Press Releases

Adelaide, Feb 3, 2010 (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) drilling report for the week ending 3 February, 2010.

Beach Energy is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.

Highlights of the week's activities include:

Egypt - North Shadwan Concession - Gulf of Suez

The NS 377-5 oil field development well (Beach 20%) is at a depth of 2209m(MD).
9 5/8" casing has been run and the blow-out preventers have been pressure tested in preparation for drilling ahead.

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Well                    Participants
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NS 377-5                BPT     20.00%
Oil Development         BP*     50.00%
North Shadwan           TOE     30.00%
Egypt
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Weekly Progress & Summary               Primary Targets
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Report Time: 0600 hrs(local)02/02/2010  Kareem Formation
Depth:       2209m
Operation:   Preparing to drill ahead
             having installed 9 5/8" casing.
Progress:    198m

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Well                    Participants
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Coonatie-17             BPT     17.14%
PPL 131                 STO*    72.32%
Gas Development         ORG     10.54%
C/E Basin, SA
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Weekly Progress & Summary            Primary Targets
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Report Time: 0600 hrs(CST)03/02/2010 multi Permian targets
Depth:       3104m (TD)
Operation:   Well to be cased and suspended
             as a future multiple zone
             Permian gas producer.
Progress:    716m

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Well                    Participants
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Chi-1                   BPT     30.00%
Total 66                STO*    70.00%
Oil Exploration
C/E Basin, Qld
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Weekly Progress & Summary             Primary Targets
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Report Time: 0600 hrs(CST)03/02/2010  McKinlay Member
Depth:       1521m (TD)               Birkhead/Hutton (s)
                                      Patchawarra Formation (s)
Operation:   Well is plugged and abandoned.
Progress:    0m

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Well                    Participants
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Coonatie-16             BPT     17.14%
PPL131                  STO*    72.32%
Gas Development         ORG     10.54%
C/E Basin, SA
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Weekly Progress & Summary             Primary Targets
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Report Time: 0600 hrs(CST)03/02/2010  multi Permian targets
Depth:       1132m
Operation:   Preparing to run surface casing.
Progress:    1132m

( * )  Operator
(s)    Secondary Targets
BPT    Beach Energy Ltd
ORG    Origin Energy Resources Ltd
BP     BP Exploration (Delta)
TOE    TriOcean Energy
STO    Santos Limited

Contact

Hector Gordon Chief Operating Officer TEL: +61-8-8338-2833 FAX: +61-8-8338-2336 www.beachenergy.com.au