Beach Energy Limited (AU:BPT) has released an update.
Beach Energy Limited has acknowledged an expected significant revision of its 2P oil and gas reserves, with a decrease by 50 MMboe to 205 MMboe as of June 30, 2024, primarily due to a smaller than anticipated gas reservoir at the Enterprise field and production aligned with market expectations. This follows a detailed analysis and external verification of well performance data, including rapid pressure decline observed in the first six weeks of production. The updated estimates were approved by the Board for market release after a rigorous audit process, underscoring the company’s commitment to transparency and accuracy in its reserves reporting.
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