Beach Energy Limited (ASX:BPT) ( BEPTF) announces weekly drilling report for the week ending 23 June 2010. Highlights of the week's activities include:

Beach Operated Shale Gas Exploration - PEL 218, Cooper Basin

Drilling of a two well exploration program targeting Shale Gas potential within the South Australian portion of the Nappamerri Trough, is now expected to commence in mid to late August with Encounter-1. Weather conditions in Thailand have hindered completion of maintenance work on some of the Ensign 16 rig components and their subsequent shipment to Australia, causing the delay.

Holdfast-1, earlier planned to spud in mid July as the first well in the program, will now follow Encounter-1 due to ease of access following Cooper Basin flooding (Beach - Operator, 90%, Adelaide Energy (ASX:ADE) 10%).

Cooper/Eromanga Oil Development - Santos (ASX:STO) Operated

The Inca-1 oil exploration well (Beach 30%) is drilling ahead at a depth of 1,766 metres in the Hutton Sandstone. The well is being control drilled to an estimated total depth of 1,870 metres.

Non-operated Oil Appraisal, South Antelope Prospect, Williston Basin - U.S.A.

The Henderson 4-25H oil appraisal well is at a depth of 4341 metres (MD), drilling horizontal section in the target Three Forks Formation towards a prognosed TD of 4872m MD. Casing was installed at 3410 metres MD prior to commencing horizontal drilling. Wellsite shows within the Three Forks Formation are encouraging (Beach [USA] Inc 23.15% contributing interest).

Beach Energy Limited Change to Frequency of Drilling Reporting to ASX

Beach now intends reporting on its routine drilling activities on a monthly rather than a weekly basis, with future reports being made during the first week of each month. To meet its Listing Rule obligations, Beach will continue to make immediate disclosure to ASX of material issues, as required.

( * )    Operator
(s)      Secondary Targets
BPT      Beach Energy Ltd
STO      Santos Limited
BPT (1)  Beach Energy U.S.A Inc.
SEA      Sundace
Helis    Helis Oil & Gas Company L.LC
ORG      Origin Energy Resources Ltd

1.
--------------------------------------
Well                    Participants
--------------------------------------
Coonatie-16             BPT     17.14%
PPL 131                 STO*    72.32%
Gas Development         ORG     10.54%
C/E Basin, SA
--------------------------------------

--------------------------------------------------------------
Weekly Progress & Summary               Primary Targets
--------------------------------------------------------------
Report Time: 0600 hrs (CST) 23/06/2010  Callawonga, Toolachee,
Depth:       2524.0m                    Epsilon, Patchawarra
Operation:   Drilling ahead in the      Tirrawarra
             Nappamerri Group.       
Progress:    1394.0m
--------------------------------------------------------------

2.
--------------------------------------
Well                    Participants
--------------------------------------
Coonatie-17             BPT     17.14%
PPL 131                 STO*    72.32%
Gas Development         ORG     10.54%
C/E Basin, SA
--------------------------------------

--------------------------------------------------------------
Weekly Progress & Summary               Primary Targets
--------------------------------------------------------------
Report Time: 0600 hrs (CST) 23/06/2010  Callawonga, Toolachee,
Depth:       3105.0m (TD)               Epsilon, Patchawarra
Operation:   Well is being cased and    Tirrawarra
             suspended as a future 
             multi-interval Permian 
             gas producer.      
Progress:    0m
--------------------------------------------------------------

3.
--------------------------------------
Well                    Participants
--------------------------------------
Inca-1                  BPT     30.00%
ATP259P                 STO*    70.00%
Oil NFE         
C/E Basin, QLD
--------------------------------------

----------------------------------------------------------------
Weekly Progress & Summary               Primary Targets
----------------------------------------------------------------
Report Time: 0600 hrs (CST) 23/06/2010  Mid-Namur Sandstone
Depth:       1766.0m                    Birkhead Fm / Hutton Sst
Operation:   Drilling ahead in the 
             Hutton Sandstone.        
Progress:    1677.0m
----------------------------------------------------------------

4.
-------------------------------------------------------
Well                     Participants
-------------------------------------------------------
Henderson 4-25H          BPT (1)                 23.15%
Williston Basin, North   SEA                     24.02%
Dakota, USA              Helis* plus 7 others    52.83%
Oil Appraisal            
-------------------------------------------------------

---------------------------------------------------------------
Weekly Progress & Summary                  Primary Targets
---------------------------------------------------------------
Report Time: 0600 hrs (local) 22/06/2010  Three Forks Formation
Depth:       4341.0m MD                   Bakken Formation
Operation:   Drilling lateral section in 
             Three Forks Formation.        
Progress:    2551.0m
---------------------------------------------------------------

For the complete Beach Energy announcement including Well Location Map, please view the following link:

http://www.abnnewswire.net/media/en/docs/63156-ASX-BPT-178558.pdf

About Beach Energy Limited:

Beach Energy Limited (ASX: BPT) 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.

Contact:

Hector Gordon
Chief Executive Officer
TEL: +61-8-8338-2833
FAX: +61-8-8338-2336
www.beachenergy.com.au
 

Source:

Beach Energy Limited

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