BPT 1.14% $1.78 beach energy limited

Beach - Bodalla 100% ownership

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    BEACH PETROLEUM NL 2002-06-27 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    The Queensland Government has approved all conditions for Beach Petroleum NL to assume 100% ownership and operatorship of the Bodalla
    oilfields in the State's southwest.

    The Government go-ahead covers production and retention licences,authority to prospect and environmental licence conditions.

    Beach now moves to 100% ownership of the oil-producing Bodalla fields, compared with its 22% interest previously.

    "Production volumes from Bodalla now attributable to Beach are expected to total around 500,000 barrels over the next 12 months," the Company's Chief Executive Officer, Mr Reg Nelson, said today.

    "On an average oil price of A$45.20 per barrel, this will deliver a full year revenue contribution for 2002/2003 of about $13.7 million or just over $1 million a month," he said.

    For further information: please contact
    Reg Nelson Beach Petroleum NL (08) 8338 2833
    Kevin Skinner Field Business Services (08) 8232 1355 or 0414 822 631
 
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