Shares in Beach Energy Limited (ASX:BPT) dropped to one of yesterday’s worst performers following a report that claimed the company is unlikely to secure a partner to develop its shale gas assets until it could show more gas.
Chairman Bob Kennedy reportedly told Dow Jones Newswires yesterday that the company had closed a data room for parties eyeing its shale gas assets in central Australia.
Responding to the report after the market closed yesterday, Beach says it continues to receive unsolicited approaches in relation to its unconventional assets in the Cooper Basin.
The company has also advised it has recently entered into confidential discussions with certain parties and that these discussions are ongoing.
Shares in Beach Energy dropped 10.2 per cent yesterday, closing at $1.14.
Beach Energy boosted its net profit by 164 per cent to $56 million in the first half of its 2012 financial year.
