Autosime
I agree about BPT being undervalued. However, I have thought for some time that Beach needs to increase it's reserves. 66mmboe sounds impressive but that figure hasn't changed for some time, in fact it has decreased. From memory BPT are pumping 9mmboe a year so that gives them 7 years worth. Still okay but not enough for the market I believe (most is gas too).
Success in Egypt but may help but so far there have been no significant new discoveries, only new production wells which are already included in that 66mmboe.
Beach needs some new reserves. What happened with Wakefield-1? What are they going to do about BMG? And what about new purchases? A little while ago Reg Nelson said Beach was about half way through with their investment plans.
Their best successes of late have been with their investments - DLS, RMS, SEA. Maybe they should become an investment company.
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