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Beach Energy shares shot to a 31-year high after the oil and gas explorer unveiled an aggressive strategy to double production in five years.

The South Australian company says it expects to lift output to between 34 and 40 million barrels of oil a year by 2023, 19 million more than it produced in the year to June.

Chief executive Matt Kay says Beach Energy delivered record profits and production in 2017/18, boosted by the acquisition of Lattice Energy.

‘With the new portfolio combined with the Cooper Basin, we are targeting delivery of more than $2.3 billion free cash flow over five years,’ he said in an investor presentation on Thursday.

Beach Energy’s shares rose 18 cents, or 9.05 per cent, to $2.17 at 1423 AEST.

They were worth about 65 cents a year ago.