Outlined in the company’s quarterly report, managing director and chief executive officer Ian Davies said the company was on track to reach its targets of a five-fold growth in annual production to 60 petajoules (PJ) by the end of the 2025 financial year.
“Looking forward, we continue to aggressively pursue the development of our low-risk high-return organic growth opportunities as we progress towards our FY25 annual production target,” Davies said.
“This milestone follows another impressive quarter of production and sales revenue growth, the sale of our Cooper Basin business to Beach Energy for $87.5 million, and the signing of additional domestic gas customer contracts.”
The company’s Roma North expansion is on track to be online by the first quarter of the 2022 financial year, with further production expansions at Roma North and Atlas both within the front end engineering design (FEED) phase.
Key activities at Roma North are currently underway, including the execution of the gas processing facility expansion, well design and gathering campaign, progressing land access and other approvals, and procurement and fabrication of long lead items including compressors and well field equipment.
During the quarter, gas production in the Surat Basin hit 4.3 PJ for the quarter, which was 16 per cent higher compared to the quarter before.
Daily production at Atlas reached 30 TJ/d subsequent to quarter end and continues to track towards initial nameplate capacity of 32 TJ/d.
In addition, activities at Atlas are progressing, including work with Jemena on FEED and long lead item planning for the gas processing facility expansion, and final investment decision (FID) targeted for the second half of the 2021 financial year.
Further highlighted in the report, the wells and gathering program is currently in FEED, with long lead items in the process of being procured and execution is targeted for the fourth quarter of this year.