Beach Energy Limited (ASX:BPT) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.

Highlights

Corporate

- Announcement of $345 million capital raising, consisting of $117 million institutional entitlement, $78 million retail entitlement and $150 million convertible notes offering

- Successful completion of institutional entitlement and convertible notes offering

- Renegotiation of the Delhi Petroleum and Esso Australia Resources royalty

- Successful on-market takeover of Adelaide Energy

Operations

- Production 15% higher than previous quarter at 2.0 MMboe, primarily due to new operated oil wells online in PEL 92, renewed trucking from Senex operated acreage, first operated gas and gas liquids production in PEL 106B, and Tantanna oil pipeline at full capacity

- Revenue 10% higher, mainly due to increased oil sales volumes and price

- First production from North Shadwan in Egypt

- Exploration success in Egypt with total gross flows over 800 bopd from Al Jahraa-1 and 5,600 boepd from El Salmiya-1

- Exploration success at Coolawang-1, gas flows of 4.5 MMscfd and gas liquids

Subsequent Events

- Moonta-1 well reached total depth of 3,810 metres with target Permian section appearing to be gas saturated and over 1 kilometre thick

- Encounter-1 fracture stimulation of the Patchawarra Formation completed, with gas flowing at up to 750,000 scfd

- Funds received from institutional entitlement and convertible notes offering, with cash at bank now approximately $300 million

- Fully underwritten $78 million retail entitlement offer completed

Financial

- Net cash on hand of $56.5 million at 31 March 2012

- Significant increase in 1H12 underlying NPAT to $52 million

- Underlying NPAT guidance for 2H12 expected to exceed 1H12

To view the complete Beach Energy Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-187871.pdf



About Beach Energy Limited:

Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.

Contact:

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au

 

Source:

Beach Energy Limited

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