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  1. #21
    F.A.B. Huang Chung's Avatar
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    Anzon announcement on 6 July is the likely reason Tricha.

    Extract:

    At 7.00pm on 5 July, the single point mooring (SPM) for the Basker Spirit parted and the Basker Spirit drifted away from its location. [:0]

    ...it is anticipated that the producing operations will be curtailed for a number of weeks to repair the SPM.

    Beach / Anzon seem to have had their fair share of trouble with this operation.


  2. #22
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    Stopped out.
    Problem seemed to be quite big and volume suggest this. Bass Strait really hostile environ.
    Will look again when things settle.

    cheers

    ps also tripped out of NAV so Fri was not good for the taste searcher


  3. #23
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    I hold BPT and am looking to buy more at this level too.
    Hommel

  4. #24
    F.A.B. Huang Chung's Avatar
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    Foodee - Bass Strait really hostile environ.

    I'd be wondering if this FSPO arrangement for BMG is going to continue to be troublesome. Most Bass Strait production facilities are fixed platforms.




  5. #25
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    Huang
    I won't know, but too uncertain for me at this stage.

    cheers

  6. #26
    Guru Crypto Crude's Avatar
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    macduffy,
    yes you are correct...
    The 4 refineries are in planning stage and are not yet guaranteed to go ahead...
    The gas would get condensed, shipped, and supplied to the hungry American market...
    [8D]
    .^sc
    Nakamoto means of Central origin ...

  7. #27
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    Default Borrowed of HC, called this one right!

    Beach is starting to look underpriced

    Reg Nelson gets to preside over the release of what should be a bumper result for Beach Petroleum on Wednesday. Thanks to a full year from the Delhi acquisition, the market will be looking for something near the $90 million mark ahead of a charge to $200 million in following years.


    That's why analyst Stuart Baker at Morgan Stanley slapped a $2-a-share price target on the stock early last month when Beach was looking nice and strong at $1.43 a share. That Beach has drifted back to $1.145 on Friday - it hit 99c on Black Thursday - reflects the lack of rebound for the stock since the subprime sell-off, plus some disappointment that the BMG oil project in Bass Strait needs remedial work to get to original forecast production levels.

    Wednesday's profit report could be the catalyst for the rerating that Baker and others think is now due to Beach, now ranked number four in our listed oil and gas stocks behind Woodside, Santos and Oil Search. Now that Beach has arrived as a sizeable and profitable producer for the long term (20 years-plus), Nelson has cranked up its exploration portfolio.

    Four high-impact wells are now slotted to be drilled in the next 15 months. The big Fermat 1 gas target offshore from Portland in Victoria (1200 petajoules in the second quarter of 2008) has been locked in for a while. The new additions (1 in New Zealand's Taranaki Basin and two in the Bass Basin) each have the potential to yield net oil reserves to Beach of more than 20 million barrels of oil.

  8. #28
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    Thumbs up Lifes a Beach

    Level 1, 25 Conyngham Street, Glenside South Australia 5065
    GPO Box 175 Adelaide 5001
    Telephone (618) 8338 2833
    Facsimile (618) 8338 2336
    Beach Petroleum Ltd
    ABN 20 007 617 969
    www.beachpetroleum.com.au
    Wednesday 29 August 2007
    MEDIA RELEASE
    FOR IMMEDIATE RELEASE
    Beach Petroleum reports its best ever result
    Beach Petroleum Limited has generated a record after tax profit of $A103.3 million for the
    financial year ended 30 June 2007, more than double the previous year’s result, earned from
    revenue of $A566.8 million, more than three times higher than in the year ended 30 June 2006.
    The result was generated from record production of 9.4 million barrels of oil equivalent (oil and
    gas combined) which was boosted by the first production from the Basker-Manta-Gummy field in
    Bass Strait and the Tipton West coal seam methane project in south west Queensland.
    During the financial year total sales increased seven fold to 10.55 million barrels of oil
    equivalent (boe) with oil and gas sales revenue of $472 million.
    Beach Petroleum will pay a 1.0 cent per share final dividend based on the record financial
    results.
    This adds to the 0.75 cents per share interim payment to bring the annual dividend to 1.75 cents
    per share, a 16.7% increase compared to the annual dividend rate of the previous year.
    The record year was highlighted by a more than doubling of proven and probable (2P) reserves
    from 36.2 million barrels of oil equivalent (mmboe) to 89.6 mmboe.
    At the heart of Beach Petroleum’s powerful performance during the financial year was the
    Company’s admittance to the
    S&P/ASX 200 Index, marking a year of growth and the
    Company’s transformation into a top Australian mid-cap petroleum explorer and producer and a
    seven fold increase in petroleum product sales.
    The rapid increase in sales volumes was primarily driven by the acquisition of the Delhi
    Petroleum group of companies which gave Beach Petroleum an average 20 per cent interest in
    the Cooper basin oil and gas production assets.
    Also making a material impact on the results to 30 June was the sale of a 10% interest in the
    BMG asset for a record $123 million.
    For the second year in succession Beach Petroleum was named as a major player in Forbes
    magazine’s Asia Top 200 companies “Under a Billion”.

    - 2-
    Beach Petroleum delivered revenue of $567 million for the financial year to 30 June, compared
    with $163 million for the financial year ended 30 June 2006, an increase of 248%, the Company’s
    eighth consecutive yearly revenue increase.
    The dividend payment is Beach Petroleum’s 12
    th successive dividend payment since the
    Company resumed paying dividends in 2002.
    Beach Petroleum Chairman, Bob Kennedy said Beach Petroleum is now recognised both
    nationally and internationally as a company that has the technical ability and business acumen
    to recognise opportunities both at a corporate level and in terms of exploration.
    “The year began with a flush new oilfield discovery at Callawonga. The Cooper-Eromanga basin
    delivered yet again.” Mr Kennedy said.
    “Delhi Petroleum is delivering value to Beach Petroleum and the company is the second largest
    reserves owner and producer in the Cooper-Eromanga, after Santos.”
    “Add to this the rising production from our other principal assets, the Basker-Manta oilfields
    offshore from Victoria and the Tipton West coal seam gas fields in eastern Queensland. The
    result is strength, diversity and growth potential,”
    Beach Petroleum Managing Director, Reg Nelson, said the company’s Proved and Probable (2P)
    reserves at the end of the financial year was 90 million boe, compared to 36 million boe for the
    previous financial year.”
    “In the national context, the company ranks fourth in ASX-listed companies in terms of 2P
    reserves, after Woodside Petroleum, Santos and Origin Energy.” Mr Nelson said.
    “At annual production rates of around 10 million boe, the reserves to production ratio equates to
    nine years,”
    Mr Nelson added that the outlook for Beach production remains strong.
    “Without including any new discoveries, we expect that over the next three years Beach
    Petroleum’s annual production can be maintained at 10 million boe or more, based on existing
    projects.” Mr Nelson said
    “Although booked reserves may fluctuate at any particular reporting date, over the next three
    years it is reasonable to expect that coal seam gas reserves will have increased at Tipton West,
    development of the gas-condensate resource at BMG will have been sanctioned and that
    considerable oil reserves will have been delineated through the Cooper Oil Program and in
    Beach Petroleum’s operated areas in the Cooper-Eromanga basins.”
    “Overall, it is reasonable to expect that these developments alone should help maintain
    production while building the reserves base in a material sense,”

    For further information please contact:
    Reg Nelson, Managing Director - Beach Petroleum – 08 8338 2833
    Ian Howarth, Farrington National - 0407 822 319
    Mark Lindh, Adelaide Equity – 0414 551 361

  9. #29
    Member FarmerGeorge's Avatar
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    Agreed, I've been buying up these guys: plenty of resources and upside potential, been around a while, fairly nicely diversified and trading on low low P/E. Plus of course there's the price of oil... I think a good mid to long term prospect particularly at recent prices.

  10. #30
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    With OPEC increasing oil supply, do you think $80 oil is sustainable? I am seriously considering buying them, but I fear that if oil goes down, BPT will go down with it.

    BPT has failed to impress over the last couple of trading days.

    But agreed on the fact that PE is good, and their exploration portfolio is good. Do they export to Asia?

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