BPT 1.16% $2.61 beach energy limited

beach summary

  1. 2,834 Posts.
    OK, first the old news for Beach.

    Carrickalinga (40 BPT/60 GOG) was a dud. Unimportant for BPT, bad for GOG ...

    Now the new news for Beach.

    Brighton (25% COE) is being drilled as we speak, aiming for a Cooper-sized 0.8 million barrels of recoverable oil. Expect it to hit the target zone around Friday.

    The company announced a profit of A$7.95 million for the year ending June 30 2003 (as compared to $2.6 million last year), and celebrated by adding a 0.5 cent special dividend, for a total dividend of 1.5 cents this year. EPS for the year was 4.3 cents, putting BPT at a PE of around 10 and a dividend yield of about 4%.

    Note that at Cooper Basin costs, $8 million drills eight wells ...

    This is added to it's 4.5 mmboe of P+P reserves, and I think I am quite happy to own my packet of currently-underwater BPTOA options.

    BPT closed at a 40 cents, after trading as low as 37 cents during the week.
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