Addressing shareholders at its 2005 annual general meeting in Adelaide, Beach Petroleum Chairman, Mr. Robert Kennedy, said the three million barrel target is a realistic objective for the 2006-2007 financial year.
It would be fuelled by the Company's expanding entitlements from the new producing offshore Gippsland oil field interest, and its current core exploration and production interests in the Cooper Eromanga Basin.
Mr Kennedy said the target did not include gas production from Beach Petroleum's anticipated $35 million acquisition of a 40% interest in Brisbane-based Arrow Energy NL's Stage 1 development of the Tipton West coal seam gas (CSG) project in Queensland's Surat Basin.
Nor did it include any upside from new discoveries from the Company's aggressive onshore and offshore exploration and development activities in the Cooper, Otway, Browse, Gippsland and Carnarvon Basins.
In what he described as a highly upbeat outlook for Beach Petroleum, Mr. Kennedy also announced:
Beach Petroleum's Managing Director, Mr. Reg Nelson, told shareholders the Company faced a year of unprecedented exploration and production activity "across a very diverse portfolio in Australia of onshore and offshore projects".
"In so doing, while we have increased in size and scope substantially, we have reached this point of growth well balanced and well diversified for the future," Mr. Nelson said.
Of the imminent Tipton West acquisition, Mr. Nelson said its ability to realize early gas sales, its closeness to pipeline infrastructure and markets and the opportunity for further exploration and development, gave it the potential to be one of Australia's largest onshore gas resources of up to two trillion cubic feet.
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