Financial PerformanceBPT's recent non-cash A$505m impairment charge reflects higher expected operating and capital expenses, leading to a reduction in net asset value (NAV).
Production And GuidanceBPT reported production, sales volume and revenue below estimates due to lower Kupe gas production and wet weather impacts, with narrowed FY24 production guidance.
Project DevelopmentWaitsia Stage 2 has experienced further quality control issues and delayed start-up, with an additional A$150m net capex required, highlighting development execution risk.