March quarter production was largely in line with Macquarie’s expectations. Guidance has been maintained yet the broker highlights FY23 guidance is yet to be issued, and currently models 1% growth. The first of six development wells at Waitsia has now commenced.
Quarterly oil revenue at the Western Flank was higher than the prior corresponding quarter, largely because of higher oil prices as production rates were approximately half.
Underperform maintained, with the broker awaiting the CEO appointment as it is now six months since the prior CEO’s departure. Target is raised to $1.58 from $1.55.
Sector: Energy.
Target price is $1.58.Current Price is $1.59. Difference: ($0.01) – (brackets indicate current price is over target). If BPT meets the Macquarie target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
