Annual Report
2016Positioned
for Growth
Our vision, purpose and values are clear and concise statements that define Beach as an organisation. These statements have been developed to be enduring, and to navigate us through the longer term.Beach Energy
We are a proud Australian oil and gas company with a strong pioneering history
We have grown to become Australia's largest onshore oil producer with a major gas business
Our portfolio of strategically located oil and gas assets positions us for further growth
Our vision
We aim to be Australia's premier multi-basin upstream oil and gas company
Our purpose
To deliver sustainable growth in shareholder value
Our values
Our values define us, guide our actions, our decisions and our words
Safety Safety takes precedence in everything we do
Creativity We continuously explore innovative ways to create value Respect We respect each other, our communities and the environment Integrity We are honest with ourselves and others
Performance We strive for excellence and deliver on our promises
Teamwork We help and challenge each other to achieve our goals
Our committed people and our values-based culture are our foundation for success
Contents OverviewAbout Beach Energy 2
Our strategy 3
Performance overview 4
Drillsearch merger and organisational review 5
Chairman's letter 6
Chief Executive Officer's report 8
Board 10
Executive 12
Review of operations 14
Sustainability
Message from the CEO 19
About this report 20
Governance at Beach 40
Financial Report
Directors' report 42
Auditor's independence declaration 62
Remuneration report 63
Directors' declaration 83
Financial statements 84
Notes to the financial statements 88
Independent auditor's report 124
Shareholder Information
Glossary of terms 126
Schedule of tenements 127
Shareholder information 130
Competent persons statementThe reserves and resources information in this presentation is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, Mr Tony Lake (Manager Cooper Gas). Mr Lake is an employee
of Beach Energy Limited and has a BE (Mech) degree from the University of Adelaide and is a member of the Society of Petroleum Engineers (SPE). The reserves and resources information in this report has been issued with the prior
written consent of Mr Lake in the form and context in which
it appears.
Annual General MeetingVenue: Adelaide Convention Centre
Address: North Terrace, Adelaide, SA 5000
Date: 10.30am, Thursday, 10 November 2016
BEACH ENERGY LIMITED Annual Report 2016 1
About Beach Energy
"Beach Energy is committed to creating shareholder value in a sustainable manner. We have a clear focus on our geographic areas of expertise
- Australia and nearby locations with similar risk profiles."
Matt Kay
Chief Executive Officer
Record production of
9.7 MMboeBeach Energy is an ASX-listed oil and gas exploration and production company, with core operations in South Australia's Cooper and Eromanga basins, Australia's most prolific onshore oil and gas province. We are a values-based organisation, where safety takes precedence in everything we do. Beach is committed to sustainability and improvement of social, environmental and economic outcomes for the benefit of all stakeholders.
Beach has established a world-class operated oil business on the Western Flank of the Cooper Basin, and has grown to become Australia's largest onshore oil producer. We have an active operated drilling program, with a strong focus on Western Flank exploration, and we continue to develop our acreage across the Cooper Basin.
Beach also has a major gas business with strategic infrastructure, which is well positioned to service demand in the Australian east coast gas market. In addition to the Cooper Basin, Beach has permits in other basins around Australia and New
Zealand. International operations further abroad have been curtailed so as to re-focus efforts closer to home.
Beach is actively pursuing growth opportunities within Australia and nearby which align with our strategy and satisfy strict capital allocation criteria. These efforts are being undertaken in a disciplined manner.
53% 47%Browse and Carnarvon Basins
Bonaparte Basin
Oil Gas
NT
QLD
WA
SA
NSW
Cooper / Eromanga Basins
Taranaki Basin
Cooper and Eromanga basin permit interestsOtway Basin
Existing acreage
VIC
TAS
New Zealand
Canterbury Basin
EROMANGA BASIN
COOPER BASIN
Western Flank Gas and Gas Liquids
Ex PEL106 (100%*)
Middleton Facility Ex PEL 513 (40%)
Ex PEL 101 (80%*)
Western Flank Oil
Ex PEL 91 (100%*)
Bauer Field
Ex PEL 92 (75%*)
Ex PEL 104/111 (40%) PEL 182 (43%)
Lycium Hub
CE16-0149a
Callawonga Lycium
South Australia
Moomba
Ballera
Unconventional acreage1
Jackson
Queensland
Delhi - SACB and SWQ JVs
Oil and gas exploration and production Conventional and Unconventional Strategic infrastructure
- Moomba Facility
Greater Kenmore-Bodalla area oil assets 2
0 40 80 km
Facility / operations Oil pipeline
Gas pipeline
Beach operated permit Beach non-operated permit SACB and SWQ JVs
* Denotes operatorship
1Care and maintenance while
unconventional strategy under review
2 Certain assets subject to sale agreement with Bridgeport; refer announcement of 3 August 2016
2 BEACH ENERGY LIMITED Annual Report 2016
Beach Energy Limited published this content on 07 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 October 2016 01:37:06 UTC.
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