Australian oil and gas firm Beach Energy is looking to hit the $1billion (£600million) revenue mark by the end of the current financial year following “impressive” results from its onshore operations in the country.
The Western Flank development, consisting of 20 oil fields at an output of more than 10,000 barrels of oil per day, underpinned a year of significant growth for the company, including record operated oil production from the basin in the last quarter, it said in a statement.
The firm recorded an increase in cash reserves of 6% to $428 million in the last quarter and an undrawn debt facility of $300million.
“It takes time to build the proprietary knowledge we have in-house to deliver the success we are generating today from our operated Western Flank oil business,” said Reg Nelson, Beach Energy’s managing director.
“It is this knowledge that we will apply to new exploration areas, such as the Tookoonooka permit on the Eastern Flank of the Cooper Basin.”