Beach Petroleum Limited (ASX:BPT) Propose Name Change To Reflect Modern Menu Of Energy Solutions

Adelaide, Nov 25, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is proposing to change its name to more accurately include its emerging role in low-emissions energy technologies and solutions, in addition to its mainstream oil and gas production in Australia's hydrocarbon provinces.

A proposal to change the Company's name to Beach Energy Limited will be submitted to shareholders for approval at the Company's Annual General Meeting in Adelaide tomorrow, Thursday November 26th.

"Beach's growth will depend on recognising opportunities in a competitive world where energy demand will continue to increase, with major changes to the whole way energy will be used in the future, particularly in the immediate decades ahead," Beach's Chairman, Mr Robert Kennedy, said today.

"However, the world simply cannot shift to new energy technologies overnight," Mr Kennedy said.

"Fossil fuels, according to the International Energy Agency, will still account for 80% of the global energy mix by 2030," he said.

"With that prospect in mind, Beach is in a very strong position because of its large and diverse portfolio of projects and solid revenue base, to support Australia's evolution into a global clean energy pioneer, in direct response to the growing demands of a more enlightened consumer base keen to see more efficient forms of energy with ever decreasing greenhouse gas emissions.

"Beach's view is that in a world of energy market volatility, the time is ripe for long-term strategic thinking and careful analysis of energy fundamentals to best position the company for the future.

"One such abiding fundamental will continue to be that of affordable and low pollutant energy in its many forms.

"For that reason, we propose to change the company's name to 'Beach Energy' to reflect not so much a change of direction, but a new world of opportunities."

Beach has in recent years diversified from its original focus on oil and gas production to embrace a broader portfolio of modern, clean energy technologies and projects, including unconventional gas, carbon geosequestration, geothermal energy and shale gas.

The drive into unconventional gas and other emerging opportunities is in addition to Beach's extensive suite of oil and gas projects spanning Australasia, parts of Africa and Europe.

The Company was also a first mover in recent years into coal seam gas in Queensland.

"The coal seam gas investment was at a time the market viewed the CSG industry with scepticism - but the asset was realised this year at hundreds of millions of dollars above our original investment," Mr Kennedy said.

"We want to take that same foresight and value-add that we achieved with coal seam gas, into an increasingly wider energy pool."

Contact

Reg Nelson Managing Director, FAusIMM TEL: +61-8-8338-2833