The Adelaide-based company today said under the capital raising, it had successfully placed about 81 million shares priced at $1.39 each to raise $112.7 million.
Beach also reported a 161% jump in net profit to $43.99 million for the year ended June 30, 2006, up from the prior year’s $16.83 million.
Revenue rose 148% to $158.39 million for the 2005-06 financial year, while oil and gas sales totalled 1.43 million barrels of oil equivalent (MMboe), yielding revenue of $123.99 million.
“Beach Petroleum is in a strong position to post further strong production and profit growth in the current year,” managing director Reg Nelson said.
“The acquisition of Delhi Petroleum delivers Beach an average 21% interest in excess of 20 oil and gas fields,” he said.
“The acquisition complements Beach’s existing Cooper Basin oil and gas reserves and provides significant opportunities and synergies to add value through exploration and production on a number of fronts.”
The Delhi purchase is expected to almost triple the company’s oil and gas reserves from 36MMboe to more than 95MMboe.
“In addition, Beach anticipates commencing full crude oil production from four wells in the Basker/Manta project in Bass Strait next month,” Nelson said.
Beach has assumed Delhi’s $230 million debt and will use some of the funds from the capital raised to redeem the floating interest energy-linked security (FIELDS) notes.
It has also announced a further equity raising by a fully underwritten two-for-seven renounceable rights issue at $1.39 per share to raise a further $247 million.
The company declared a dividend of 1c, unfranked, taking the total for the year to 1.5c.
