BEACH PETROLEUM - BPT

[macduffy]

Reading between the lines, Beach should report a good profit this quarter.

BPT don't report actual quarterly profits but revenue for the quarter to March, 2010, announced today, was down 24%.

[tricha]

BPT don't report actual quarterly profits but revenue for the quarter to March, 2010, announced today, was down 24%.

Hmm bottom line up though .

Cash reserves stood at $140 million at the end of the quarter and they paid a dividend. Also lack of production due to rain, so oil still in the ground, great.

In all still a great result, with many avenues being chased.

[shasta]

Hmm bottom line up though .

Cash reserves stood at $140 million at the end of the quarter and they paid a dividend. Also lack of production due to rain, so oil still in the ground, great.

In all still a great result, with many avenues being chased.

Perhaps too many avenues is part of there problem, & the reason the market constantly overlooks them.

I still like what BPT has to offer, but it is very fragmented & could do with concentrating on just a couple of key projects

Disc: Nil held

[ELYOB]

The drop in production due to rain is hurting the share price by about 5-7c according to my source . But , it is the big picture with the BOT which is the real game . Looks like July is the awaited game ??

[macduffy]

[QUOTE][But , it is the big picture with the BOT which is the real game . Looks like July is the awaited game ?? /QUOTE]

Well, you've got my interest. Any action on the Beach would be more than welcome!

Some details, please?

[ELYOB]

The real game is the shorting , and BPT move into shale gas . Detail is in the market place . If you believe in the game ,you may well profit . A non believer would best find another play thing

[macduffy]

There's certainly plenty of opportunity to short such a liquid stock. With nearly 1.1 billion shares on issue there shouldn't be any problem in covering!

But recent stats don't bear this out. For example, only 17% of Wednesday's turnover was shorts.

[macduffy]

More changing of the deck chairs at the Beach.

http://asx.com.au/asxpdf/20100507/pd...008p2krbr1.pdf

[tricha]

There's certainly plenty of opportunity to short such a liquid stock. With nearly 1.1 billion shares on issue there shouldn't be any problem in covering!

But recent stats don't bear this out. For example, only 17% of Wednesday's turnover was shorts.

Hmm shorters would have been burned today and will continue to, as the story unfolds and it is truely a great story, Expanding the Cooper Basin Presentation by Neil Gibbins

[macduffy]

Yes, it was a big day across the board yesterday and today should be even better!

But not good enough to restore any value to the June 2010 options, unfortunately.