Q result is out. CommSec has a valuation upgrade of $1.98.
http://www.beachpetroleum.com.au/fil...8April_CBA.pdf
MEDIA RELEASE
FOR IMMEDIATE RELEASE
Ref: #049/08
INCREASED PRODUCTION AND HIGH OIL PRICES FOR
BEACH PETROLEUM’S QUARTERLY RESULTS
Beach Petroleum has posted record sales revenue of $A147.7 million in the March
quarter, up 14% from the previous quarter reflecting higher production and high oil
prices.
Oil sales revenue in the March quarter was up by 16% to $94.7 million while higher
production volumes and prices of gas and gas liquids also contributed to the results.
Total sales revenue for the nine months to March 2008 was $397 million, an increase
of 15% on the nine months to March 2007 ($345 million).
Beach Petroleum recorded an average oil price, for the nine months to March 2008,
of $A104/bbl (before taking into account hedging adjustments for the period).
In the March quarter Beach Petroleum produced 767,000 barrels of crude oil, up by
7%.
That increase was driven primarily by higher contributions from Beach’s various
Cooper/Eromanga oil projects and increased production from the BMG Project.
Beach sold a further 10% equity stake in the BMG project for A$123 million. Funds
from this sale were received on 24 April 2008.
Beach had previously sold a 10% stake in the BMG project to Itochu of Japan for the
same price.
Gas production volumes achieved by Beach in the March quarter remained steady
with higher liquid yields resulting in an increase in gas liquids production.
Total production during the quarter was 2.33 million barrels of oil equivalent, an
increase of 4% on the previous quarter.
Beach Petroleum managing director, Reg Nelson, said, “The March quarter results
continue to reflect Beach Petroleum’s growing strength in the Australian petroleum
industry.”
“Beach has continued to record significant success in the exploration program in the
western portion of the Cooper Basin and elsewhere in Australia.”
“But the company is also aiming to focus on growing the business in the international
arena.”
“Beach has a strong balance sheet and strong cash flows which it aims to utilise to
continue to build its asset portfolio.”
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