Strong growth in production and revenue saw 2003-04 net operating profit advance another 25% to a record $9.9 million compared with $7.9 million in the previous financial year.

It is the fifth successive improvement in Beach Petroleum’s annual earnings performance which includes a 246% jump in net profit over the past two years.

The profit growth has been achieved on a solid expansion in revenue which rose another 14% to a record $41.3 million in the latest year compared with $36.1 million in 2002-03 and $14.4 million in 2001-02.

Other features of the year were record annual production of 967 thousand barrels of oil equivalent (boe) and a 300% increase in cash on hand to $35.2 million.

Beach Petroleum’s chairman, Bob Kennedy, said today the company was well placed to achieve further profit growth in the current financial year.

“With our operating house in order, strong cash reserves, and minimal debt, we are looking at both acquisitions and improved operating performance to continue our expansion in 2004-05,” he said.

During the past financial year, Beach conducted a successful appraisal drilling program in its 100% owned Kenmore Field in south west Queensland, brought the Christies-1 discovery into production in the South Australian section of the Cooper Basin, and reported oil discoveries at Harpoono-1 and Reg Sprigg West–1, both in SA.

The production gains were despite an extended period of unusually wet weather in the Cooper Eromanga Basin, causing output to fall just short of Beach’s milestone one million boe target for the year.