Seven Group buys Beach Energy stake
Kerry Stokes’ Seven Group Holdings has bought an almost 14 per cent stake in oil and gas business Beach Energy.
Seven Group chief executive Don Voelte on Tuesday confirmed the company had bought a 13.79 per cent stake in the South Australian-based business.
“We believe Beach Energy is well managed and has strong assets that are well-placed for increasing future energy demand,” he said in a statement.
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Last week, Beach Energy announced it would cut capital expenditure by 20 per cent in response to the recent slide in oil prices.
The SA-based company said would defer some projects, reducing capital expenses by up to $55 million, and that possible cuts from its Cooper Basin project partner Santos could lead to further revisions in its expenditure guidance.
But, it lifted its full production guidance slightly to between 8.9 and 9.4 million barrels of oil equivalent (mmboe), from between 8.6 and 9.4 mmboe previously.
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