Beach Lifts Profit To $6.29m

Sydney Morning Herald

Monday September 22, 1986

By ANDREW MAIN, Resources Writer

Beach Petroleum NL celebrated its first full year as an oil and gas producer with a net profit of $6.29 million, against a net loss of $1.9 million for the year ended June 30, 1986.

The company has been producing oil from the Bodalla South field in ATP 269P(1)near Quilpie in south west Queensland and has just brought on stream the Kenmore field in the same block.

The company also produces gas for consumers in the Western Victorian town of Warnambool from the small North Paaratte and Wallaby Creek gas fields.

Deliveries began in April.

The company's share of production from the Queensland permit was 361,587 barrels, compared with 71,341 last year.

The company predicts this year's share to be 400,000 barrels.

Beach, whose main shareholders are North BH with 26.6 per cent and Peko-Wallsend with 25.2 per cent, is paying no tax since it carries accumulated losses of $14.4 million.

Directors described the result as "very satisfactory".

They said that Australia's oil import bill could rise from $600 million this year to around $3 billion a year by the end of 1988.

Total sales in the year were $11.7 million, on top of which came $2.08 million in interest from investments.

© 1986 Sydney Morning Herald

Back to News Index | Back to Home