(BPT) Beach expands reserves
29-Oct
Beach Pretoleum has significantly expanded its reserves and offshore exposure during the period, taking a 25 per cent interest in the Basker, Manta and Gummy oil and gas fields in the Gippsland Basin.
This agreement adds 5.8 million barrels of 2P reserves, net to Beach and a contingent gas condensate resource of 4.8 million barrels of oil equivalent net to Beach.
Beach has also acquired around a 9 per cent interest in Anzon Australia.
High oil prices and increased production delivered record quarterly revenue for Beach of A$14.3 million in the three months to 30 September 2004.
The result was up 68 per cent on $8.5 million in the previous corresponding quarter.
beach increase reserves_profits up sharply
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