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The $14.3 million revenue result for September quarter was up 68 per cent on the $8.5 million reached in the previous corresponding quarter and 23 per cent higher than the $11.6 million reported in the June quarter.
The Adelaide-based company also significantly expanded its reserves and offshore exposure during the period. It took a 25 per cent farmin interest in the Basker, Manta and Gummy (BMG) oil and gas fields in the Gippsland Basin, and increased reserves in its South Australian Cooper Basin holdings.
This added 10.5 million barrels of oil equivalent barrels of oil equivalent net to Beach’s reserves.
The junior also took a nine per cent stake in Anzon Australia Pty Ltd, owner of the remaining 75 per cent interest in the BMG fields.
Sales were up 12 per cent at 241,000 barrels of oil equivalent (boe), a rise from 215,000 boe a year ago, while production increased 23 per cent to 249,000 boe.
Beach said its average production was now equivalent to 2,707 boe per day.
