Adelaide, June 6, 2008 (ABN Newswire) - Beach Petroleum (ASX:BPT)(PINK:BEPTF) has completed a placement of shares to institutional and sophisticated investors, raising A$191 million.

The institutional placement, which was well oversubscribed closed yesterday for domestic investors and closed this morning for international investors, resulting in a total of 133,637,474 shares being placed at A$1.43 per share.

Managing Director, Mr Reg Nelson said today that: "The response to this capital raising was most enthusiastic and has further underlined the respect and support Beach is attracting in the market place."

Beach shares will recommence trading today, Friday 6 June 2008.

Joint Lead Managers to the placement were ABN AMRO Equity Capital Markets Australia Limited and Euroz Securities Limited.

Beach is being advised by Adelaide Equity Partners Limited.

Share purchase plan ("SPP") and bonus options issue

Beach will now progress the second stage of its capital raising by giving eligible Australian and New Zealand shareholders the opportunity to subscribe for up to A$5,000 worth of shares through a non-underwritten SPP. Pricing of the SPP will be the same as the pricing of the placement.

Eligible shareholders, who are registered holders at record date on Monday 16 June 2008, will be given the opportunity to subscribe for up to A$5,000 in Beach shares.

In addition, eligible shareholders who are registered holders at record date on Thursday 31 July 2008 will also be entitled to participate in a 1 for 10 listed bonus options issue, with an exercise price of A$2.00 per share and expiry date of 30 June 2010.

Further details regarding the SPP and the bonus options issue will be announced in the coming week.