Page 16 - AsianOil Week 20 2022

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are ideally suited for continuing the delivery Trefoil investment case against other growth decision (FID) is targeted in Q3 FY23 with
of our strategy. On behalf of the board, we opportunities within Beach’s portfolio. first gas before winter 2025 and is subject to
welcome Morné to the role”, Mr Davis said. Negotiations are in progress for securing a joint venture approval.
Mr Engelbrecht said “It is an honour rig for Yolla West. Drilling over the 2022-23 Cooper Energy has undertaken an
to be appointed chief executive officer of summer is targeted. If successful, Yolla West assessment of the potential of the Annie
Beach Energy. I am passionate about the has the potential to return the Lang Lang Gas and Henry gas fields and nearby exploration
company and the role we play in supplying Plant to capacity production rates of 67 TJ/day prospects.
much needed oil and gas to support society’s and would extend Yolla’s field life. OP3D will be based around the
ongoing energy needs. Beach has a proud Drilling is subject to regulatory and joint development of the Annie gas field,
history spanning more than 60 years and I am venture approvals and securing a rig. Cost together with low-risk short cycle time
excited be part of its future. I look forward estimates will be provided as part of Beach’s exploration drilling. This will optimise capital
to continuing engagement with our investors FY23 capital expenditure guidance in August management and maximise economic return.
and stakeholders as we deliver our growth 2022. The further development of Henry will be
strategy”, Mr Engelbrecht said. Commenting on the Bass Basin acreage, considered for inclusion in a future phase.
BEACH ENERGY, May 19, 2022 chief executive officer Morné Engelbrecht The Annie field alone is expected to
said: “The decision to prioritise Yolla West more than double current production rates
Beach Energy – Bass Basin and defer Trefoil is consistent with our focus through the Athena Gas Plant and provide
approximately five years of foundation life
on pursuing value maximising investments.
update “As elevated demand in the east coast gas extension to the existing production assets.
The Annie development is expected
market exacerbates spot gas prices, Yolla West
Beach Energy provides the following update presents as an opportunity to get new gas to include flexibility to allow tieback of
in relation to its Bass Basin acreage. supply to market in a timely manner. Market successful low risk, high deliverability
Reprocessing of existing 3D seismic over engagement for these potential new volumes prospects. Cooper Energy’s assessment of the
the Yolla field has revealed a previously will commence shortly”, Mr Engelbrecht said. Annie 2C contingent resource estimate has
unidentified fault block, Yolla West, which BEACH ENERGY, May 20, 2022 been upgraded to 63.5 PJ (100% basis).
is drillable from the existing Yolla platform. The Annie 2C contingent resource will be
If successful, Yolla West could be connected Cooper Energy – Offshore booked as 2P reserves when an FID is made.
to the Lang Lang gas plant soon after The impact on the company’s reserves and
drilling. Beach has decided to prioritise the Otway gas hub growth plan contingent resources from the delay in the
development of Yolla West, which presents further development of Henry beyond OP3D
as a lower-cost, nearer-term and higher- Cooper Energy announces the updated will be determined as part of the annual
returning investment opportunity. growth plan for its offshore Otway gas hub. review currently underway.
Consequently, a final investment decision Completion of the upgrade to the Athena Low-risk exploration prospects located
(FID) for Trefoil has been deferred beyond gas plant and the cutover from the Iona gas close to existing infrastructure provide
the previously advised timing of H1 FY23. plant to the Athena gas plant in December potential relatively fast, simple, low-cost
Due to the decision to defer FID for Trefoil, 2021 has secured Otway gas processing tie-in opportunities. In a success case, the
the related reserves will be reclassified to infrastructure with available capacity and exploration prospects have greater resource
contingent resources in Beach’s June 30, direct access to south-east Australia gas potential and are anticipated to be more
2022 reserves and resources statement (to be customers. capital efficient than a Henry development.
released in August 2022) and confirmed as Cooper Energy plans to develop and The identified low risk, seismic amplitude
part of the annual reserves audit. deliver new supply through the Athena supported exploration prospects have the
Deferral of FID for Trefoil will provide gas plant in a series of development steps. potential to add approximately 585 bcf (~325
more time to complete interpretation of This commences with the Otway Phase-3 bcf coe net) of gas to supply south-east
the Prion 3D seismic survey (expected Development (OP3D) project, expected to Australia customers over the next decade.
mid-FY23), refine the most cost-effective enter detailed front end engineering design COOPER ENERGY, May 18, 2022
development option and benchmark the (FEED) in Q1 FY23. Final investment

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