Adelaide, April 29, 2008 AEST (ABN Newswire) - Beach Petroleum (ASX: BPT)(PINK: BEPTF) has posted record sales revenue of $A147.7 million in the March quarter, up 14% from the previous quarter reflecting higher production and high oil prices.
Oil sales revenue in the March quarter was up by 16% to $94.7 million while higher production volumes and prices of gas and gas liquids also contributed to the results.
Total sales revenue for the nine months to March 2008 was $397 million, an increase of 15% on the nine months to March 2007 ($345 million).
Beach Petroleum recorded an average oil price, for the nine months to March 2008, of $A104/bbl (before taking into account hedging adjustments for the period).
In the March quarter Beach Petroleum produced 767,000 barrels of crude oil, up by 7%.
That increase was driven primarily by higher contributions from Beach's various Cooper/Eromanga oil projects and increased production from the BMG Project.
Beach sold a further 10% equity stake in the BMG project for A$123 million. Funds from this sale were received on 24 April 2008.
Beach had previously sold a 10% stake in the BMG project to Itochu of Japan for the same price.
Gas production volumes achieved by Beach in the March quarter remained steady with higher liquid yields resulting in an increase in gas liquids production.
Total production during the quarter was 2.33 million barrels of oil equivalent, an increase of 4% on the previous quarter.
Beach Petroleum managing director, Reg Nelson, said, "The March quarter results continue to reflect Beach Petroleum's growing strength in the Australian petroleum industry."
"Beach has continued to record significant success in the exploration program in the western portion of the Cooper Basin and elsewhere in Australia."
"But the company is also aiming to focus on growing the business in the international arena."
"Beach has a strong balance sheet and strong cash flows which it aims to utilise to continue to build its asset portfolio."
Contact
Reg Nelson
Beach Petroleum
TEL: 08 8338 2833
Ian Howarth
Farrington National
TEL: 0407 822 319
Mark Lindh
Adelaide Equity
TEL: 0414 551 361
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