Beach Energy Limited (ASX:BPT) Weekly Drilling Report Ending 23 June 2010

Adelaide, June 23, 2010 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) announces weekly drilling report for the week ending 23 June 2010. Highlights of the week's activities include:

Beach Operated Shale Gas Exploration - PEL 218, Cooper Basin

Drilling of a two well exploration program targeting Shale Gas potential within the South Australian portion of the Nappamerri Trough, is now expected to commence in mid to late August with Encounter-1. Weather conditions in Thailand have hindered completion of maintenance work on some of the Ensign 16 rig components and their subsequent shipment to Australia, causing the delay.

Holdfast-1, earlier planned to spud in mid July as the first well in the program, will now follow Encounter-1 due to ease of access following Cooper Basin flooding (Beach - Operator, 90%, Adelaide Energy (ASX:ADE) 10%).

Cooper/Eromanga Oil Development - Santos (ASX:STO) Operated

The Inca-1 oil exploration well (Beach 30%) is drilling ahead at a depth of 1,766 metres in the Hutton Sandstone. The well is being control drilled to an estimated total depth of 1,870 metres.

Non-operated Oil Appraisal, South Antelope Prospect, Williston Basin - U.S.A.

The Henderson 4-25H oil appraisal well is at a depth of 4341 metres (MD), drilling horizontal section in the target Three Forks Formation towards a prognosed TD of 4872m MD. Casing was installed at 3410 metres MD prior to commencing horizontal drilling. Wellsite shows within the Three Forks Formation are encouraging (Beach [USA] Inc 23.15% contributing interest).

Beach Energy Limited Change to Frequency of Drilling Reporting to ASX

Beach now intends reporting on its routine drilling activities on a monthly rather than a weekly basis, with future reports being made during the first week of each month. To meet its Listing Rule obligations, Beach will continue to make immediate disclosure to ASX of material issues, as required.

( * )    Operator(s)      Secondary TargetsBPT      Beach Energy LtdSTO      Santos LimitedBPT (1)  Beach Energy U.S.A Inc.SEA      SundaceHelis    Helis Oil & Gas Company L.LCORG      Origin Energy Resources Ltd1.--------------------------------------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) 23/06/2010  Callawonga, Toolachee,Depth:       2524.0m                    Epsilon, PatchawarraOperation:   Drilling ahead in the      Tirrawarra             Nappamerri Group.       Progress:    1394.0m--------------------------------------------------------------2.--------------------------------------Well                    Participants--------------------------------------Coonatie-17             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) 23/06/2010  Callawonga, Toolachee,Depth:       3105.0m (TD)               Epsilon, PatchawarraOperation:   Well is being cased and    Tirrawarra             suspended as a future              multi-interval Permian              gas producer.      Progress:    0m--------------------------------------------------------------3.--------------------------------------Well                    Participants--------------------------------------Inca-1                  BPT     30.00%ATP259P                 STO*    70.00%Oil NFE         C/E Basin, QLD------------------------------------------------------------------------------------------------------Weekly Progress & Summary               Primary Targets----------------------------------------------------------------Report Time: 0600 hrs (CST) 23/06/2010  Mid-Namur SandstoneDepth:       1766.0m                    Birkhead Fm / Hutton SstOperation:   Drilling ahead in the              Hutton Sandstone.        Progress:    1677.0m----------------------------------------------------------------4.-------------------------------------------------------Well                     Participants-------------------------------------------------------Henderson 4-25H          BPT (1)                 23.15%Williston Basin, North   SEA                     24.02%Dakota, USA              Helis* plus 7 others    52.83%Oil Appraisal            ----------------------------------------------------------------------------------------------------------------------Weekly Progress & Summary                  Primary Targets---------------------------------------------------------------Report Time: 0600 hrs (local) 22/06/2010  Three Forks FormationDepth:       4341.0m MD                   Bakken FormationOperation:   Drilling lateral section in              Three Forks Formation.        Progress:    2551.0m---------------------------------------------------------------

For the complete Beach Energy announcement including Well Location Map, please view the following link:

http://www.abnnewswire.net/media/en/docs/63156-ASX-BPT-178558.pdf

Contact

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