Beach announced a net profit after tax and extraordinarines for the first half of $518,000, down from $635,000 recorded in the corresponding period last year. Revenue for the half was $4.56 million, down from last year's figure of $5.3 million.

Beach said the result reflected the lower average oil price, which fell from $US29.50 to $US22.95 during the latest period. Lower oil sales of 92,658 barrels during the period compared with 96,118 for the corresponding period last year was also reflected in the result, Beach said.

The company said it is also looking to increased gas revenues in the second half after the completion of a pipeline connecting the McIntee gas field in the Otway Basin and a processing facility near Port Campbell in Victoria.