Beach Energy Limited Stock Market Press Releases and Company Profile

Adelaide, Jan 22, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announce the drilling report for the week ending ending 21 January, 2009 are attached. Highlights of the week's activities include:

Beach Petroleum Operated Cooper / Eromanga Exploration

Gunyah-1 has been plugged and abandoned after wireline logs confirmed the absence of hydrocarbons in the well.

The Ensign 30 rig has been moved to the Perlubie-1 drill site, 1.3km south of the Gunyah-1 location and 2.6km south of the Parsons-2 oil well. Perlubie-1 spudded on 21 January and is currently drilling ahead at a depth of 107 metres in surface hole. The well is targeting a mean success volume of 520 kbbls of oil. It is the fourth well of a four well, Beach operated back-to-back drill program in PEL 92 / PPL 220 that commenced with the drilling of the Callawonga-5 and Callawonga-6 oil field development wells. Interests in the four well program are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).

Cooper/Eromanga Oil Exploration and Development - Santos Operated

In areas operated by Santos, two wells are in progress (Jackson-58, Beach 38.50% and Bindah-3, Beach 20.21%).

Beach Operated Offshore Australia Program - SE Australia

Fermat-1 has been plugged and abandoned and the rig released on 18 January. It has been decided that a jack-up rig is unsuitable for the drilling of Spikey Beach-1 and the West Triton rig has been demobilised and will be returned to Singapore. Alternate options for drilling the Spikey Beach Prospect are being assessed by the Joint Venture.

Egypt - South East July Concession - Gulf of Suez

South July-1, targeting oil in the Lower Rudeis and Nubia Formations, is drilling ahead at a depth of 2670 metres in the Belayim Formation. It is expected that the well will take approximately another six weeks to reach its planned total depth of 3970 metres. Interests in South July-1 are Beach Petroleum (Egypt) Pty Limited, 20%, Santos Egypt Pty Ltd, 40% and Dana Petroleum (E&P) Limited, 40%.
------------------------------------Well                    Participants------------------------------------ Perlubie-1              BPT*    75.00%  PEL 92                  COE     25.00%  Oil Exploration                         C/E Basin, SA                           ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 (CST) 21/01/2009           Namur Sandstone Depth:          107m                            Poolowanna (s)Operation:      Drilling ahead in surface hole. Birk/Hutt (s)Progress:       107m                    ------------------------------------Well                    Participants------------------------------------ Gunyah-1                BPT*    75.00%  PEL 92                  COE     25.00%  Oil Exploration                               C/E Basin, SA                           ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 21/01/2009       Namur SstDepth:          2048m (TD)                      Operation:      Well has been plugged and abandoned.              Progress:       43m                     ------------------------------------Well                    Participants------------------------------------ South July-1            BPT     20.00%  SE July Concession      STO*    40.00%  Oil Exploration Well    DNX     40.00%  Gulf of Suez, Egypt                     ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600hrs (Egypt) 20/01/2009      Rudeis Fm Depth:          2670m                           Nubia SstOperation:      Drilling 16" directional hole.                  Progress:       254m                    ------------------------------------Well                    Participants------------------------------------ Jackson-58              BPT     38.50%  PL 21                   STO*    55.50%  Oil Appraisal           IOR     2.00%         C/E Basin, Qld          DLS     2.00%                           AGF     2.00%                         ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (AEST) 21/01/2009      Hutton Sst     Depth:          1518m (TD)                      Westbourne Fm (s)Operation:      Circulating at TD prior to running logs.      Progress:       1518m                   ------------------------------------Well                    Participants------------------------------------ Bindah-3                BPT     20.21%  PPL 124                 STO*    66.60%  Oil/Gas Development     ORG     13.19%  C/E Basin, SA                           ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (AEST) 21/01/2009      Tirrawarra Sst Depth:          920m                            Patchawarra FmOperation:      Cementing surface casing.                       Progress:       920m                    ------------------------------------Well                    Participants------------------------------------ Tirrawarra-77           BPT     20.21%  PPL20                   STO*    66.60%  Gas Development         ORG     13.19%   C/E Basin, SA                           ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 21/012009        Patchawarra FmDepth:          2993m                           Tirrawarra SstOperation:      Pulling out of hole with second core.       Progress:       893m                    --------------------------------COAL SEAM GAS PROJECTS          Location            Participants--------------------------------            PL 198                  BPT     40%         Coal Seam Develop't     AOE*    60%                             Surat  Basin, QLD                                               --------------------------------------------------------------------Well         Depth       Operation: 0600hrs (EST) 21st January 2009--------------------------------------------------------------------Tipton- 146     567m (TD)       Running production liner.            
* Operator
(s) Secondary Targets
COE Cooper Energy Resources
MIT Mitsui E&P Australia
AOE Arrow Energy NL
DNX Dana Petroleum (E&P) Limited
ORG Origin Energy Resources LTD
BPT Beach Petroleum Ltd
EPR Essential Petroleum Resources Ltd
STO Santos Limited

Contact

Reg Nelson
Beach Petroleum
08 8338 2833

Mark Lindh
Adelaide Equity
0414 551 361

Ian Howarth
Farrington National
03 9223 2455



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