Beach Ready to Kick Off Cooper Basin Drilling Program in October

Cooper Basin Permit Locations
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Beach Petroleum has contracted the Ensign 30 rig for a minimum five well Cooper Basin drilling program that is scheduled to commence on October 8, 2008.

Beach will fully fund and operate the Brownlow-1 and Canunda-1 exploration wells in PEL 106 as part of a farm-in agreement with Drillsearch Energy Limited that will earn Beach a 50% interest in the Beach Farm-in Block of PEL 106. Both wells will target gas/condensate reserves in Patchawarra Formation sands analogous to the Raven and Middleton fields.

Following these wells, two near-field exploration prospects, Gunyah-1 and Perlubie-1, will be drilled in the prolific PEL 92 permit (Beach 75%). These locations lie immediately to the south of the now-producing Parsons Oil Field and will target Jurassic oil objectives. Additional drilling opportunities for the program are being examined.


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