Adelaide, Jan 30, 2006 AEST (ABN Newswire) - Ongoing high oil prices and its increasingly diverse production platform have generated a record opening half operational performance to 2006-2007 for mid-tier producer and explorer, Beach Petroleum Limited (ASX: BPT).
The result was underpinned by the Company's highest ever production in a quarter - 342 thousand barrels of oil (kbbl) for the three months to 31 December, 2005 - 37% above the 249 kbbl produced in the preceding September 2005 period.
The December production outperformed Beach's previous highest quarterly production of 301 kbbl recorded for the June quarter last year.
The strong opening half production, revenue and sales performance was also achieved despite some easing in average oil prices in the latest three months, A$80.16 per barrel, compared to the September quarter last year of A$85.49.
In its quarterly report to December 2005 released today, Beach Petroleum - which expects to release by mid-March its financial results for the latest half year - announced: (previous corresponding half year in brackets):
- Production of 591 kbbl in the six months to 31 December (478 kbbl)
- This included the record 342 kbbl for the latest December quarter compared to 228 kbbl in the previous corresponding period
- Sales of 550 kbbl for the half (495 kbbl) including 259 kbbl for the December period (254 kbbl in December 2004)
- Opening half oil sales revenue of A$45.7 million compared to A$29.0 million in last year's first six months, with the contribution from the latest December quarter of A$20.8 million well ahead of the A$14.7 million for the previous corresponding quarter.
Contact
Hector Gordon
Beach Petroleum Limited
TEL: +61 8 8338 2833
Kevin Skinner
Field Public Relations
TEL: +61 8 8234 9555 / 04141 822 631
Mark Lindh
Investor Relations
TEL: +61 414 551 361
| ||
|
