Beach Looks at Selling Egyptian Assets on AustraliaSource: www.export-egypt.com 11/25/2014, Location: Africa |
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Beach Energy Ltd. (BPT) is considering selling its holdings in Egypt as the company focuses on Australia, where it’s exploring with Chevron Corp.
The decision on what to do with the assets, which include a gas project that’s forecast to begin output in the first quarter of 2015, will likely be made in the first half of next year, Managing Director Reg Nelson said today in an interview. “Good gas production and sales would make it a much more attractive proposition for interested buyers,” Nelson said in Sydney. “We’re doing a review of our portfolio to look to rebalance it, and that’s one of the things we’d look at.” Beach, which owns stakes in projects in Egypt, Tanzania, Romania and New Zealand, said in August it was reviewing all of its overseas assets. The company is developing gas fields in Australia’s Cooper Basin with Chevron, seeking to take advantage of rising prices on the east coast. The Adelaide-based company reached a deal last year, attracting an investment of as much as $349 million from Chevron to develop the shale gas project. Beach slumped 5.8 percent to close at A$1.05 in Sydney trading, the most in four weeks, while Australia’s benchmark S&P/ASX 200 Index dropped 0.5 percent. The company’s shares have declined about 27 percent this year. The Cooper Basin program is on track to meet its targets, with the company recording a flow rate of 0.87 million standard cubic feet per day, mainly from a single stage in the Daralingie Formation, Beach said today in a statement. |
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