Production
The Company’s oil and gas production is derived from the Cooper and Eromanga Basins (northeastern South Australia and south-western Queensland), the Surat Basin (eastern Queensland) and the Gippsland Basin (offshore Victoria).
Production for the half-year to 31 December, 2007 totalled 4,583 thousand barrels of oil equivalent (kboe) compared with 4,696 kboe for the previous corresponding period. Oil production was up by 46% due, to increased production from the Cooper and Gippsland Basins, offset by reduced Cooper Basin gas production (down 16%) resulting primarily due to a shut-down of the Moomba plant for 11 days in December for maintenance.
Production comprised approximately 27% oil and 73% gas/gas liquids. The Cooper/Eromanga made up 71% of Beach’s oil production with the remainder (29%) coming from the Gippsland Basin. The Cooper Basin also made up 94% of Beach’s gas production with 6% from the Surat Basin.
During the interim period to 31 December, 2006, production was 4,696 kboe (thousand barrels of oil equivalent) up 695 per cent, up from 591 kboe for the previous corresponding period. The dramatic rise resulted from the increase to production by Delhi Petroleum, which was acquired by the company effective July 1, 2006.
Reserves
At the end of 2006, Beach Petroleum's Proved and Probable reserves increased to 101 mmboe (millions of barrels of oil equivalent), ranking it among the top five ASX listed oil and gas companies.
Upon commitment to a sales contract and development of the BMG gas project, this reserves base is expected to increase substantially, potentially placing the Company in fourth place after Woodside Petroleum, Santos and Origin Energy.