Beach Petroleum - A "santos" on the making?

Beach Petroleum released an excellent report to day - the highlights being:

First dividend payment announced in 16 yrs - small but only the start of better things to come

49% lift in annual revenues to $15.3 million

Cashflow is up eightfold to $4.2 million

Net asset growth has almost doubled to $47.6 mill.

NPAT is up to $2.86 million

The result does not include the expected revenue boost from BPT's increased ownership of Bodalla - expect increased revenues from this source to be reflected in 2002/2003

Also recent discoveries - Sellicks, Aldinga & Acrasia in the Cooper basin have yet to be brought on stream.

Beach's exploration programme is also looking pretty good.

To quote the "bottom line" from the report:

"BEACH HAS EMERGED FROM A YEAR OF GROWTH AS AN EFFICIENT, COST-EFFECTIVE OPERATOR"

Cheers, X