Beach Petroleum Expands Cooper Basin Acreage

Beach and Great Artesian Oil and Gas Limited have entered into an agreement with respect to a farmin to a portion of exploration tenement PEL 106 in the South Australian Cooper Basin.

Under the terms of the agreement Beach will acquire 150 km of seismic within a farmout block in the southwest portion of PEL 106 in order to earn, via subsequent exploration drilling, a 50% interest in any hydrocarbon pool discovered. The farmout block lies 50 km west of Moomba and is adjacent to Santos' PPL 150, over the Raven gas field. The Raven Field was discovered in 1999 and has produced in excess of 15 BCF of raw gas since that time. The primary focus of Beach's farmin program will be to determine the presence of traps analogous to Raven within the farmout block and complement Beach's and Great Artesian's joint exploration activities in the adjacent tenements, PELs 91 and 107.