On 26 February 2019, Beach Energy Limited (ASX: BPT), a company from the energy sector and engaged into oil and gas exploration, development and production, and investment in the resource industry, announced the appointment of new directors Ms Sally-Anne Layman (B Eng (Mining) Hon, B Com) as an independent non-executive director and Matt Kay (BEc, MBA, FCPA, GAICD) as director and Managing Director of the company.
Ms Sally-Anne Layman has joined Beach Energy Limited as an independent non-executive director with effect from 25 February 2019. With two and half decade mining professional experience, Sally-Anne has worked as a corporate financier/advisor and director. She also has significant international and cross-commodity experience which includes 14 years’ experience at Macquarie Group as the joint head of the Perth office for the Metals, Mining & Agriculture Business segment.
Matt Kay has been the Chief Executive Officer of Beach Energy for almost three years. Before that, he was the, Strategy and Commercial at Oil Search for two years. He has been Executive General Manager and a member of the executive team at Oil Search, leading the commercial, strategy, economics, supply chain, marketing, M&A as well as the legal functions. Before joining Beach Energy, Mr Kay was associated with Woodside Energy for 12 years. There he played various leadership roles which included Vice President of Corporate Development, the General Manager of Commercial for the Middle East and Africa as well as General Manager of Production Planning leading over 80 operations professionals.
On 18 February 2019, Santos and Beach Energy signed an agreement where Santos will be aligning the company’s interests, under the operatorship of Santos. Santos’ has 11.5% interest in the BayuUndan gas-condensate field and the Darwin LNG plant. It also has 25% interest in the Barossa field which is currently in front end engineering and design. With the completion of the transaction, both Santos and Beach Energy will become 50:50 joint venture partners across NT/P82, NT/P84, NT/P85 as well as WA-454-P under the operatorship of Santos.
The Managing Director and Chief Executive Officer of Santos, Mr Kevin Gallagher stated that with these permits, Santos would also be able to estimate new and existing seismic data for building inventory as well as define likely targets for drilling in the upcoming few years.
On 11 January 2019, the Santos Limited extended its gas processing agreement with Beach Energy and Senex Energy. This agreement allowed Santos to process gas as well as purchase gas-liquid at its Moomba gas facilities.
In the last six months, the stock has generated a return of 12.47%. The shares of BPT closed the day’s trading flat at A$ 2.030 on 26 February 2019. The company has a market capitalization of 4.62 billion with approximately 2.28 billion outstanding shares with a PE ratio of 11.98x.
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