Beach Energy Limited (ASX:BPT) Reports Robust Interim Financial Results

Adelaide, Feb 24, 2010 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has posted a robust first half underlying profit of A$25.5 million, down 50 per cent from the previous corresponding period earnings of A$50.7 million.

Beach's total revenue for the half-year ended 31 December, 2009, decreased by 22% to A$260 million compared to A$335 million.

Beach Chairman, Mr Robert Kennedy said, "We have seen in this period some of the residual effects of the Global Financial Crisis impinging on matters beyond our control like lower oil prices and a consequently softened demand for gas."

"Nevertheless, Beach remains in very robust shape with a strong balance sheet, no debt and with a very large proven and contingent reserves and resources base."

The effect of lower sales volumes combined with lower oil prices and higher currency exchange rates reduced sales revenue by A$75 million. The average realised oil price during the half year was A$A86/bbl compared with A$A108/bbl received in the previous first half year.

Mr Kennedy said, "The Board is pleased to advise that its dividend policy will be maintained, with an interim dividend of 0.75 cents per share, with the added benefit to shareholders of its being partially franked to 0.10 cents per share.

"The company has secured substantial positions for accelerated growth through the shale gas strategy and alliances with other companies to add value to this potentially huge resource."

Contact

Hector Gordon Chief Executive Officer TEL: +61-8-8338-2833 FAX: +61-8-8338-2336 www.beachenergy.com.au Steve Masters/Nicola Frazer TEL: +61-8-8338-2833 FAX: +61-8-8338-2336 www.beachenergy.com.au