Beach Acquires Stake in Saintly Block in Australia

Beach Petroleum's subsidiary, Beach Oil and Gas Pty Limited, has reached agreement with Stuart Petroleum Ltd to earn a 33.33% interest in a new block to be created within the PEL 113 area in South Australia, to be called the Saintly Block. In order to earn this interest, Beach will contribute to the cost of drilling, and if necessary, completion of the Saintly-1 Well, due to spud tomorrow.

The Saintly Block is located on the southwestern end of the highly productive Murteree Horst, which has a number of proven oil fields to the northeast. The Block is ideally located to access oil sourced from thick Permian sediments to the north and south of the Horst.

Stuart is Operator of the Saintly-1 Well.