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
Beach Petroleum - A "santos" on the making?
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