Business
Out Flanked: Beach Energy’s value drops $900m – The Australian Financial Review
Overly optimistic projections of Western Flank reserves and several gas wells pumping out more water than expected are blamed for the downgrade.
The Western Flank oil and gas field has substantially out-performed over the last five years but chief executive Matt Kay said the resource is now in decline.
Lets not sugar coat it, we are now witnessing decline from these fields, he told AFR Weekend.
We always knew ths day would come, the challenge was predicting when.
Weve had great success beyond what we thought we would have in the past three years. What were now seeing is a downturn, beyond what was expected in the last few months.
The review…
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