BPT 1.94% $1.77 beach energy limited

beach - interest building

  1. 9,081 Posts.
    Keep an eye on BPT as Christies-1 nears its target depth.

    It is a potential million barrel well with BPT's interest at 75%

    Although smallish in potential size by international standards, onshore oil in the Cooper Basin (in net present value terms) only costs about $5 a barrel to produce. Offshore oil, on the other hand, costs four times that per barrel to develop. BPT seems to be "working smart" and already has the cashflow to fund its aggressive exploration programme as well as enough left over to pay shareholders a nice dividend.

    The current drilling programme being undertaken by BPT in the Cooper Basin may see eight wells drilled by Xmas this year, targeting in excess nof 18 million barrels of oil.

    Even if Christies-1 is unsuccesful, BPT's shareprice will hold up pretty well as it is already fair value based on current production and cashflow.

    And there are plenty more wells to be drilled.

    BPT is, I think, one of the safer small oil stocks for 2003/4 financial year.

    With the oil price holding up well oil stocks may be in for a significant re-rating.

    This appears to be already slowly happening with majors like WPL and STO.
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