Beach Energy CEO Resigns

Matt Kay, the Managing Director and Chief Executive Officer of the Australian oil and gas company Beach Energy, has tendered his resignation and is departing Beach to pursue other professional opportunities. 

Morné Engelbrecht – who is currently Chief Financial Officer – has been appointed acting Chief Executive Officer effective immediately while a search process is conducted to find a replacement, Beach Energy said.

Beach Energy Chairman Glenn Davis said: "Over nearly six years, Matt delivered on the company’s growth ambitions via the strategic acquisition of Lattice Energy and oversaw the commencement of our current development programs in the Victorian Otway and Perth Basins."

"I want to thank Matt for his efforts in helping transform Beach into the multi-basin upstream oil and gas company it is today. I wish him all the very best for his future endeavors.” 

Kay said: "I was brought on board to help Beach grow from a single basin operator and diversify the business. This was capped off by the sanctioning of the Moomba Carbon Capture and Storage project this week. I want to thank the entire Beach team for their efforts over the past six years. The company’s future is extremely bright and I wish Morné and the team all the best.” 

Australian oil firm Santos and Beach Energy as its partners on Monday announced a final investment decision to proceed with the US$165 million (A$220 million) Moomba carbon capture and storage (CCS) project in South Australia, with startup expected in 2024.

On the acting CEO Engelbrecht, Chairman Davis said: “Mr Engelbrecht has been the architect of Beach’s financial strength since joining the company as Chief Financial Officer in 2016 and is well placed to lead the company as we move towards our production target of 28 MMboe in FY24.”

Morné Engelbrecht, a senior executive with 20 years’ experience across various jurisdictions said he steps into the role focussed on ensuring key growth development projects in the Perth and Otway basins remain on track. “Our strategy is set, and I look forward to continued delivery with the highly experienced, motivated and capable Beach leadership team,” Engelbrecht said.

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