Perth, Aug 6, 2008 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is pleased to announce a major upgrade for its Surat Basin Coal Seam Gas ("CSG") reserves, following advice from Arrow Energy Limited ("Arrow"), the Operator of the relevant tenements.
The Company has received a certification report prepared by independent consultants, Netherland, Sewell and Associates, Inc. ("NSAI").
The table below summarises this advice in respect of the current gross and net reserves position within Beach's tenements. Notably, Beach's net Proved and Probable (2P) reserves have increased more than sixfold from 69 PJ (12 million barrels of oil equivalent or mmboe) as at June 2007 to 443 PJ (76 mmboe) as at 30 June 2008.
------------------------------------------------- Beach net reserves in PJ (MMBoe) 1P 2P 3P-------------------------------------------------June 2007 10 (2) 69 (12) 906 (156)December 2007 65 (11) 116 (20) 925 (159)June 2008 * 94 (16) 443 (76) 831 (143)-------------------------------------------------(* Adjusted for approximately 8 PJ of gas produced to date).
The relevant properties are located within Authority to Prospect (ATP) 683P and in Petroleum Lease (PL) 198 in the Surat Basin of Queensland. ATP 683P contains Petroleum Lease Applications (PLAs) 238, 258 and 260. The properties are owned 100% by the Tipton West Joint Venture (TWJV). Beach holds a 40% interest in the TWJV, which is operated by Arrow (60%).
A preliminary agreement was announced in June this year by Arrow which includes a proposed acquisition by Shell Exploration Company BV of 30% of the interest held by Arrow Energy in all of its Australian upstream tenements, including those Surat Basin tenements where Beach and Arrow are in joint venture.
Contact
Reg Nelson
Beach Petroleum
TEL: +61-8-8338-2833
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