Beach Energy Limited provided the following guidance range in relation to the financial year 2014 (FY14) beginning July 1:
The above guidance has resulted from the annual strategy and budget review process, which takes into consideration business objectives, operating performance, key strategies and more macro factors such as industry conditions.
FY14 oil and gas production is expected to increase, primarily as a result of:
The guidance range for FY14 capital expenditure allows for discretionary expenditure as deemed appropriate and the potential impact of weather and other delays. The range does not account for potential acquisitions, divestments or farm downs. The breakdown of the $385-$440 million (AUD 420-AUD 480 million) between development and exploration is expected to be as follows:
As a result of an expected improvement in operating cash flow, and in conjunction with a cash balance June 30 of $319 million (AUD 348 million) and a secured $138 million (AUD 150 million) multi-option facility, Beach anticipates it will be able to fund its FY14 capital expenditure activities in full.
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