Beach Energy's Enterprise project, Victoria's first new gas field in a decade, downgrades gas reserves by one-third, leading to 11% share sell-off.

Beach Energy's Enterprise project, Victoria's first new gas field in a decade, has downgraded its gas reserves by one-third, causing a sharp sell-off in shares by 11%. The project, off Port Campbell, began production in June, boosting gas output in the Otway Basin but revealing smaller resource pools than initially estimated. This comes amidst Beach Energy's report of a full-year loss, coinciding with higher costs in its non-operated Cooper Basin joint venture.

August 12, 2024
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