The company reported a record net profit of $7.95 million for the year ended 30 June, 2003 compared to $2.86 million in the previous financial year, $2.81 million in 2000-01 and a $667,000 loss in 1999-2000.

Other highlights of the results included a 136% rise in revenue to $36.2 million,? much stronger operating cash flows, up 324% to $17.1 million and low gearing (debt to debt plus equity) of 2.1%.

"The company commenced the year with a record flow of oil at Sellicks-1 in the South Australian Cooper Basin and concluded by reporting a year of dramatic growth, with sales revenue more than twice the previous year's result," said Beach Petroleum's chairman, Robert Kennedy.

"The growth of activities within Beach in the 12 months to 30 June has been equally impressive," Kennedy said.

"It includes taking over as operator and full owner of the Bodalla Block oilfields in southwest Queensland, an extensive seismic and drilling exploration program in the Cooper/Eromanga Basin, three new oil discoveries and bringing two new fields into production.

The company spent $15 million in 2002-2003 on exploration and development activities. Most recently spudding the exploration well, Brighton-1 in PEL 92 - its fourth in the current eight well wildcat program in the Cooper-Eromanga Basin.