Beach Hits Oil Pay at Parsons-5

- Beach Hits Oil Pay at Parsons-5

Thursday, June 30, 2011
Beach Energy Ltd.

Beach Energy Ltd. announced Thursday that it has successfully encountered a six-meter oil column at the Parsons-5 development well in the Cooper Basin Western Flank.

Beach had its fifth success in its PEL 92 drilling program with two wells remaining to be drilled. The Parsons-5 well, located 1.3km south of the Parsons-1 discovery well, encountered a six meter oil column.

The Parsons-5 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations. The confirmed updip position with respect to Parsons-2 will result in an upgrade of recoverable oil reserves from the Parsons Field.

Beach will announce a firmer reserve assessment as appropriate data becomes available, but preliminary work suggests that well results from the current drilling program, plus continued strong production performance, will result in an reserve increase in excess of 800,000 barrels for the Parsons Field.

Parsons-5 is expected to be tied in during the second half of the year through the Parsons oil facility. Oil from the Parsons Field is transported from the Western Flank by flowline to Tantanna, from where it is currently trucked to Moomba, and hence not impacted by any flooding in the area.

The next well to be drilled in the PEL 92 program will be the Wheatons-1 exploration well, which is located about 10km to the north of the Parsons Field. Participants in PEL 92 are:

• Beach (Operator) 75%
• Cooper Energy Limited 25%

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Drilling Started at Cooper's Parsons-5 Well

- Drilling Started at Cooper's Parsons-5 Well

Monday, June 27, 2011
Cooper Energy Ltd.

Cooper announced that the Parsons-5 appraisal/development well in PEL92 spudded at 3:00 am Friday, June 24, 2011. PEL92 lies in the north of South Australia on the western margin of the Cooper Basin. The current operation is drilling the surface hole.

Parsons-5 is targeting the Namur oil reservoir and is to be located 2.1 km to the north of the Perlubie-1 and 1.1 km to the south of Parsons-4 discovery wells. The well will be drilled to a total depth of about 1,358 meters and is expected to take approximately 8 days to drill and complete.

The Parsons South oil field is currently producing about 50 barrels of oil per day from the Parsons-2 discovery well in the Namur reservoir. Parsons-5 will be drilled at the crest of the mapped structure of the field. The well is expected to more efficiently develop the field and accelerate production.

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