Beach Reports Best-ever Quarterly Revenue, Production
The March quarter figures easily outstripped production of 2.28 million boe and revenue of $A94.2 million in the December 2006 quarter.
In the nine months of the financial year to date Beach Petroleum has generated revenue of $A345.3 million from total production of 7 million boe.
The acquisition of Delhi Petroleum, which gave Beach Petroleum an average of 20.1 percent equity interest in over 200 Cooper basin oil and gas fields, and the start of oil production from the Basker/Manta oil project in Bass Strait--in which Beach holds a 50-percent share--have delivered substantial increases to the Company's production and reserves.
Petroleum sales for the first nine months of the year were 7.97 million boe, up 642 percent on the previous corresponding period of only 1.07 million boe for the 9 months to March 2006 as a result of the increased sales accrued from the Delhi assets in this period.
"These figures provide a strong justification for our decision to acquire the Delhi Petroleum assets," said Reg Nelson, Beach's Managing Director. "The success of the Cooper Oil Project to date, which is designed to lift oil production from the region, is already making a material difference to Beach. The Cooper Oil Project delivered strong results to Beach during the Quarter, with five successful wells out of seven drilled."
"We are now concentrating on the new Naccowlah Block portion of the program, where a 24 well drilling program has commenced," added Nelson. "Beach holds a total 38.5% interest in this prime Cooper block and success here could add significant value to our production and reserves position."