Beach Energy (BPT)

Shares / Stock Code

BPT

Stock Exchange / Sharemarket

ax

Beach Energy (BPT), formerly Beach Petroleum, is an oil and gas explorer, developer and producer, with investments in the resources industry. Beach retains a portfolio of over 350 exploration and production tenements within Australia, New Zealand, Papua New Guinea, Egypt, Spain and Albania. Its key projects are located in the Cooper/Eromanga, Surat and Gippsland Basins of eastern Australia. Beach Petroleum listed on the Australian Stock Exchange on 30 June, 1972. The Company is headquartered in Adelaide, South Australia. BPT holds a portfolio of 26 oil and gas production joint ventures in the Cooper and Eromanga Basins, including interests in oil and gas production joint ventures in the Gippsland and Surat Basins. The Company produced 9.3 million barrels of oil equivalent (MMboe) during fiscal 2008. During fiscal 2008, the Company’s proved and probable hydrocarbon reserves amounted to 145 MMboe. During the fiscal year ended 30 June, 2008, BPT drilled 28 exploration wells in the Cooper Basin. BPT has also acquired a portfolio of international exploration interests over the past few years. The company together with CSIRO is engaged in the development of a geothermal exploration and it holds one of South Australia's first geothermal exploration licences. BPT has identified some significant oil and gas projects, as verified by its investment in BMG and Tipton West and it retains an extensive portfolio of prospects that will support further reserve development.

Beach Petroleum History

Beach Petroleum was founded by geologist Dr. Reg Sprigg in 1961. It listed on the ASX in 1962. Throughout the 60s to 80s, the company has acquired an extensive portfolio of oil and gas assets in South Australia and Queensland.
Prior to founding Beach, Dr. Sprigg acted as technical advisor to Santos Limited, now one of Australia's largest oil and gas companies. Dr. Sprigg was instrumental in focusing Santos' early exploration efforts on the Cooper Basin of central Australia, now Australia's largest onshore petroleum producing region.

Beach Energy's assets grew steadily through the 1960s, 70s and early 80s, by which time it held a broad range of promising exploration and production tenements, extensive cash reserves, plus a long term revenue base from its recent oil and gas discoveries.
Beach's pioneering exploration in the Otway Basin of south-eastern Australia resulted in significant discoveries of commercial gas at Port Campbell in 1979. In the early 1980s it made oil discoveries at Jackson, Bodalla South and Kenmore in south-western Queensland. During the mid 1980s the company was taken over by Independent Resources Group, which resulted in severe financial difficulties for the Company. With the election of new board in 1990, the company has adopted its previous activities as oil and gas explorer and producer.