Beach Issues Drilling Report

Beach Issues Drilling Report

Beach Energy Limited

Beach Energy Limited on Wednesday issued its drilling report for the month ended 4 May 2011.

Australia

Beach Operated Cooper-Eromanga Oil - Western Flank

During the reporting period two successful wells have been drilled on the Butlers Field.

Butlers-2 was drilled approximately 950m NE of Butlers-1 and intersected 5 meters of oil pay in high quality Namur Sandstone. The well has been cased and suspended.

This success was followed by Butlers-3 which has also been cased and suspended as a Namur Sandstone oil producer. It was drilled to a total depth of 1,365m and intersected 3 meters of oil pay.

Ensign Rig-30 has now been moved to the Parham-1 location and marks the start of the exploration phase of the campaign. There are currently seven approved wells yet to be drilled in the program.

Each of the above wells lie in PEL-92 (Beach 75%).

Beach Operated Cooper-Eromanga Basin Gas - PEL 106FI Block

The Canunda-1 extended production test is continuing. The well is now shut in for an extended pressure build-up, analysis of which will provide insight into reservoir size and shape. A total of 100 MMscf raw gas (including 15 kstb condensate sales) has been produced during the test.

Beach Operated Cooper Basin Shale Gas Exploration - PEL 218

Analyses and evaluation continued on the core and logs recovered from Encounter-1 and Holdfast-1 (Beach 90%). In preparation for the fracture stimulation program in the second half of May the completion work at Holdfast-1 commenced at the end of the month. Holdfast-1 and Encounter-1 are to be completed with 4 1/2" tubing to enable high pressure fracture stimulation of up to eight zones in each of the wells.

Santos Operated Cooper Basin Oil and Gas Development

The Moomba-184 gas development well (Beach 20.21%) has been cased and suspended as a future Toolachee Formation gas producer. The Saxon-183 drilling rig has moved to the Moomba-185 (Beach 20.21%) location and is currently drilling the surface hole.

Beach Operated Geothermal - Paralana Project, Arrowie Basin

The fracture stimulation at Paralana-2 has been delayed due to equipment availability constraints.

INTERNATIONAL

Kuwait Energy Operated Western Desert Oil Exploration - Abu Sennan Concession, Egypt

The ZZ-4 well (Beach 22%) is drilling ahead in the Jurassic Khatatba Formation on May 2. The well is an appraisal well of the Cretaceous GPZZ Oil Field and has been deepened to target hydrocarbon exploration potential in the older Jurassic sequence. Current depth is 4,661m with a prognosed total depth of 4,884m. ZZ-4 is the first in a multi-well drilling program designed to test several play concepts within the Abu Sennan concession.

Beach Energy Limited is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.

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