Beach Energy Limited Stock Market Press Releases and Company Profile

Adelaide, Dec 18, 2008 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announce the drilling report for the week ending ending 17 December 2008

The drilling report for the week ending 17 December, 2008 are attached. Highlights of the week's activities include:

Beach Petroleum Operated Cooper / Eromanga Exploration

The Callawonga-5 oil field development well (PPL 220) spudded on 13 December and is currently drilling ahead at a depth of 736 metres. Interests in the well are Beach Petroleum Ltd (75.00%) and Cooper Energy Ltd (25.00%).

Cooper / Eromanga Oil Exploration and Development - Santos Operated

In areas operated by Santos, one well is being cased for further evaluation (Zeus-1, Beach 30.00%) and one well is in progress (Gidgealpa-61, Beach 20.21%).

Beach Operated Offshore South East Australia Program

Fermat-1, located in offshore Otway Basin Permit Vic/P46, spudded on 13 December and is currently at a depth of 999 metres and pulling out of hole at 13.375" casing point. The well is targeting total mean potential gas resources of approximately 1 TCF in Waarre Formation and Flaxman Formation sands on the north eastern flank of the Normanby High. Interests in Fermat-1 are Beach Petroleum Ltd, 50.00%, Essential Petroleum Resources Ltd, 25.00% and Mitsui E&P Australia Pty Ltd, 25.00%.
------------------------------------Well                    Participants------------------------------------Fermat-1                BPT*    50.00%VIC/P46                 EPR     25.00%Gas Exploration         MIT     25.00%Otway Basin, Vic                      ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0800 (AEST) 17/12/2008        Waarre Fm (Unit C)Depth:  999m                                    Flaxman FmOperation:      Pulling out of hole at 13.375"                 casing point.                      Progress:       999m                              ------------------------------------Well                    Participants------------------------------------Callawonga-5            BPT*    75.00%        PPL 220                 COE     25.00%  Oil Development                                       C/E Basin, SA                           ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 17/12/2008       Namur Sst Depth:  736m                            Operation:      Drilling ahead in the Early Cretaceous. Progress:       736m                            ------------------------------------Well                    Participants------------------------------------Gidgealpa-61            BPT     20.21%  PPL 6                   STO*    66.60%        Oil Appraisal           ORG     13.19%                C/E Basin, Qld                          ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 17/12/2008       Birkhead Fm Depth:  1661m                                   Hutton SstOperation:      Drilling ahead in the Westbourne Formation.Progress:       1346m                           ------------------------------------Well                    Participants------------------------------------Zeus-1                  BPT     30.00%   ATP 259P (Total 66)     STO*    70.00%   Oil Exploration                          C/E Basin, QLD                          ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 17/12/2008       Hutton Sst     Depth:  1771m (TD)                              Namur Sst  (s) Operation:      Well is being cased for                 further eval.                   Basal Jurassic Progress:       1679m                           ------------------------------------Well                    Participants------------------------------------Okotoko-3               BPT     23.20%    PL 83                   STO*    60.06%    Gas Development         ORG     16.74%C/E Basin, QLD                          ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 17/12/2008       Patchawarra FmDepth:  2332m (TD)                              Hutton Sst    Operation:      Well is being cased as a future Patchawarra                 Formation gas producer.                           Progress:       1399m                           ------------------------------------Well                    Participants------------------------------------Tirrawarra-74           BPT     20.21%   PPL 20                  STO*    66.60%   Gas Development         ORG     13.19%           C/E Basin, QLD                          ---------------------------------------------------------------Weekly Progress & Summary                       Primary Targets---------------------------------------------------------------Report Time:    0600 hrs (CST) 17/12/2008       Patchawarra Fm Depth:  951m                                    Tirrawarra Sst Operation:      Drilling ahead in the Early Cretaceous. Progress:       951m                            --------------------------------COAL SEAM GAS PROJECTS          Location            Participants--------------------------------PL 198                  BPT     40%Coal Seam Develop't     AOE*    60%Surat  Basin, QLD                  --------------------------------------------------------------------Well         Depth       Operation: 0600hrs (EST) 17th December 2008--------------------------------------------------------------------Tipton-144      638.93m well completed as future gas producer;                 rig moved to Tipton 146.                     Tipton-146     28.89m  Drilling surface hole.* Operator                                                                      (s)  Secondary Targets      COE  Cooper Energy LimitedORG  Origin Energy Resources LTD               BPT  Beach Petroleum Ltd      EPR  Essential Petroleum Resources LtdSTO  Santos Limited           AOE  Arrow Energy NLMIT  Mitsui E&P Australia

Contact

Reg Nelson
Beach Petroleum
08 8338 2833

Mark Lindh
Adelaide Equity
0414 551 361

Ian Howarth
Farrington National
03 9223 2455


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