Drillsearch Energy Limited

Beach Energy Limited (ASX:BPT) advises that four oil discoveries, consisting of three in PEL 91 (Beach 40% and operator, Drillsearch Energy Limited 60%) and one in PEL 92 (Beach 75% and operator and Cooper Energy Limited 25%), as well as a further development well interesection in the Bauer oil field in PEL 91, have recently been achieved.

Beach Energy Ltd (ASX:BPT) and Drillsearch Energy Ltd (ASX:DLS), its joint venture partner in PEL 106B (Beach 50% and operator, Drillsearch 50%), have entered into a new gas sales agreement (GSA) with the South Australian Cooper Basin Joint Venture ("SACB JV") (Beach 20.21%) relating to the production of gas and gas liquids.

Presenting to investors in Sydney on February 4th, 2013, Bounty Oil and Gas (ASX:BUY) CEO Mr. Philip Kelso outlined the company's strategy and current projects as well as an overview of global oil demand.

Drillsearch Energy Limited (ASX:DLS) announced further success as the Western Flank Oil Field Development Program continues, with the completion of the Bauer-6 development well which is being cased and suspended as a future oil producer. The PEL 91 Joint Venture consists of Drillsearch 60% and Beach Energy as Operator 40%.

Beach Energy Limited (ASX:BPT) has been informed by Santos (ASX:STO), the operator of the Tantanna to Moomba oil pipeline, that Santos plans to permanently shut down the Tantanna to Gidgealpa oil pipeline on 1 June 2012. The new Lycium Hub to Moomba trunkline, which will replace the Tantanna pipeline and have an increased capacity of 15,000 bopd, is expected to be operational in Q4 2012

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has produced first gas from the PEL106B Joint Venture's Middleton gas production facility. Gas is now flowing to the Moonanga Tie-In Point, at which point the Raw Gas is sold to the South Australian Cooper Basin Joint Venture (Santos (ASX:STO) 66.60%, Delhi Petroleum 20.21% and Origin Energy (ASX:ORG) 13.19%) under a Gas Sale Agreement for the sale of a minimum 3 Billion Cubic Feet of Raw Gas. Initial production rate after ramp up is expected to be 25 MMscf/d comprising about 15 TJ/d sales gas, and 1250 bbls per day of LPG and condensate.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises that following mapping work undertaken on the Bauer Field in PEL 91 (Beach - 40% and Operator, Drillsearch Ltd (ASX:DLS)- 60%), Beach anticipates the field has the potential to deliver mean recoverable reserves of around 3.5 million barrels (MMbbl) (gross), up from the initial estimate of 2.0MMbbl (gross).

Drillsearch Energy Ltd (ASX:DLS) (PINK:DRLLF) is pleased to provide this drilling update for the Searcy-1 oil exploration well and the expansion of the PEL 91 Joint Venture drilling program. Drillsearch holds a 60% interest in the PEL 91 Joint Venture while Beach Energy Limited (ASX:BPT) (PINK:BEPTF) as Operator of the joint venture holds 40%.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) is pleased to announce that following its fourth success in the Western Flank Oil Fairway drilling program with the discovery of oil at Bauer-1 that Searcy-1, the fifth well in the five well program spudded at 20:45hrs, Wednesday 10 August 2011. Drillsearch holds a 60% interest in PEL 91 while Beach Energy Limited (ASX:BPT) (PINK:BEPTF) as operator holds 40%. To date, Drillsearch has drilled four new oil discoveries on the first four oil exploration wells - Hanson-1, Snellings-1, Arno-1 and Bauer-1 as part of the 5-well Western Flank Oil exploration program.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) is pleased to announce its fourth consecutive new field oil discovery in the Western Flank Oil Fairway has been made at Bauer-1, the fourth well in a five well exploration drilling campaign in PEL 91. The PEL 91 Joint Venture is Drillsearch 60% and Beach Energy Limited (ASX:BPT) (PINK:BEPTF) 40% as operator.