Beach Energy Limited
(ASX:BPT) has rebounded to profitability as it reported its annual results.
The oil and gas producer swung to a net profit of $164 million after it booked a net loss of $97.5 million the year before.
The positive result was boosted by its sales revenue which rose 24 per cent over the year.
Beach says it will invest $200 million to advance its Cooper Basin assets.
Managing Director Reg Nelson says, crude oil production from the Western flank of the Cooper Basin is expected to reach about 10,000 barrels a day by the end of 2013.
