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

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    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
 
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