The revenue figure was built on sales for the latest half of 4.5 million barrels of oil equivalent.

Revenue in the December quarter was also higher, increasing by 9% to reach $A129.8 million.

This was generated by crude oil sales at an average price for the quarter of $A110.77 per barrel (before any hedging adjustments) and combined oil and gas sales that realised an average price of A$62.62 per barrel of oil equivalent, a rise of 27% over the previous quarter.

Further contributions to the enhanced performance were a 32% lift in oil output for the December period compared to the September 2007 quarter, due to improved production from Beach’s Cooper Basin fields and the restarting of full production from the Basker Manta project in Bass Strait, where mooring system failures had reduced output.

Managing director Reg Nelson said while the December quarter was very good for the company, with full production restored at the Basker Manta, Beach was expecting an even stronger performance for the rest of the financial year.

“Despite the recent share market volatility, the outlook for oil prices remains strong,” he said.

“Beach’s highly successful exploration and appraisal program, particularly in the Cooper Basin region, provides a strong base from which the company can grow.

“We are looking forward to continuing the high rates of drilling the company has planned and remain confident of continued success.”

The company’s Cooper Basin projects are proceeding well. A successful appraisal program at the Callawonga field and the discovery of the Parsons field are expected to add 2.4 million barrels to Beach’s proven and probable (2P) reserves.

In addition, Beach also recorded better than expected exploration results from its portion of the Cooper Oil Project.

Installation of an oil field pipeline from the Callawonga field to the head of the Moomba-Tantanna pipeline was completed in December and the pipeline will be commissioned by mid March.

The pipeline will be able to transport oil at up to 5000 barrels of oil per day from the Christies, Callawonga and Parsons oilfields in the PEL 92 permit, held in partnership with Cooper Energy (Beach 75%).