Beach Energy Ltd
Industry: Energy
BPT Dividend Details
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Positive March drilling results: Beach Energy Ltd (ASX: BPT) stock surged over 4.24% on April 07, 2016 driven by its positive march drilling results update. For its Western Flank Oil – Ex PEL 91, the group drilled to develop oil bearing reservoirs within the McKinlay Member and Namur Sandstone at Hanson-3, which intersected a 3.7 metre net oil column in the Namur Sandstone and a 2.8 metre gross oil bearing interval in the overlaying McKinlay Member. In the South Australian Gas Ex PEL 513, the group drilled Berylium-1 as a part of its drilling campaign aiming the liquids-rich gas play area of the southern Patchawarra Trough, having potential on the Jacenza 3D seismic survey. As per South Australian Gas – Ex PEL 101 highlights, the Jute-1 gas exploration well was cased and suspended for further testing. Further testing is planned for South Australian Gas – PEL 570 for H1 FY17.
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Recommendation: We maintain our “BUY” stance on the stock at the current price of $0.615
BPT’s March drilling results (Source: Company Reports)
Santos Ltd
Industry: Energy
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STO Dividend Details
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Drilling updates and offtake agreements: The shares of Santos Ltd (ASX: STO) rallied 3.5% on April 07, 2016 as its joint venture partner, Beach Energy reported a positive drilling update. Primarily, exploration work at the South Australian Gas Ex PEL 513 depicted drilling of Berylium-1 as a part of a drilling campaign for liquids-rich gas play area of the southern Patchawarra Trough with an indication of potential on the Jacenza 3D seismic survey. Even further testing for South Australian Gas – PEL 570 for H1 FY17 has been planned. Santos has 60% share in South Australian Gas – Ex PEL 513 and 35% stake at South Australian Gas – PEL 570. The group built long-term offtake agreements from major Asian customers for its Darwin LNG, PNG LNG and GLNG and is enhancing its business in South-East Asia via its major projects at Papua New Guinea, Vietnam and Indonesia.
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Recommendation: We remain bullish on the stock with a “BUY” recommendation, given its strong portfolio of high-quality liquefied natural gas (LNG) and oil assets, at the current price of $3.82
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Santos 2015 performance (Source: Company Reports)
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