Record Q1 for Beach

BEACH Petroleum has posted record sales revenue of $147.7 million for the first quarter, up by 14%, reflecting higher production and energy prices.
Record Q1 for Beach Record Q1 for Beach Record Q1 for Beach Record Q1 for Beach Record Q1 for Beach

The mid-cap explorer yesterday reported oil sales revenue in the quarter increased by 16% to $94.7 million.

The company's total sales revenue for the nine months to the first quarter of 2008 rose 15%, from $345 million in 2007 to $397 million.

Beach said higher production volumes and the price of gas and gas liquids contributed to the results.

Production of crude oil climbed 7% in the quarter, with the company producing 767,000 barrels, while total production rose 4% to 2.33 million barrels of oil equivalent.

This increase was driven by higher contributions from Beach's various Cooper-Eromanga oil projects and increased production from the Basker Manta Gummy project, the company said.

Gas production volumes remained steady with higher yields resulting in an increase in gas liquids production, the company added.

Managing director Reg Nelson said the company's quarterly results reflect its growing strength in the Australian petroleum market.

"Beach has continued to record significant success in the exploration program in the western portion of the Cooper Basin and elsewhere in Australia," he said.

"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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