16% drop in Beach Energy's shares due to $300M cost increase and production delay at its Waitsia gas plant in WA.

Beach Energy's shares fell 16% following news of cost increases and a production delay at its Waitsia gas plant in Western Australia. The project, in which Beach Energy has a 50% stake, faces $300 million additional costs compared to a revised estimate a year ago and $500 million more than the original estimate from late 2020. Quality issues are causing a diversion of onsite labor to remedial tasks, slowing progress and increasing costs further.

April 08, 2024
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