Beach Energy Limited Stock Market Press Releases and Company Profile
Beach Energy Limited (ASX:BPT) Anticipates Significant Increase in First Half Profit from Prior Year
Beach Energy Limited (ASX:BPT) Anticipates Significant Increase in First Half Profit from Prior Year

Adelaide, Feb 16, 2012 AEST (ABN Newswire) - Beach Energy Limited (googlechartASX:BPT) (googlechartPINK:BEPTF) is pleased to announce that, after a preliminary review of its reported and underlying net profit after tax ("NPAT") for the first half of FY12, it expects a significant increase in both reported and underlying NPAT when compared to the corresponding period of the prior year.

The Company anticipates a first half FY12 reported NPAT in the range of A$50-55 million, with underlying NPAT expected to be around A$50 million. This compares with a reported loss of A$87.6 million, and an underlying NPAT of A$18.5 million, for the same period in the prior year.

This anticipated profit increase is primarily the result of:

- The renegotiation of a confidential royalty with Esso Australia Resources Pty Ltd;

- A significant increase of approximately 30% in the average AUD oil price, to A$113 per barrel;

- Improved access in the Cooper Basin to areas previously restricted through flooding; and

- The reinstatement of the Tantanna oil pipeline ahead of initial expectations.

Management expects that, with complete access to all producing areas and infrastructure within the Cooper Basin in the second half of the financial year, the Company's FY12 second half underlying NPAT will be greater than that of the first half.

The FY12 half year results for Beach will be announced on Monday, 27 February 2012.

Contact

Corporate
Reg Nelson
Beach Energy Ltd
Tel: +61-8-8338-2833

Investor Relations
Chris Jamieson
Beach Energy Ltd
Tel: +61-8-8338-2833



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