The company reported reserves of 4.5 million barrels of oil equivalent (mmboe) for the year ended 30 June, 2003, 0.7mmboe higher than the 3.8 mmboe in reserves reported for the previous financial year.

The increased reserves figure is despite a sharp rise in the company's record total production for the latest 12 months, up 233% to 0.91mmboe from 0.39mmboe produced in 2001/2002.

"This significant rise in reserves is primarily due to our string of discoveries in the South Australian section of the Cooper Basin," said Beach Petroleum's managing director, Reg Nelson.

"The new oil discoveries on the Patchawarra Western Flank at Sellicks and Christies, as well as Aldinga further to the southeast, and Acrasia to the northeast, have made good contributions to Beach's reserves base," Nelson said.

With another five exploration wells approved for drilling this year in the South Australian section of the Basin, plus three in southwest Queensland, the company is looking to make further substantial additions to its reserves position in the Cooper and Eromanga Basins.

Nelson said that two wells are planned for drilling in Beach's 100% owned Kenmore Field in September, to be followed by one appraisal well in ATP 269P (Beach 75.9%).

"Previous drilling at Kenmore has been entirely based upon 2D seismic", Mr Nelson said.

"We are currently interpreting 3D seismic surveys completed late last year over the Kenmore and Bodalla South oilfields and the results to date are encouraging.

Beach Petroleum last week reported a 143% increase in revenue to $35 million for the full 2002/2003 year, as production more than doubled and the company's realised average oil price per barrel for the year rose 20% to $47 from $40 per barrel for the previous year.