Beach Energy produces first gas from Thylacine West
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The news: Oil and gas explorer Beach Energy has announced first gas from its Thylacine West 1 and 2 development wells, following successful connection to the Otway Gas Plant in Victoria.
The numbers: Beach shares rose 0.8% to $1.32 at market open, following the announcement.
The Thylacine West development wells are located around 70km south of Port Campbell at a water depth of around 100 metres.
The context: First gas from Thylacine West marks completion of the largest ever offshore drilling and development program in the Otway Basin, Beach managing director and chief executive Brett Woods said.
What they said: "The Thylacine West development wells have provided a material increase in well deliverability for the Otway Gas Plant," Woods said.
"With the market regulator ... continuing to forecast gas supply shortfalls on the East Coast in the near-term, Thylacine West is a critical and timely source of new gas supply for our customer an domestic users," he said.
The source: ASX announcement
