beach petroleum - action soon

BEACH PETROLEUM LIMITED 2003-06-23 ASX-SIGNAL-G

HOMEX - Adelaide

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Beach Petroleum Limited is pleased to advise that its renewed
drilling campaign in the Cooper/Eromanga Basins commenced with the
spudding of Christies-1 in PEL 92 (Beach 75%) at 10:00 hours on 23
June, 2003.

Christies-1 is a well-defined anticlinal feature located immediately
adjacent to the southwest flank of the Patchawarra Trough, 11
kilometres southwest of the Sellicks oilfield, discovered in July
2002. The Namur Sandstone of the Eromanga Basin is the primary target
of Christies-1. The Hutton Sandstone and Poolowanna Formation are
identified as secondary targets. The Christies feature is assessed to
have potential mean recoverable reserves of 1.0 million barrels of
oil (highside 2.0 million barrels)

The well will take approximately 10 days to reach the planned total
depth of 2054 metres (see attached Time-Depth Chart).

Beach Petroleum has entered into an agreement with Cooper Energy NL
under which that company will earn a 25% interest in PEL 92.

Beach Petroleum's 2003 exploration drilling program in the South
Australian sector of the Cooper/Eromanga Basins encompasses eight
prospects in six Petroleum Exploration Licences (PELs) covering a
broad geographic range. Six wells have now been confirmed for
drilling, these being:

Christies-1 PEL 92 Beach 75%
Moana-1 PEL 107 Beach 40%
Carrickalinga-1 PEL 91 Beach 40%
Semaphore-1 PEL 110 Beach 37.5%
Waitpinga-1 PEL 94 Beach 50%
Seacliff-1 PEL 95 Beach 50%

A further two contingent wells are planned, these being:

Brighton-1 PEL 92 Beach 75%
Chiton-1 PEL 94/95 Beach 50%

A schedule of proposed wells, the current status of site and works
preparation and indicative spudding dates is set out below. This
program is subject to the usual changes to be expected in a program
of this size, including delays that may be caused by testing any
zones of interest intersected, well completion in the event of any
discoveries, as well as any delays resulting from weather conditions.

Beach Petroleum will continue to provide details and advise of any
significant results as the program proceeds. In addition, daily
progress reports will be posted on Beach Petroleum's website
(http://www.beachpetroleum.com.au).

STATUS OF BEACH 2003 DRILLING PROGRAM - 17 JUNE 2003

NATIVE TITLE CONSTRUCTION DRILLING SCHEDULED
CLEARANCE OF ACCESS CONTRACTOR START
ROADS AND SERVICE DATE
CONTRACTORS
ENGAGED

CHRISTIES -1 X X X 23 June
MOANA-1 X X X 8 July
CARRICKALINGA-1 X X X 25 July
BRIGHTON-1 X July X 15 August*
SEMAPHORE-1 X July X 24 September
WAITPINGA -1 X July X 17 October
SEACLIFF-1 X August X 2 November
CHITON-1 X August X 16 November*

* Brighton-1 and Chiton-1 wells are contingent on the results of
prior wells


R Nelson
MANAGING DIRECTOR