Beach Energy Limited
(ASX:BPT) has reported a 12 per cent dip in quarterly revenue on lower oil volume and the falling oil price.
Revenue sagged to $232.9 million despite a 2 per cent lift in sales volumes. Average realised oil price was $114 per barrel compared to $123 per barrel the previous quarter.
Production lifted 3 per cent on the prior quarter with new oil discoveries and 37 wells completed at a success rate of 81 per cent.
Acquisition of a 20 per cent interest in the 3D Oil stake in the Otway basin is complete with a 45 per cent farm-in agreement with DrillSearch in the Cooper Basin now slated to take place in two stages.
Beach Energy reported a net profit of $102 million for the 2014 financial year.
