I must admit that BPT is looking pretty good right now:
"Beach Petroleum surfing a three-year high
By Rebecca Urban
October 8, 2004
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A cashed-up Beach Petroleum has acquired a key stake in a new development off the Gippsland coast, doubling its reserve base to 10.5 million barrels of oil equivalent - and sending the company's shares to a three-year high.
The junior oil and gas producer has paid $5 million for a 9 per cent stake in unlisted explorer Anzon Australia, giving it rights to farm into its Bass Strait oil and gas project.
It will pay a further $5 million when its partner launches an initial public offering later this year.
While Beach has made no secret of its intention to expand through acquisitions, the news sent its shares to their highest close in three years, up 6.5 ¢ to 42 ¢.
Managing director Reg Nelson yesterday said the new project - acquired by Anzon from Woodside Petroleum for $65 million in February - was consistent with the company's growth strategy, gave it access to proven "blue-chip" assets and was close to oil refineries and pipelines.
Development is expected to start in May and will occur in three phases, with Beach paying about a third of the estimated costs, plus 25 per cent of drilling and field development spending over budget.
Net costs to the company are not expected to exceed $117 million and revenue from producing wells could come by late next year.
Mr Nelson said the fields had proven and probable recoverable oil reserves of 23.3 million barrels, and a contingent gas condensate resource of 19.2 million boe had been identified.
He said the company would pay for the project from existing cash reserves of $37.5 million, revenue from other oil production assets, and a further $14-$15 million income from about 42 million options due to be exercised.
Anzon plans to raise a further $30 million by listing on the Australian Stock Exchange by year's end with a market capitalisation of at least $100 million."
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