(Reuters) - Oil & gas explorer Beach Energy Ltd on Thursday raised its production guidance for fiscal 2019, supported by better-than-expected output in the first-half of the year.
The company now expects to produce between 28 to 29 million barrels of oil equivalent (mmboe), up from previous guidance of 25 to 27 mmboe.
Beach narrowed its FY19 capital expenditure guidance to A$450 million to A$500 million ($326.21 million to $362.45 million) from A$440 million to A$520 million.
In October, the company had trimmed its earnings and production guidance to account for the sale of its 40 percent stake in Victorian Otway gas assets for A$344 million.
The initial date of completion for the sale was Dec. 31 but has been extended to March 31, the company said on Thursday.
This three-month delay also contributed to the upward guidance revision, Beach added.
Separately, Beach posted oil production of 7.4 mmboe for the quarter ended Dec. 31, down 4 percent from the prior quarter.
Sales revenue came in at A$441 million for the quarter, a decline of 14 percent from the September quarter, the company said in the statement.
(Reporting by Niyati Shetty in Bengaluru; Editing by Sandra Maler and James Dalgleish)
