Beach Energy Limited (ASX:BPT) Weekly Drilling Report Week Ending 3 March 2010

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) drilling report for the week ending 3 March, 2010. Highlights of the week's activities include:

Egypt - North Shadwan Concession - Gulf of Suez

The Nafta-1 rig has been released from the NS377-5 oil field development well location. The ESP has been successfully commissioned and the well was pumped to clean up for approximately two hours at a steady rate of 2500 bfpd. The well results increase the confidence that an initial combined rate in excess of 3,000 bopd can be achieved when the NS377-3 and NS377-5 wells are brought on line later this year (Beach 20%).

Arrowie Basin (South Australia) - Paralana-2 Geothermal Well

Temperature measurements have been undertaken at the Paralana-2 geothermal well. The temperature measured at 3,674 metres using a maximum recording thermometer is 1760C, which exceeds the minimum temperature of 1700C targeted for the development of the Paralana resource (Beach earning 21%).

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
--------------------------------------
NS 377-5                BPT     20.00%
Oil Development         BP*     50.00%
North Shadwan           TOE     30.00%
Egypt
--------------------------------------------------------------
Weekly Progress & Summary              Primary Targets
--------------------------------------------------------------
Report Time: 0600 hrs(local)2/03/2010  Kareem Formation
Depth:       2909m (TD)
Operation:   Rig has been released following the successful
             commissioning of Electric Submersible Pump (ESP).
Progress:    0m

--------------------------------------
Well                    Participants
--------------------------------------
Coonatie-16             BPT     17.14%
PPL 131                 STO*    72.32%
Gas Development         ORG     10.54%
C/E Basin, SA
-----------------------------------------------------------
Weekly Progress & Summary             Primary Targets
-----------------------------------------------------------
Report Time: 0600 hrs(CST)3/03/2010   multi Permian targets
Depth:       1132m
Operation:   Waiting on weather.
Progress:    0m

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

About Beach Energy Limited

Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.

 

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