Beach Petroleum Acquires OCA's Stake in ATP 633P

Beach Petroleum has purchased Oil Company of Australia Limited's 50% interest in ATP 633P in South West Queensland. Beach and OCA were joint applicants for Area 1 of the South-West Queensland Land Release and were advised on December 20, 1996 that their joint venture had been selected as the preferred explorer for Area 1. The grant of the Authority to Prospect for Petroleum (No. 633P) has however been subject to the joint venturers participating in a Right-to-Negotiate (RTN) procedure under the Native Title Act (Commonwealth) 1993. As the RTN procedures have not been progressed to a stage where the grant of ATP 633P is imminent and OCA has, in the meantime, divested itself of its remaining oil assets in South West Queensland, the sale of the asset by OCA to Beach, is considered appropriate for OCA.