beach Energy operates 20 oil fields on the Western Flank, which is Australia’s largest onshore oil and gas development.
The company has also sold its ATP647P, ATP733P and ATP613P permits in Queensland to Blue Energy for $2.5 million.
The three Maryborough Basin permits cover a total area of 2940 square kilometres.
Before the sale, Blue Energy had a 75 per cent interest in the permits in a joint venture with Beach Energy.
Blue Energy will explore the permits, targeting gas potential.
“Given the location, any gas resource discovered in these permits will be ideally suited for both domestic (proximity to Brisbane) and export gas markets (150km south of Gladstone)”, the company stated.