Beach Successfully Completes Sojitz Transaction for BMG

Beach Petroleum Ltd (Beach) announced the successful completion of the Sojitz Corporation transaction under which Sojitz has acquired a 10% interest in the Basker-Manta- Gummy Joint Venture (BMG) in the Bass Strait.

Beach received a cash payment from Sojitz of A$123 million on 24 April 2008. The transaction remains subject to approval of the regulatory authority.

The new participant in the BMG Joint Venture will be Sojitz Energy Australia Pty Ltd, a wholly owned subsidiary of Sojitz. Beach retains a 30% participating interest in the Joint Venture.

The participants in the Basker-Manta Joint Venture are:

Anzon Australia Limited 40% (Operator)

Beach Petroleum Limited 30%

CIECO Exploration and Production (Australia) Pty Ltd 20%

Sojitz Energy Australia Pty Ltd 10%