Australia : Record year boosts Beach Energy.
Beach generated NPAT of $164 million in the year to 30 June 2012, up $262 million on the prior year.
The profit came from record sales revenue of $619 million, up 25% from the previous year.
Beach also generated record underlying NPAT of $122 million, up 190%, while cash flow of $218 million from the company s operations was 18% higher than in the previous year.
At year end, Beach had cash on hand of $379 million, a very strong balance sheet and a $150 million multi-option financing facility available to it.
Beach Managing Director, Reg Nelson, said, Beach s financial and operational performance has been exceptionally strong and there is every reason to believe that this year will demonstrate a similarly powerful performance. Our crude oil production from the Western Flank of the Cooper Basin is expected to reach approximately 10,000 barrels a day by the end of FY13 and we have high expectations that our unconventional gas exploration efforts will continue to yield excellent results.
Beach s record year was highlighted by the renegotiation of Delhi Petroleum s Exxon Mobil royalty, and a $345 million capital raising, consisting of $195 million of equity funding and $150 million of convertible notes.
Beach also completed the takeover of Adelaide Energy and divested a 55.44% interest in Somerton Energy Limited into the Cooper Energy Limited takeover of Somerton.
Beach s oil, gas and gas liquids production for the year totalled 7.5 MMboe, up 14% from the 6.6 MMboe produced in FY11. This production rate is expected to climb sharply in the current year as new crude oil pipelines are connected between Beach s Western Flank oil fields to the Moomba processing facility.
During the year Beach s first two unconventional gas exploration wells, Holdfast-1 and Encounter-1, each yielded combined flow rates of around 2 MMscfd. In addition, the Moonta-1 deeper unconventional gas exploration well hit more than 1,000 metres of gas saturated Permian target zone, providing spectacular support for Beach s earlier unconventional drilling success.
In the year, Beach participated in drilling 89 wells, up 128% on the prior year, with a success rate of 79%. One of these success was the Bauer oil field in PEL 91 in the Cooper basin (Beach 40%), along with three oil discoveries in Abu Sennan (Beach 22%) and first commercial oil production from North Shadwan project in Egypt (Beach 20%).
2012 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
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|Date:||Aug 29, 2012|
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