Press Releases

Adelaide, Feb 24, 2010 (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) drilling report for the week ending 24 February, 2010.

Highlights of the week's activities include:

Egypt - North Shadwan Concession - Gulf of Suez

The reservoir interval of the NS377-5 oil field development well (Beach 20%) has been perforated and an Electric Submersible Pump (ESP) is being installed.

Cooper/Eromanga Basin Exploration and Development

Drilling Operations in the Cooper/Eromanga remain suspended following the heavy rainfalls in the basin. Operations will resume as soon as roads in the basin become accessible.

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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)23/02/2010 Kareem Formation
Depth:       2909m (TD)
Operation:   Reservoir interval has been perforated;
             completion operations continue.
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)24/02/2010  multi Permian targets
Depth:       1132m
Operation:   Waiting on weather.
Progress:    0m

( * )  Operator
(s)    Secondary Targets
BPT    Beach Energy Ltd
ORG    Origin Energy Resources Ltd
BP     BP Exploration (Delta)

Contact

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