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22 October, 2025
Beach reports on first quarter
BEACH Energy has reported on its Financial Year 2026 (FY26) first quarter activities, including activity in the Otway Basin.
In the first quarter of the 2025-2026 financial year, Beach Energy has reported safe and reliable operations have supported an eight per cent production increase quarter-on-quarter to 5.0 MMboe.
The Otway Basin production was up 12 per cent, supported by high customer nominations.
Following a weather-related delay, the Equinox rig campaign in offshore Victoria commenced during the quarter.
Plug and abandonment of the Geographe One and Thylacine One wells in the Otway Basin was successfully completed
Strong rig performance saw the operational component of the abandonments completed to schedule and the activities were undertaken safely with no environmental incidents.
The Hercules One exploration well spudded in mid-September 2025 with rig release after quarter-end.
Hercules One presented as a moderate to high-risk gas exploration prospect targeting the Waarre reservoir.
The well reached total depth of 2350 metres however no significant hydrocarbons were encountered – the well was subsequently plugged and abandoned.
Beach Energy managing director and chief executive officer Brett Woods said the company has had a strong start to the financial year.
“Beach has reported a strong start to FY26 with increased production, two Waitsia LNG cargoes lifted during the quarter and the Waitsia Gas Plant nearing the important Ready For Start Up milestone,” he said.
“Higher demand for our gas over the winter period combined with initial reinstatement of some flood-affected wells in the Cooper Basin saw production increase eight per cent quarter-on-quarter to 5.0 MMboe.
“An additional LNG cargo this quarter helped revenue increase 18 per cent to $537 million, supporting our strong financial position.
“At quarter-end, Beach had over $500 million of available liquidity after returning a record $137 million to shareholders in dividends.”
Mr Woods reported on the progress of Beach Energy’s projects and said they were making good headway.
“We made solid progress with our major projects this quarter,” he said.
“In the Otway Basin, the Equinox rig campaign saw two offshore wells safely plugged and abandoned and the Hercules gas exploration well drilled.
“Hercules was a moderate to high-risk target and failed to intersect hydrocarbons.
“The second phase of Beach’s Equinox rig campaign is expected to commence in H2 FY26.”
Mr Woods said Beach Energy would continue to supply gas to the domestic market.
“As the Federal Government progresses its National Gas Market Review, Beach continues to supply 100 per cent of its east coast gas production to the domestic market, including selling directly to manufacturers.
“Having supplied 19 per cent of total east coast gas demand last financial year, Beach is playing a critical role within Australia’s energy landscape.”
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