Oil sales drive Beach's high revenue

BEACH Energy's quarterly revenue is up 59 per cent to a record $270 million on the back of higher oil sales, prices and production.

The central Australian Cooper Basin-based company produced oil at record levels supporting sales volumes of 2.9 million barrels of oil equivalent (mmboe) in the three months to the end of September.

It produced 2.5 mmboe, up 17 per cent on a year earlier.

The company's Western Flank oil and condensate production was driving the oil production and maintaining the company's position as the largest net oil producer in the region, chief executive Reg Nelson said.

Beach realised a 17 per cent higher oil price of $A128.10 a barrel.

Cash reserves at the end of the quarter were up 16 per cent to $402 million along with its $320 million debt facility.

Beach has rejected takeover speculation after it upped its stake in Cooper Basin neighbour Cooper Energy from 9.5 per cent to 18.4 per cent on Monday.

Beach shares were a quarter of a cent lower $1.353 at 1315 AEDT.

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