luvbhatnagar
luvbhatnagar12
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- 19 April 2015
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Does anyone have any thoughts on BPT? They seem to be at an interesting place at the moment.
Highlights below are from a Commsec report on the back of the BPT 3Q15 production report
– Production of 2.1mmboe was down 11% qoq due mainly to natural decline across oil assets and planned downtime at Moomba. Revenue of $131m was down 33% qoq due to lower realised oil prices and lower sales volumes (down 23% qoq), with lower seasonal gas demand and lower production the key factors.
– FY15 production guidance narrowed to 8.9-9.2mmboe, from 8.9-9.4mmboe previously. FY15 capex guidance was unchanged at $430–470m. FY16 capex is expected to be materially below FY15 levels with lower SACB and SWQ JV development spend, and minimal expenditure on unconventional gas as the Stage 2 scope is determined for the Nappamerri Trough natural gas program.
Cooper oil – Bauer facilities expansion complete, production expected to remain steady
Bauer fluid handling capacity is now at 75kbbl/d, an increase of 25kbbl/d following the commissioning of four new separators. BPT is planning for further capacity upgrades (highlighting the possibility of up to 100kbbl/d by end CY15) to sustain production rates. Subsequent to quarter end, the Bauer-19 development well (the first well in the first pad drilling campaign) was brought onto production, contributing significantly to strong oil production from the former PEL 91 permit (the first two weeks of April saw gross production of 11,850bbl/d). This level of production is anticipated to be maintained through the remainder of CY15 as remaining wells from the two Bauer pad drilling campaigns are brought online, the Stunsail and Pennington facilities are commissioned, and other wells including Chiton-3, Hanson-2 and Balgowan-1 are brought online.
Highlights below are from a Commsec report on the back of the BPT 3Q15 production report
– Production of 2.1mmboe was down 11% qoq due mainly to natural decline across oil assets and planned downtime at Moomba. Revenue of $131m was down 33% qoq due to lower realised oil prices and lower sales volumes (down 23% qoq), with lower seasonal gas demand and lower production the key factors.
– FY15 production guidance narrowed to 8.9-9.2mmboe, from 8.9-9.4mmboe previously. FY15 capex guidance was unchanged at $430–470m. FY16 capex is expected to be materially below FY15 levels with lower SACB and SWQ JV development spend, and minimal expenditure on unconventional gas as the Stage 2 scope is determined for the Nappamerri Trough natural gas program.
Cooper oil – Bauer facilities expansion complete, production expected to remain steady
Bauer fluid handling capacity is now at 75kbbl/d, an increase of 25kbbl/d following the commissioning of four new separators. BPT is planning for further capacity upgrades (highlighting the possibility of up to 100kbbl/d by end CY15) to sustain production rates. Subsequent to quarter end, the Bauer-19 development well (the first well in the first pad drilling campaign) was brought onto production, contributing significantly to strong oil production from the former PEL 91 permit (the first two weeks of April saw gross production of 11,850bbl/d). This level of production is anticipated to be maintained through the remainder of CY15 as remaining wells from the two Bauer pad drilling campaigns are brought online, the Stunsail and Pennington facilities are commissioned, and other wells including Chiton-3, Hanson-2 and Balgowan-1 are brought online.