Beach Energy Limited Stock Market Press Releases and Company Profile
Beach Petroleum Limited (ASX:BPT) Ends September Quarter In Strong Financial Position
Beach Petroleum Limited (ASX:BPT) Ends September Quarter In Strong Financial Position

Adelaide, Oct 26, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) ended the September quarter in a strong financial position with over A$150 million in cash and zero debt as the company consolidates its position as one of Australia's leading petroleum exploration and production companies.

New oil discoveries, successful corporate deals and a special dividend to shareholders highlighted the September quarter.

Total production in the September quarter was 2.04 million barrels of oil equivalent (boe), down 7%, on the previous quarter due to the sale of Beach's interest in the Tipton West coal seam gas asset.

Beach's interest in Tipton West was sold for up to A$400 million.

Oil production for the quarter of 730,000 barrels was also down by 6%, largely due to unplanned production downtime at the Basker Manta Gummy project in Bass Strait.

In the quarter, Beach shareholders were rewarded with a special 2 cents per share dividend and the company announced a further 1 cent per share ordinary final dividend (partly franked) from the 2008/09 results.

This final dividend follows an interim dividend of 0.75 cents a share and brings the full year dividend payment to shareholders of 3.75 cents per share.

Beach chief executive officer, Hector Gordon, said, "These results reflect the very solid underlying business of Beach."

"In the year ended 30 June 2009, Beach's oil production increased, principally due to our success in discovering and developing new reserves along the western flank of the Cooper basin. We plan to maintain a very active exploration program in that region," said Mr Gordon.

In the September quarter Beach continued its strong run of exploration successes on the west flank of the Cooper basin with the Chiton 1 oil field discovery.

This field could contain as much as 0.39 million barrels of oil and is expected to start commercial production in early January, 2010.

For the Beach Petroleum Quarterly Activities Report for the period ending 30 September 2009, please click the link below:

http://www.abnnewswire.net/media/en/docs/61639-ASX-BPT-174894.pdf

Contact

Reg Nelson
Managing Director, FAusIMM
Tel: +61-8-8338-2833
Fax: +61-8-8338-2336



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