Beach Petroleum Joins S&P/ASX 200 Index
Beach Petroleum Ltd will join the S&P/ASX 200 index from today in recognition of its status as one of Australia's fastest growing oil and gas exploration and production companies.
With a market capitalization of $850 million and a growing portfolio of petroleum exploration and production assets, Beach Petroleum is one of Australia's leading oil and gas companies.
Last week Beach Petroleum reported net profit after tax and outside equity interests of $43.99 million for the year to June 30, up from 16.83 million a year earlier.
The company's oil and gas revenue almost doubled from 2005 of $63.36 million to $123.99 million in the June, 2006 year.
Five years ago, Beach Petroleum's annual sales revenue was only $9.2 million.
The S&P/ASX 200 was introduced in April, 2000 to replace the All Ordinaries index as the primary gauge of the Australian equity market.
Covering approximately 78% of the Australian equities market, the S&P/ASX 200 is considered an ideal proxy for the total market serving the dual purpose of benchmark and investable index.
Beach Petroleum will join established oil and gas producers like BHP Billiton, Woodside Petroleum, Santos Ltd, Oil Search Ltd, AWE Ltd, Hardman Resources Ltd, Tap Oil Ltd, Roc Oil Ltd and Arc Energy Ld.
Beach Petroleum's inclusion in the S&P/ASX 200 from the start of trade today is expected to stimulate some institutional buying of the stock.
The strong profit result reported last week, the recent acquisition of Delhi Petroleum, giving Beach Petroleum a 21 per cent interest in the Cooper Basin oil and gas fields and the company's inclusion in the S&P/ASX 200 index round out a successful period for the company.
Beach Petroleum managing director, Reg Nelson, said, "The inclusion of Beach
Petroleum in the S&P/ASX 200 index is a welcome recognition of the company's
exciting recent growth and its strong potential for the future."
- Beach Commences Production from Middleton Gas Project (Jan 09)
- Beach Says Hello to Mr. Rod Rayner (Nov 11)
- Beach Energy Gains Majority Control of Adelaide Energy (Nov 10)