Beach Energy Limited has today confirmed reserves in relation to the Enterprise gas field, located in exploration permit VIC/P42(V) (Beach: 60 per cent and operator, O.G. Energy: 40 per cent) in the nearshore Victorian Otway Basin.
The discovery has led to a 2P (proved and probable) reserves booking for the Enterprise gas field in which Beach has booked net 2P undeveloped reserves of 21 million barrels of oil equivalent (MMboe) (34 MMboe gross ), as at 15 February 2021.
The 2P reserves include 97 petajoules (PJ) of sales gas (161 PJ gross), 211 kilotonnes (kt) of liquified petroleum gas (352 kt gross) and 2 million barrels (MMbbls) (4 MMbbls gross ) of condensate, at an initial gas-condensate yield of approximately 25 barrels (bbls)/million standard cubic feet per day (mmscf).
The reserves estimate includes an allowance for expected reductions in condensate yield as the reservoir depletes. Detailed results of the well and test results have been previously announced by Beach .
Beach Energy’s Managing Director and CEO, Matt Kay, said the reserves booking for the Enterprise field are ahead of their pre-drill expectations.
“The material Enterprise discovery helps to ensure a continued pipeline of gas to the Otway Gas Plant – a key supplier to the East Coast gas market,” Mr Kay said.
“The liquids content in the field is more than double our pre-drill expectation, significantly increasing the value of the discovery.”
“Ultimately, Beach’s investment in the region with our joint venture participant is helping to meet the shortfall in supply that is forecast for the East Coast gas market in the near future, as well as providing an economic boost to the region and creating jobs through the supply chain,” he said.
Beach announced a five-year production target of more than 37 MMboe in FY25 at its FY20 Full Year results in August 2020.
This target assumed a single exploration success in the Otway exploration drilling campaign, which has now been realised from the first exploration well in the program.
Beach plans to commence Front End Engineering Design activities during the second half of FY21 and is targeting a Final Investment Decision during FY22, with a target of first gas in H1 FY23.
Beach also plans to investigate further exploration opportunities identified in the vicinity of the Enterprise gas field, with plans to utilise the existing Enterprise 1 drill pad, which it states have been de-risked by the Enterprise success.
 Volumes have been rounded to the nearest MMboe.
 Refer to Beach’s previous announcements relating to the Enterprise 1 well on 10 November 2020 (ref: #038/20) “Enterprise 1 Gas Discovery” and 27 January 2021 (ref: #002/21) “FY21 Second Quarter Activities Report”