The IRL fraud against its Adelaide-based associate, involving the grossly inflated sale of United States oil and gas assets, culminated in a $44.5 million Federal Court damages award in 1993.
The announcement of the dividend payout came as Beach was reporting it full year results in which Beach Chairman Robert Kennedy said the company had re-established itself as an "efficient, cost-effective" oil and gas producer.
Mr Kennedy said Beach recorded a 49 per cent increase in revenue to $15.3 million - due primarily to increase ownership of its Bodalla Block in Queensland as well as bringing its new Otway Basin gas fields on stream in May.
He added Beach recorded an eightfold increase in cashflow from around $500,000 to $4 million, a near doubling in net asset growth to around $48 million and marginally higher net profit of $2.86 million.
Mr Kennedy said significant headway was made in implementing the company's strategies in its three key onshore Australian petroleum provinces; Cooper Basin (SA), Otway Basin (Vic) and Eromanga (Qld).
With production from the Acrasia oil discovery in the Cooper Basin just beginning, and the Sellicks discovery due to come on-stream in November, the company was placed for revenue and profit growth, Mr Kennedy said.
