Net profit soared 105% from $9.9 million to a record high of $20.5 million, on the back of a 55% hike in revenue from $41.2 million to $63.7 million in this period.

This record revenue was boosted by increased production and record oil prices, said Beach.

Meanwhile, annual dividend increased to 1.5 cents a share, with the company declaring a steady 0.5 cents per share final dividend on the ordinary shares to be paid to shareholders on 28 October.

Beach said the results followed significant growth initiatives announced at the beginning of this financial year, including the company’s 37.5% stake in the A$39 million Basker Manta Gummy (BMG) oil and gas fields in the Gippsland Basin, with the option to acquire a further 12.5%.

Beach also announced yesterday that it would invest A$35 million in Queensland’s coalbed methane sector, by funding the first development stage of Arrow Energy’s Tipton West project in the Stuart Basin.

This farm-in would add 49.6 PJ of Proved and Probable undeveloped gas reserves – 8.6 million barrels of oil equivalent – to Beach’s reserves, which were at 10.8 million barrels of oil at the end of last financial year. This figure was increased by 2.9 million barrels following the further 12.5% acquisition in the BMG project.

Beach Petroleum chairman, Bob Kennedy, said the company was in its strongest growth position during its 43-year history at the start of this financial year.

“The Beach story is one of steady-as-she-goes growth,” said Kennedy.

“We do not intend moving outside that successful formula, as it has delivered in the space of a few small years, a mid-tier company with a market cap now in excess of $370 million.”

He said the BMG – Beach’s first move into offshore production – would become the immediate focus, with drilling of the first well completed this week. Basker-2 is expected to be connected to production facilities next month for an extended production test.