Document date: Thu 30 Jan 2003 Published: Thu 30 Jan 2003 13:49:30 Document No: 135623 Document part: A Market Flag: N Classification: Progress Report BEACH PETROLEUM LIMITED 2003-01-30 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ Beach Petroleum Limited's emergence in the Australian oil and gas industry took on a new dimension today with the Company reporting record performances across its entire business.
The strong result included record oil and gas revenue of $16.76 million for the six months to 31 December, 2002 - a half year figure higher than total revenues for the whole of the previous year.
Production and sales volumes also climbed to record levels and along with the revenue, represented increases of more than 400% above the previous corresponding half year period.
The results were powered by Beach's first full six months contribution from its ownership from July 1 last year of 100% from 22% previously, of the producing Bodalla and Kenmore oilfields in southwest Queensland.
In its quarterly report released today for the three months to 31 December 2002, the listed oil and gas explorer and producer reported:
* A rise in petroleum production to a record half year result of 443,990 barrels of oil equivalent (boe) for the first half or 2OO2/2003, compared with 99,367 boe in the previous corresponding half. The latest December quarter contributed 236,527 boe
* Sales climbed to a half year record of 433,991 boe compared with just 92,645 boe for the opening six months of 2001/2002
* A rise in half year revenue to a record A$16.76 million for the latest six months compared to $4.14 million in the equivalent period in 2001.
The results included further increases in the December quarter on the production, sales and revenue gains of the preceding September quarter.
Average production rates for the last three months climbed to 2,571 boe per day.
This was 14% stronger than for the opening quarter of the current financial year and exceeded the production rate in the comparable 2001 period by 485%.
"The half year figure also benefited from maiden contributions in the December quarter from our new oil discoveries in South Australia's Cooper Basin," Beach Petroleum's Managing Director, Mr Reg Nelson, said today.
"These production volumes will continue to climb in the current second half as the first half result included only one month of revenue contributions from the new Sellicks-1 well," Mr Nelson said.
Production from Sellicks-1 (Beach interest 75%) commenced in December at an average rate of 230 barrels of oil per day (bopd) net to Beach. The oil is being trucked to the nearby Moomba processing facility prior to transport south by pipeline to Port Bonython for sale.
During the December quarter, new production from two development wells, Kenmore-27 and Bodalla South-14 in southwest Queensland, increased output from these fields by 335 bopd.
Flows from the Poolowanna Formation in Acrasia-3 (Beach 25% interest) in the Cooper Basin also came on-stream late in December for the first time.
Mr Nelson said the Company expected to recommence its exploration program in April or May this year, with up to 12 wells planned for Beach's Cooper Basin blocks in South Australia and Queensland.
Beach Petroleum expects to announce its interim financial results for the opening six months of 2002/2003, late in February.
Last November, Beach paid its shareholders a final unfranked dividend of 0.5 cents per ordinary share - their first dividend from the Company in 16 years.
For further information please contact:
Reg Nelson Beach Petroleum Limited 08 8338 2833 Kevin Skinner Field Public Relations 08 8232 1355/ 0414 822 631
BPT Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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