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    Beach Petroleum Sells 10% Stake In Basker-Manta-Gummy Project to Sojitz
    Friday, February 29, 2008

    Beach Petroleum has sold a further 10 per cent equity share in the Basker-Manta-Gummy (BMG) joint venture in Bass Strait to Sojitz Energy Australia Pty Ltd, a wholly owned Australian incorporated company of Sojitz Corporation of Japan, for a total of $A123 million.

    The sale is similar to an earlier deal, effective on June 1 last year, in which Beach sold a 10% interest in the BMG project. The agreement with Sojitz remains subject to the usual government approvals, the pre-emptive right of the other joint venture participants, and other conditions precedent typical in this type of transaction.

    Beach Petroleum will retain a 30 per cent equity share in the BMG project.

    The effective date of the transaction is 31 December 2007 and is expected to have a material positive impact on Beach's profit result for the six months ended December 31, 2007.

    Beach Petroleum managing director, Reg Nelson said, “We are delighted to welcome Sojitz as a participant in the project. We believe that Sojitz will add significant technical and financial strength to the joint venture.”

    The BMG project was developed to initially produce oil from the Basker and Manta fields, based on initial proved and probable (2P) reserves estimates of about 23 million barrels (MMbbl). But new wells drilled in 2006 expanded the reserves base with 2P oil reserves standing at nearly 40MMbbl (as at 30 June 2007), while an associated increase in the natural gas resource has nearly quadrupled estimates of the gas/condensate resource.

    Up to six new wells are scheduled to be drilled in the fields, commencing with Basker-6 in March 2008.

    On completion, the participants in the Basker Manta Gummy Joint Venture will be:
    Anzon Australia Ltd 40% (Operator)
    Beach Petroleum Ltd 30%
    Itochu Corporation [CIECO Exploration and
    Production (Australia) Pty Ltd] 20%
    Sojitz Corporation [Sojitz Energy Australia Pty Ltd] 10%

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