Beach Energy Updates on Egyptian Drilling Ops

Beach Energy reported that the Nafta-1 rig has been released from the NS377-5 oil field development well location in the North Shadwan Concession, located in Egypt's Gulf of Suez. Beach holds a 20% stake in the concession.

The ESP has been successfully commissioned and the well was pumped to clean up for approximately two hours at a steady rate of 2500 bfpd. The well results increase the confidence that an initial combined rate in excess of 3,000 bopd can be achieved when the NS377-3 and NS377-5 wells are brought on line later this year.