Production falls at Beach Energy

OIL and gas producer Beach Energy still expects to meet its full year production targets despite a fall in the second quarter of the financial year.

Adelaide-based Beach produced 1.84 million barrels of oil equivalent (mmboe) in the three months to December 31, down 12 per cent from the preceding three months.

The fall was mainly due to naturally declining production from assets Beach part owns with Santos.

Beach's sales were also down, falling 21 per cent from the three months to September to 2.02 mmboe, due in part to reduced demand for gas during the warmer months.

However the company's revenue in the December quarter of $173 million was up two per cent from the September quarter, on the back of higher energy prices.

Beach said it expected stronger production in the second half of the 2012/13 financial year, and maintained its full year production guidance of 8.5 to 9 mmboe.

Beach shares were up 2.75 cents, or 2.0 per cent, at $1.4075 at 1546 AEDT.

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