Adelaide, Oct 30, 2008 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has followed up its record 2007-08 full-year revenue with the oil and gas group's highest ever quarterly revenue in the period to 30 September 2008.
Total oil and gas revenue advanced to a record $182.8 million in the first three months of the new financial year - up 9% on the immediately preceding June quarter and 53% higher than in the previous corresponding September quarter.
The latest growth followed the record revenue of $564 million achieved by Beach Petroleum in 2007-08 which was up 20% on $472 million in the previous financial year.
The latest quarterly revenue boost was driven by increased prices across most of the Company's products, coupled with significantly higher oil shipments, partly offset by lower sales of gas and gas liquids.
The average realised oil price during the three months was A$139/bbl - up 3% on the June 2008 quarter.
Beach Managing Director, Mr Reg Nelson, said the oil price decline in the current quarter had not been at such a sharp rate in Australian dollars as it had been in US dollars, due to a corresponding decline in the AUD/US exchange rate.
"Beach also takes some comfort from the fact that a significant portion of our production (around 60%) is gas, contributing some 40% of the Company's revenue - and gas prices are stable in long term contracts," he said.
Total production edged up 2% to 2,463 thousand barrels of oil equivalent (kboe), including a 4% increase in Beach's oil production to 754,000 barrels - mainly due to higher production from the onshore Cooper and Eromanga Basins.
The Company's total oil and gas sales volumes declined 9% in the latest September quarter to 2,653 kboe when compared to the June 2008 quarter but were up 10% on the September 2007 quarter.
Highlight - Surging coal seam gas reserves
Beach said a highlight of the latest quarter was the further significant increase in gas reserves in the Tipton West Field in Queensland's onshore Surat Basin (Beach 40%).
Proven and Probable Reserves (2P) increased by 382% to approximately 1,107 petajoules (PJ) as of 30 June compared to 12 months earlier.
Beach's 40% share of Tipton West 2P reserves has risen to 443 PJ's or 76 million barrels of oil equivalent.
The upgrade followed the completion during the September quarter of a recertification of the Tipton West Field reserves and surrounding licences by reserves auditors, Netherland Sewell and Associates.
---------------------------------------Tipton West Reserves at 30th June 2008 Gross Beach Share PJ mmboe PJ mmboe---------------------------------------1P 235 40 94 162P 1,107 190 443 763P 2,078 358 831 143---------------------------------------
Beach said an exploration and appraisal program within the Millmerran block and 689P block was approved.
This program will largely complete the farm-in commitment for the Company to earn its 40% equity in the above blocks which lie to the south of the current Tipton development.
Gas production from the Tipton field increased by approximately 6 mmcfd during the latest September quarter to a total of 28 mmcfd.
Contact
Reg Nelson
Beach Petroleum
08 8338 2833
Mark Lindh
Adelaide Equity
0414 551 361
Ian Howarth
Farrington National
03 9223 2455
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