Two years ago Beach was about $1.68.
They issued options at $1.65, so they could outbid Santos to buy Delhi.
Since then they have, at a guess, accumulated twice the resources, and oil has doubled. That is twice x twice = 4 x $1.65 = $6.60.
They are a superbly run company and the best driller on our continent.
Beach has also moved into Africa, and if they strike oil in oil poor Egypt, there will be a frenzy.
On 8/5/08 Commsec valued Beach at $1.60.
The Commsec valuation is more an indication of the time that some valuers spend at golf, when they should be out in the desert.
beach undervalued by a long way
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