Beach rakes in the cash

Australian player Beach Petroleum saw its net profit leap by 117% year-on-year in the second half of 2008 to come in at A$127.5 million (US$82.2 million).

In the same period in 2007, Beach reported net profit of A$58.8 million. Beach said the boost in profit was achieved with further strong growth in total revenue, up 41% from A$340 million to a record A$480 million, while higher oil and gas sales of 5.5 million barrels of oil equivalent and surging oil and gas production of 5 million boe. Beach also tannounced that it had sought expressions of interest from third parties for a potential sale of part or all of its Tipton West coalbed methane assets.Company chairman BobKennedy said: “Our decision to seek expressions of interest has been undertaken following a strategic review of our interests in the Surat basin (Queensland) CBM region with a view to determining the best way to maximise value for our shareholders.” Beach has substantial exposure to Australia’s burgeoning CBM play via the Surat basin interests, including its Tipton West project, which is operated by Arrow Energy.

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