In a financial report, the Adelaide-based major on Friday said it has more than doubled its half-year net profit to $58.8 million on the back of record revenue and significant gains in oil production.

Revenue was driven 30% higher to a record $340 million first half compared to

$261.9 million previously.

Total oil and gas production was slightly down at 4.583 million barrels of oil equivalent compared to 4.696 million previously.

Beach said oil production grew strongly, while its gas production dropped.

"A very strong 46 percent gain in oil production to 1.249 million barrels from the Cooper and Gippsland Basins, was offset by 16 percent lower gas production due mainly to a long maintenance shutdown at the Moomba processing plant in South Australia in December," the company said.

In other company news, Beach has sold a further 10% stake in the Basker-Manta-Gummy joint venture in the Bass Strait to Sojitz Energy for $123 million.

This will see Beach retain a 30% stake in the project, after it sold an initial 10% stake in June last year.

"We believe that Sojitz will add significant technical and financial strength to the joint venture," Beach managing director Reg Nelson said.

Up to six new wells are planned for the fields, starting with drilling of Basker-6 next month.

The BMG project was developed to initially produce oil from the Basker and Manta fields, based on initial proved and probable (2P) reserves estimates of about 23MMbbl.

But new wells drilled in 2006 expanded the reserves base with 2P oil reserves standing at nearly 40MMbbl (as at June 30, 2007), while an associated increase in the natural gas resource has nearly quadrupled estimates of the gas/condensate resource.