Beach Begins 2004 Drilling Program with Goolwa-1 Well

Beach Petroleum has commenced its 2004 drilling program by spudding the Goolwa-1 exploration well in PEL 107. The well has reached a depth of 352 meters and is drilling ahead.

This is the first well in a program of up to 13 wells being drilled and operated by Beach in the Cooper/Eromanga Basin in Australia during 2004.

Goolwa-1 is located approximately 45km west of Moomba and about 30 km southwest of the Sellicks-1 and Christies-1 in the adjacent permit (PEL 92). The well is also located about 10 km east northeast of the Lake Hope Oil Fields and 10km south of the Raven gas field.

The primary target of the well is the Patchawarra Formation, which is expected to be intersected early next week. The well will take approximately 14 days to reach the planned total depth of 2,800 meters.

Participants in the PEL 107 Joint venture are Beach Petroleum Ltd as operator with 40% and Great Artesian Oil & Gas with 60%.