The firm’s after tax earnings increased 148% for the six months ended December 31, 2007 to A$58.8 million, compared to A$23.7 million in the corresponding 2006-07 half-year. Revenue was 30% higher at A$340 million in the first half, compared to A$261.9 million in the corresponding period of the previous fiscal year, with 16% higher sales proceeds contributing A$249.2 million of that total, up from A$214.4 million in the six months to December 31, 2006.
Total oil and gas production was stable at 4.58 million barrels of oil equivalent (Mmboe) for the six months ended December 31, 2007, compared to 4.69Mmboe for the six months ended December 31, 2006. Oil production from the Cooper and Gippsland Basins increased by 46% to 1.249Mmboe for the 2007 half-yearly period, compared to 0.85Mmboe in the corresponding period of the previous fiscal year.
Robert Kennedy, Beach Petroleum’s chairman, said: Clearly, we have demonstrated the company’s strong production profile and equally a demonstrably strong underlying profitability in operations.
