Beach Energy Limited Stock Market Press Releases and Company Profile
Beach Energy Limited (ASX:BPT) International Exploration Update
Beach Energy Limited (ASX:BPT) International Exploration Update

Perth, Sep 13, 2010 AEST (ABN Newswire) - Beach Energy Limited (googlechartASX:BPT) (googlechartPINK:BEPTF) updates on international exploration activities.

TANZANIA

Exploration commences in the Lake Tanganyika South Concession

Beach Petroleum (Tanzania) Limited (Beach), a wholly owned subsidiary of Beach Energy Limited, is pleased to announce the commencement of exploration activities at its Lake Tanganyika South Concession in Tanzania.

Fugro Airborne Surveys Pty Ltd, a member of the worldwide Fugro group of companies, has been contracted to conduct the high resolution aeromagnetic and airborne gravity gradiometry surveys over the concession. The surveys commenced on Thursday 9th September and are expected to take up to three months to complete.

Interpretation of the processed airborne data will assist with assessment of the concession prospectivity and provide an excellent base for programming further exploration work, including regional and detailed seismic acquisition.

The concession is considered highly prospective for oil and Beach's exploration program will target plays analogous to those which are yielding significant oil exploration success further along the Rift system in Uganda. Natural oil seeps evident on the surface of Lake Tanganyika, which have been sampled and analysed by Beach, indicate a working petroleum system is present in the sedimentary section of the Rift beneath the lake. The early commencement of operations in the concession, approximately two months after concession award, is indicative of Beach's view on the high prospectivity of the area.

EGYPT

Joint Venture Parties waive pre-emption rights on Mesaha and Abu Sennan Concessions

As announced in August, Beach Petroleum (Egypt) Pty Ltd (Beach), a wholly owned subsidiary of Beach Energy Limited, executed Sale and Purchase Agreements with Kuwait Energy Company (KEC) through which Beach will, subject to Egyptian Regulatory Authority approval and endorsement, acquire equity in two highly prospective onshore Egypt concessions; a 22% interest in the Abu Sennan Concession in the Western Desert and a 15% interest in the Mesaha Area Concession in southern Egypt.

Beach is pleased to announce that all required pre-emption waivers with respect to the Mesaha Concession have been received from Joint Venture Parties and GANOPE, the Government Regulatory Authority for exploration activities in southern Egypt. Beach and KEC will now complete the required transaction documentation and seek regulatory approval for transfer to Beach of the 15% interest in this concession.

A waiver from Dover Investments Limited for the Abu Sennan transaction has also been received and KEC is awaiting advice from EGPC, the Government Regulatory Authority for Western Desert concessions, with respect to the final waiver required for proceeding with the transaction.

Following completion of the acquisitions, subject to approvals by the Egyptian regulatory authorities and EGPC waiver of pre-emption rights for the Abu Sennan Concession, participants in the tenements will be:
Abu Sennan --------------------------------------------Company                               Equity--------------------------------------------Beach Petroleum (Egypt) Pty Ltd        22%Kuwait Energy Egypt Ltd (Op)           50%Dover Investments Limited              28%--------------------------------------------Mesaha --------------------------------------------Company                               Equity--------------------------------------------Beach Petroleum (Egypt) Pty Ltd        15%KEC (Egypt) Limited                    15%Melrose Egypt Mesaha Limited (Op)      40%Hellenic Petroleum SA                  30%--------------------------------------------
For the complete Beach Energy announcement including figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63701-ASX-BPT-179479.pdf

Contact

Reg Nelson / Neil Gibbins
Corporate
Beach Energy Limited
Tel: +61-8-8338-2833

Steve Masters / Nicola Frazer
Investor Relations
Beach Energy Limited
Tel: +61-8-8338-2833

http://www.beachenergy.com.au



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