FY22 Third Quarter Activities Report

Source Press Release
Company Beach Energy LimitedBP Plc. 
Tags Guidance, Pipelines/ tankers/ distribution, Reserve Update, Production/Development, Exploration, Discovery, Upstream Activities, Strategy - Upstream, Capital Spending, Financial & Operating Data, Strategy - Corporate
Date April 26, 2022

Quarterly revenue up 15% to $458 million with production of 5.2 MMboe

  • Q3 production of 5.2 MMboe, 3% below the prior quarter due to rain delays to Cooper Basin workover activities and planned maintenance downtime in the Bass Basin
  • Q3 sales revenue of $458 million, up 15% mainly due to higher realised oil prices (up 51% to $176/bbl) and higher realised gas prices (up 10% to $8.4/GJ), offset by lower production and one less oil lifting
  • Western Flank oil decline of <35% in FY22 now expected (previously 35% to 45%) due to refined reservoir management strategies
  • >$600 million liquidity at quarter-end; fully funded Balance Sheet to deliver major growth projects

Otway Gas Plant capacity increased following connection of Geographe 4 and 5

  • Increased capacity to support higher winter customer demand, as required, with average supply of 152 TJ/day subsequent to quarter-end (Q3 FY22: 77 TJ/day)

Major growth projects tracking on schedule and on budget

  • Thylacine West 1 successfully drilled in the offshore Otway Basin with net pay above pre-drill estimates; remaining two wells of the four-well Thylacine campaign expected to be drilled in Q4 FY22
  • Waitsia Stage 2 Perth Basin development drilling campaign commenced; first of six wells drilling ahead
  • LNG Supply and Purchase Agreement with bp progressing with expectation of signing in Q4 FY22
  • Final Investment Decision taken for the connection of Enterprise to the Otway Gas Plant in H2 FY23
  • Successful three-well oil appraisal campaign in the Martlet Field expected to increase reserves; one commercial oil discovery from the Western Flank exploration campaign thus far

FY22 full-year capital expenditure guidance reduced with remaining guidance unchanged

  • Capex guidance of $900 – 1,000 million (previously $900 – 1,100 million) due to deferral of spend to FY23
  • Major capital programs remain on budget and on schedule

Beach to adopt an equity emissions framework for its decarbonisation targets

  • FY22 Sustainability Report to outline a new equity-based framework to account for Moomba CCS
Key Metrics  Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
Production (MMboe)  5.9  5.3  5.2  (3%)  16.2 
Sales Volumes (MMboe)  6.2  5.5  5.2  (5%)  16.5 
Sales Revenue ($ million)  393  398  458  15%  1,245 
Realised Oil Price ($/bbl)  90.7  117.1  176.5  51%  131.1 
Realised Sales Gas/Ethane Price ($/GJ)  7.4  7.6  8.4  10%  7.8 
For further information, please contact the following on +61 8 8338 2833 
Investor Relations  Derek Piper, General Manager Investor Relations 
Media  Chris Burford, Corporate Affairs Manager 

Comments from Acting Chief Executive Officer, Morné Engelbrecht

“The third quarter was highlighted by the achievement of major milestones as we continued to deliver

meaningful progress against our growth strategy.

“Quarterly production remained broadly stable despite weather challenges in the Cooper Basin and maintenance downtime in the Bass Basin. Pleasingly, Western Flank oil production is performing better than our beginning-of-year expectations, with a large inventory of workover activity and development well connections supporting the current production levels.

“In the Otway Basin, Beach is now well placed to service higher customer nominations as seasonal gas demand increases during winter months. Connection of the Geographe wells has enabled the Otway Gas Plant to deliver average daily gas supply of 152 TJ per day since quarter-end.

“Our major capital programs remain on schedule with the commencement of the Waitsia drilling campaign, completion of the second offshore Otway Thylacine well and a Final Investment Decision for the Enterprise Pipeline Project significant milestones. These are critical projects to support looming gas shortfalls in the east and west coast markets,” Mr Engelbrecht said.

Financial

Sales volumes

Total sales volumes of 5,227 kboe were 5% below the prior quarter, mainly due to lower oil production and one less oil lifting at Port Bonython (Q2 FY22 liftings: three). Gas sales volumes of 19.6 PJ were 2% below the prior quarter. LPG and condensate sales volumes were 4% and 13% higher than the prior quarter, mainly due to higher production from the Otway and Taranaki basins.

Sales Volumes    Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
  Own Product  1,629  1,085  857  (21%)  3,096 
Oil (kbbl)  Third Party  194  163  126  (23%)  440 
  Total Oil  1,823  1,248  982  (21%)  3,537 
Sales Gas and Ethane (PJ)  Own Product  20.0  19.6  19.3  (2%)  59.7 
Third Party  0.3  0.3  0.3  11%  1.1 
Total Gas  20.3  19.9  19.6  (2%)  60.8 
  Own Product  53  50  52  4%  143 
LPG (kt)  Third Party  (57%) 
  Total LPG  55  50  52  4%  143 
  Own Product  456  414  467  13%  1,356 
Condensate (kbbl)  Third Party  (83%) 
  Total Condensate  458  415  467  13%  1,357 
Total Sales Volumes (kboe)  6,207  5,481  5,227  (5%)  16,470 
Total Own Product (kboe)  5,948  5,267  5,046  (4%)  15,842 
Total Third Party (kboe)  259  215  181  (15%)  628 

Note: Figures and ratios throughout this report may not reconcile to totals due to rounding.

Sales revenue

Total sales revenue of $458 million was 15% higher than the prior quarter, with higher realised pricing partially offset by lower sales volumes. Geopolitical events, supply disruptions and energy security concerns resulted in higher and more volatile energy prices during the quarter. The average realised sales price across all products of $87.7 per boe was 21% higher than the prior quarter. The average realised oil price increased by 51% to

$176.5 per bbl and the average realised gas price increased by 10% to $8.4 per GJ.

Sales Revenue ($ million)  Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
Oil  165  146  173  19%  464 
Sales Gas and Ethane  151  152  164  8%  474 
LPG  40  53  56  5%  146 
Condensate  37  47  65  40%  161 
Sales Gas and Gas Liquids  228  252  285  13%  781 
Total Sales Revenue  393  398  458  15%  1,245 
Total Own Product  375  376  437  16%  1,182 
Total Third Party  18  22  22  (0%)  63 
Average Realised Prices  Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
All Products ($/boe)  63.3  72.6  87.7  21%  75.6 
Oil ($/bbl)  90.7  117.1  176.5  51%  131.1 
Sales Gas and Ethane ($/GJ)  7.4  7.6  8.4  10%  7.8 
LPG ($/tonne)  736  1,070  1,081  1%  1,018 
Condensate ($/bbl)  79.8  113.1  140.1  24%  118.5 

Capital expenditure

Capital expenditure of $205 million was 8% below the prior quarter. Exploration and Appraisal expenditure was 14% higher than the prior quarter due to commencement of Western Flank exploration drilling in the Cooper Basin and 3D seismic survey acquisition in the onshore Otway Basin. Development, Plant and Equipment expenditure was 10% below the prior quarter due to less development drilling.

FY22 full-year capital expenditure guidance has been reduced to $900 – 1,000 million (previously $900 – 1,100 million). The reduction is mainly due to revised timing of work programs with deferral of some spend to FY23. Major capital programs remain on budget and on schedule.

Capital Expenditure ($ million)  Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
Exploration and Appraisal  37  25  29  14%  80 
Development, Plant and Equipment  146  196  176  (10%)  541 
Total Capital Expenditure  184  221  205  (8%)  622 

Liquidity

As at 31 March 2022, Beach had total liquidity of $607 million, comprising cash reserves of $167 million and undrawn debt of $440 million. Net cash at the end of the quarter was $7 million (Q2 FY22: $73 million). Cash movements during the quarter were impacted by lower customer receipts due to one less oil lifting, payment of the interim dividend, higher cash capital expenditure and higher tax payments.

Liquidity ($ million)  Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change 
Cash Reserves  190  213  167  (21%) 
Drawn Debt  (210)  (140)  (160)  14% 
Net Cash / (Debt)  (20)  73  (90%) 
Undrawn Facilities  240  460  440  (4%) 

Capital structure

Beach’s capital structure as at 31 March 2022 is set out below.

Capital Structure  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change 
Fully Paid Ordinary Shares  2,281,333,656  2,281,333,656 
Unlisted Employee Rights  6,533,225  7,552,563  1,019,338 

Hedging

As at 31 March 2022, Beach had no hedging in place.

Production (net to Beach)    Mar. Q3 FY21  Dec. Q2 FY22  Mar. Q3 FY22  Qtr on Qtr Change  FY22 YTD 
  Sales Gas  PJ  19.4  19.7  19.4  (1%)  60.0 
Total  LPG  kt  55  50  51  3%  155 
Production  Condensate  kbbl  417  388  382  (2%)  1,195 
  Oil  kbbl  1,695  1,146  1,026  (10%)  3,433 
  Total  kboe  5,890  5,307  5,154  (3%)  16,171 
Cooper  Sales Gas  PJ  8.2  7.3  7.2  (2%)  22.5 
Basin Joint  LPG  kt  19  18  17  (8%)  53 
Venture  Condensate  kbbl  156  138  124  (10%)  398 
  Oil  kbbl  267  252  240  (5%)  728 
  Total  kboe  1,979  1,794  1,732  (3%)  5,416 
Cooper  Sales Gas  PJ  2.3  1.7  1.7  1%  5.5 
Basin Western Flank  LPG Condensate Oil  kt kbbl kbbl  12 73 1,425  8 69 889  19%  29 
65  (6%)  231 
782  (12%)  2,691 
  Total  kboe  1,997  1,304  1,209  (7%)  4,106 
Other  Sales Gas  PJ  0.1  0.2  0.1  (6%)  0.4 
Cooper  LPG  kt  (5%) 
Basin  Condensate  kbbl  (2%)  14 
  Oil  kbbl  (15%)  14 
  Total  kboe  19  39  36  (7%)  115 
South  Sales Gas  PJ  0.3  0.2  0.2  (3%)  0.5 
Australian  Condensate  kbbl  (22%) 
Otway Basin  Total  kboe  57  27  26  (3%)  87 
Perth Basin  Sales Gas  PJ  1.2  1.9  1.9  (1%)  5.4 
  Condensate  kbbl 
  Total  kboe  208  332  327  (1%)  935 
Victorian  Sales Gas  PJ  2.8  4.3  4.1  (3%)  12.8 
Otway Basin  LPG  kt  21%  23 
  Condensate  kbbl  39  54  68  27%  173 
  Total  kboe  562  841  842  0%  2,558 
Bass Basin  Sales Gas  PJ  1.9  1.0  1.1  19%  3.7 
  LPG  kt  24%  11 
  Condensate  kbbl  67  33  38  15%  130 
  Total  kboe  449  217  258  19%  853 
Taranaki  Sales Gas  PJ  2.6  3.2  3.1  (3%)  9.0 
Basin  LPG  kt  11  14  13  (6%)  38 
  Condensate  kbbl  79  89  81  (9%)  247 
  Total  kboe  618  754  724  (4%)  2,101 

Victorian Otway Basin

Production

Total gas and gas liquids production of 842 kboe was in line with the prior quarter.

Average gas production from the Otway Gas Plant in Q3 FY22 was 77 TJ/day (Q2 FY22: 77 TJ/day). During the quarter, the Geographe 4 and 5 wells were commissioned and commenced production. These wells have increased the Otway Gas Plant’s capacity. Subsequent to quarter-end, daily production   rates    have    averaged 152 TJ/day with peak daily supply of 162 TJ/day.

Actual production rates from the Otway Gas Plant are dependent on customer nominations and can vary on a daily and seasonal basis. Beach is now well placed to service seasonally higher winter demand as required.

Offshore drilling campaign

The second of four Thylacine development wells, Thylacine West 1, was successfully drilled and completed during the quarter. The well encountered 162 metres (measured depth) of net gas pay over four reservoir units, with a total gross gas column of 259 metres (measured depth). Gas pay results were above pre-drill estimates. The upper zone flowed at a facilities-constrained rate of 61 MMscfd from two units with a flowing tubing head pressure of 2,340 psia. The lower zone flowed at 50 MMscfd from one unit with a flowing tubing head pressure of 1,205 psia.

The third well of the campaign, Thylacine West 2, spudded during the quarter and was drilling ahead at quarter- end. The four-well drilling campaign is expected to be completed by the end of FY22, with completion of pipeline installations and connections to the Otway Gas Plant expected in H2 FY23. At that time, the Otway Gas Plant is expected to be capable of producing at full nameplate capacity of 205 TJ/day.

Enterprise Pipeline Project

A Final Investment Decision was taken by Beach for the Enterprise Pipeline Project. The project involves connecting the Enterprise 1 well to the Otway Gas Plant.

The Enterprise discovery was drilled from an onshore well pad in H1 FY21 and resulted in a 2P gas and associated liquids reserves booking of 34 MMboe gross (20 MMboe net to Beach), including 2P gas reserves of 161 PJ (gross). The discovery yielded liquids-rich gas and de-risked existing nearshore exploration prospects.

Connection of Enterprise 1 to the Otway Gas Plant is expected in H2 FY23 and will provide Beach with optionality to market these new volumes beyond existing customer arrangements. Timing of this new gas supply aligns with forecasts for increasing east coast shortfalls. Market engagement regarding Enterprise volumes has commenced.

Perth Basin

Production

Total gas production of 327 kboe was in line with the prior quarter. The Beharra Springs Gas Plant operated above

~20 TJ/day during the quarter following successful rectification of the CO2 removal membranes in Q2 FY22. Further optimisation activities are underway.

Waitsia Stage 2

The Waitsia Stage 2 work program was approximately 50% compete at quarter- end.

Engineering activities are progressing to schedule, including fabrication of the first batch of piping spools which were delivered to site. Gas plant construction is also progressing to schedule with bulk earthworks nearing completion and onsite civil works, steel erection and pipe rack installation well underway.

Beach and the Waitsia operator, Mitsui,

have approved a six-well development drilling campaign which commenced during the quarter. The first well of the campaign, Waitsia 5, spudded in late March and was drilling ahead at quarter-end. The drilling campaign is expected to be completed in H2 FY23.

Waitsia Stage 2 remains on budget and on schedule to deliver first LNG sales in H2 2023.

LNG Supply and Purchase Agreement

Beach and bp continue to progress the fully termed LNG Supply and Purchase Agreement for Beach’s 3.75 MT share of LNG from Waitsia Stage 2. The parties remain on schedule to finalise the agreement in Q4 FY22.

Exploration

A three to six well campaign is being planned which aims to increase gas resources in the joint venture’s extensive position in the Perth Basin’s Kingia gas play. Well planning and regulatory processes progressed during the quarter. The campaign is expected to commence in Q3 FY23 upon conclusion of the current Waitsia development drilling campaign.

The expected first well of the campaign, Trigg 1, is on-trend and up-dip from the West Erregulla gas field and the recent South Erregulla discovery and presents as a robust analogue to the recent Lockyer Deep gas discovery. Recent successes in the Perth Basin, together with production test results at Lockyer Deep, provide encouragement for the potential value of Beach and Mitsui’s extensive Perth Basin acreage position. Trigg 1 is expected to be drilled in Q3 FY23, subject to joint venture and Government approvals.

Cooper Basin Western Flank

Production

Total oil and gas production of 1.2 MMboe was 7% below the prior quarter. Production and activities were impacted from late January due to heavy rain across the basin. Drilling and workover rigs were demobilised and development activities ceased during February. Full operations have since recommenced with the workover rig’s schedule increased to recoup lost time.

Oil production of 782 kbbl was 12% below the prior quarter due to natural field decline and deferment of workover opportunities and well connections caused by rain delays. Production is expected to increase in Q4 FY22 as workover activities are accelerated and new development wells are progressively brought online.

Assuming workover activities and new well connections progress as expected,

Western flank oil production is expected

to decline by <35% in FY22 rather than the previously expected rate of 35% to 45%. The improved decline profile is due to refined reservoir management strategies, workover and optimisation activities and positive development well results. Actual decline rates will be subject to timing of workover activities and well connections towards the end of FY22.

Gas and gas liquids production of 427 kboe was 3% higher than the prior quarter. As previously reported, production in Q2 FY22 was impacted by planned and unplanned maintenance at the Middleton Gas Plant. Production in Q3 FY22 was impacted by natural field decline and unplanned maintenance in the Middleton field.

Drilling results

The Kalladeina horizontal oil development well in ex PEL 91 was successfully cased and suspended as a future producer. This was the final well of the five-well horizontal campaign, with all wells successfully cased and suspended for production. At quarter-end, two horizontal wells had been brought online with the remaining three wells to come online in Q4 FY22.

The rig then moved to ex PEL 104 to undertake a three-well oil appraisal campaign in the Martlet field. The campaign’s objectives were to improve the definition of field size, assess areas with potential to increase overall field volumes, and determine requirements for follow-up development drilling.

The Martlet 3, 4 and 5 appraisal wells were successfully cased and suspended as future producers after intersecting commercial Namur oil columns. The campaign’s pre-drill objectives were achieved and preliminary analysis of results indicates potential for an increase in field reserves, which will be further quantified with additional appraisal and development wells in FY23.

The rig then commenced the 11-well Namur/McKinlay oil exploration campaign. The campaign is focused on near-field prospects with the Namur as the primary reservoir objective.

Three exploration wells were drilled during the quarter. Stirling 1 and Ganarabba 1 (ex PEL 111) were plugged and abandoned with no interpreted oil pay. The third well of the campaign, Magic Beach 1 (ex PEL 91), intersected 2.7 metres of net oil pay in the Namur reservoir. While not sufficient for commerciality, in part due to distance from existing infrastructure, the results indicate potential for oil migration to the northeast of previously discovered fields. Further analysis, including reprocessing of seismic data, will be undertaken to assess if a structurally up-dip location exists for follow-up drilling. The fourth well of the campaign, Morialta 1, was plugged and abandoned subsequent to quarter-end.

The fifth well of the campaign, Bangalee 1, intersected approximately four metres of net oil pay in the target Namur reservoir, with minor pay in the Birkhead reservoir. The well will be cased and suspended as a future oil producer and is expected to be brought online in early FY23.

All prospects in the oil exploration campaign are independent of each other and results from any one well will not impact pre-drill estimates or risk of remaining wells.

Cooper Basin Joint Venture

Production

Total oil and gas production of 1.7 MMboe was 3% below the prior quarter. Gas and liquids production of 1.5 MMboe was 3% below the prior quarter and oil production of 240 kbbl was 5% below the prior quarter.

Production was impacted by natural field decline, rain delays to workover activities, less drilling activity in FY22 than originally anticipated and lower than expected production from recently drilled wells. Various activities and initiatives are underway to address recent production performance. These include commencement of a fifth drilling rig in Q4 FY22, identification of additional in-wellbore opportunities and maintenance optimisation activities to improve underperforming fields.

Drilling results

Beach participated in 14 wells, with two wells drilling ahead at quarter-end. An overall success rate of 92% was achieved (wells cased and suspended or completed as future producers). Drilling activity included successful gas appraisal drilling in the Meranji, Pelican and Kappa fields, gas development drilling in the Moomba and Tirrawarra fields and testing of deep coals in the Beanbush field (per the Santos farm-in commitment; Beach 100% free carried).

South Australian Otway Basin

Production

Total gas and gas liquids production of 26 kboe was 3% below the prior quarter due to natural field decline and scheduled plant maintenance. The Katnook Gas Plant is expected to be shut-in during H2 FY22 as volumes decline below the minimum required turndown rate. The plant will be kept available for production in the event of future development or exploration success.

Exploration activities

The Dombey 3D seismic programme was completed during the quarter. The survey covers 165 square kilometres in PEL 494 and captures the Dombey field and surrounding exploration prospects. This newly acquired seismic aims to assess opportunities to re-commence production at the Katnook Gas Plant. Seismic processing is underway and interpretation of data to inform next steps is expected to be completed in H2 FY23.

Bass Basin

Production

Total gas and gas liquids production of 258 kboe was 19% higher than the prior quarter, due in part to unplanned outages at the Yolla Platform during the prior quarter.

Gas production from the Lang Lang Gas Plant averaged 20 TJ/day gross (Q2 FY22: 12 TJ/day gross) until early March when Stage 2 of the Yolla wireline campaign commenced. The campaign was completed subsequent to quarter- end.

A statutory shutdown of the Lang Lang Gas Plant was also undertaken during the quarter and completed within the planned 23-day period, despite COVID- 19 workforce interruptions.

The Yolla platform and Lang Lang Gas Plant are now being returned to operation, with recommencement of production expected by the end of April.

Yolla in-field drilling

Following recent reprocessing of existing 3D seismic over the Yolla field, the Yolla West in-field drilling opportunity has been identified for the first time. The well could be drilled from the existing Yolla platform, thus allowing quick tie-back to the Lang Lang Gas Plant. Planning and approval activities are under way.

Prion 3D seismic survey

Processing and interpretation of the recently acquired Prion 3D seismic survey continued during the quarter. This new seismic survey covers the Trefoil, White Ibis and Bass discoveries and will help better inform development decisions.

Taranaki Basin

Production

Total gas and gas liquids production of 724 kboe was 4% below the prior quarter, with reliable inlet compressor performance supporting customer nominations over the summer period.

Following completion of the Kupe inlet compression project in Q1 FY22, production reached plant capacity of

77 TJ/day. Since commissioning, well deliverability has declined faster than expected and has impacted the ability to reach daily capacity rates. Despite this, gas supply has been higher than originally anticipated due to strong customer demand.

Opportunities to increase well productivity and production rates are being assessed and include in-wellbore intervention activities and development well drilling. Subsurface analysis, planning and regulatory activities continued during the quarter for the

potential drilling of a development well. Beach is targeting a Final Investment Decision in H1 FY23 with drilling and connection of the well in FY24.

New equity emissions framework for decarbonisation targets

Following the Final Investment Decision announced in November 2021 for the Moomba Carbon Capture and Storage project (Moomba CCS), Beach is anticipating a material reduction in non-operated emissions.

In order to recognise emissions reduction progress across both operated and non-operated assets, Beach will adopt an equity emissions framework for its decarbonisation targets together with the already stated aspiration to reach net zero by 2050. This will align with industry around the setting and reporting of targets, which are mostly done on an equity emissions basis.

On 17 August 2020, Beach announced a five-year target to reduce emissions from its operated assets by 25% relative to FY18 benchmarked levels. Since then, meaningful progress has been made through initiatives such as installation of mercury removal facilities at the Otway Gas Plant and expansion of leak detection and repair programs to all gas facilities. Despite this progress, a recent detailed assessment of Beach’s operated carbon emissions profile indicated that the stated 25 by 25 target will likely not be achieved from currently identified and sanctioned projects for operated assets alone. Equity emissions, however, are expected to materially reduce by FY25.

Beach’s FY22 Sustainability Report will outline the new framework and provide updated equity emissions reduction targets, taking into account the investment Beach is making in Moomba CCS. The FY22 Sustainability Report is expected to be released in August 2022.

Beach is committed to ongoing decarbonisation across its operations.

Drilling Summary

Basin  Category  Wells Spudded  Wells Completed  Successful Wells  Success Rate 
  Oil – Exploration  0% 
  Oil – Appraisal  100% 
Cooper  Oil – Development  100% 
Gas – Exploration 
  Gas – Appraisal  100% 
  Gas – Development  88% 
Otway  Gas – Development  100% 
Perth  Gas – Development 
Total Wells    21  20  16  80% 
All Exploration Wells  0% 
All Appraisal Wells  100% 
All Development Wells  12  10  90% 

Note: Drilling success is defined as wells cased and suspended or completed as a future producer or water injector.

Well  Basin / Area  Target  Type  BPT %  Well Status 
Kalladeina 16^  Cooper / SA  Oil  Dev  100%*  C&S 
Martlet 3  Cooper / SA  Oil  Apr  100%*  C&S 
Martlet 4  Cooper / SA  Oil  Apr  100%*  C&S 
Martlet 5  Cooper / SA  Oil  Apr  100%*  C&S 
Stirling 1  Cooper / SA  Oil  Exp  100%*  P&A 
Ganarabba 1  Cooper / SA  Oil  Exp  100%*  P&A 
Magic Beach 1  Cooper / SA  Oil  Exp  100%*  P&A 
Beanbush 3 ST3^  Cooper / SA  Gas  App  27.68%  C&S 
Beckler 8  Cooper / SA  Gas  Dev  33.40%  Drilling ahead 
Kudrieke 3  Cooper / SA  Gas  Dev  33.40%  C&S 
Meranji 24  Cooper / SA  Gas  Dev  33.40%  C&S 
Meranji 27  Cooper / SA  Gas  App  33.40%  C&S 
Moomba 226  Cooper / SA  Gas  Dev  33.40%  C&S 
Moomba 227  Cooper / SA  Gas  Dev  33.40%  C&S 
Pelican 14  Cooper / SA  Gas  App  33.40%  C&S 
Tirrawarra 96  Cooper / SA  Gas  Dev  33.40%  C&S 
Tirrawarra 97  Cooper / SA  Gas  Dev  33.40%  Drilling ahead 
Woolkina 3^  Cooper / SA  Gas  Dev  33.40%  C&S 
Bolah 8  Cooper / QLD  Gas  Dev  39.94%  C&S 
Coolah 18  Cooper / QLD  Gas  Dev  39.94%  P&A 
Kappa 2  Cooper / QLD  Gas  App  39.94%  C&S 
Waitsia 5  Perth / WA  Gas  Dev  50.00%  Drilling ahead 

Well  Basin / Area  Target  Type  BPT %  Well Status 
Thylacine West 1^  Otway / VIC  Gas  Dev  60.00%*  C&S 
Thylacine West 2  Otway / VIC  Gas  Dev  60.00%*  Drilling ahead 
Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd