Macquarie Research - a summary of today's Macquarie Research -...

Macquarie Research - a summary of today's Macquarie Research - 10 February 2011

Beach Energy BPT Outperform
Cooper upgrade breathes new life
? Following STO's reserves review, BPT announced this could equate to a 12mmboe net increase to its own net Cooper reserves.
? BPT's 2P reserves life will be extended by ~2 years. Extending production in the Cooper Basin will also increase our NAV by ~6%.
? Maintain Outperform. BPT will enjoy leverage to the higher oil prices in the near-term. We also expect an update on Cooper shale by mid-year.


Good news for ADE!