Adelaide, June 27, 2008 (ABN Newswire) - On 30 May 2008, Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announced that it had entered into an agreement with Tri-Ocean Energy Company under which Beach will acquire a 20% interest in the North Shadwan Concession, located in the Gulf of Suez at a cost of US$110 million.

Beach is pleased to report a waiver of pre-emptive rights has been received from BP. The transaction is still subject to the approval of the Government of the Arab Republic of Egypt and the waiver of pre-emptive rights by the Egyptian General Petroleum Corporation.

The concession contains three undeveloped oil discoveries with Proved and Probable recoverable reserves of approximately 40 million barrels. Several attractive oil exploration prospects are also identified.

Further information on the concession will be provided in the event that the transaction is completed.

If completed, this acquisition will complement the farmins to the South East July and North Qarun concessions announced on 22 May 2008. North Shadwan represents a further step in building Beach's portfolio in Egypt as part of an overall material expansion of its suite of exploration and production assets.

About Tri-Ocean Energy

Tri-Ocean Energy is the region's first vertically integrated private energy company. It is a diversified energy company with target investments in exploration and production, shipping and other select businesses.

Tri-Ocean Energy is majority owned by the Egypt Kuwait Holding Company (CAI:EKHO) www.ekholding.com one of the key investment arms of the Kuwaiti Al-Kharafi group operating in Egypt. EKH www.ekholding.com owns 73% of Tri-Ocean Energy, another Kuwaiti affiliate of EKH owns 10% stake and the commercial international bank (CIB) owns 14% Al-Kharafi Group has direct investments in Egypt in excess of US$5 Billion and has been operating in Egypt for more than 30 years.