BPT 5.22% $2.62 beach energy limited

First Quarter Activities Report, page-2

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    First Quarter Activities Report

    BEACH PETROLEUM NL 2002-10-21 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    Beach Petroleum NL ("Beach") is pleased to report on September
    Quarter activities as follows:

    SIGNIFICANT EVENTS

    * COOPER BASIN OIL DISCOVERIES

    During the quarter Beach drilled 4 exploration wells in its South
    Australian Cooper Basin tenements. Oil was recovered in each well,
    with Sellicks-1 and Aldinga-1 being completed as production wells.
    Oil production from Sellicks-1 is expected to commence in November.

    * IMPROVED BODALLA BLOCK PERFORMANCE

    Since Beach assumed Operatorship of the Bodalla Block, operating and
    transportation costs have been reduced by approximately 17% below the
    level incurred under the previous Operator. Additionally, better than
    forecast production performance during the first half of 2002 has
    lead to a reassessment of remaining reserves in the Bodalla South,
    Kenmore and Black Stump Fields. This work has indicated that ultimate
    recoverable oil in these fields is likely to be at least 10% greater
    than that assessed by the previous Operator.

    * FARMIN TO PEL 91 AND PELA 107

    The Sellicks-1 discovery, which flowed oil at approximately 2000
    bbls/day from the Permian Patchawarra Formation, significantly
    upgraded the prospectivity of PEL 91 and PELA 107. Accordingly, Beach
    has entered into agreements with Great Artesian Oil and Gas under
    which Beach will earn, via farmin, up to a 50% interest in
    exploration tenements PEL 91 and PELA 107. These tenements are
    located in South Australian Cooper Basin, immediately adjacent to PEL
    92 in which the Sellicks-1 oil discovery was made by Beach in July
    this year.

    Beach will earn a 40% interest in each of PEL 91 and PELA 107 by
    contributing to the cost of initial exploration activity, including
    the acquisition of seismic during the fourth quarter, 2002, followed
    by exploration drilling in 2003. Beach has the option to earn an
    additional 10% interest in each tenement by contributing to further
    activity in that permit.

    Beach will act as Operator of the PEL 91and PELA 107 joint ventures
    during the farm-in programs and any resultant production activity in
    either permit.

    * BASE DRILLING PROGRAM 2002/03

    The completion of seismic programs currently underway in PELs 91 and
    92 will bring the total amount of 2D seismic acquired in Beach's
    Cooper Basin tenements during 2002 to more than 1350km. Processing
    and interpretation of these data are expected to be completed during
    the first quarter of 2003, which will lead to a recommencement of
    exploration drilling in Beach's tenements in the second quarter of
    that year. While the extent of the program will ultimately be
    dependent upon the seismic results, the program is likely to comprise
    at least 6 new exploration wells plus 2 development/appraisal wells:

    PEL 91 (Beach 40%) Carrickalinga-1
    PEL 92 (Beach 75%) Brighton-1
    PEL 94 (Beach 50%) Waitpinga-1
    PEL 95 (Beach 50%) Chiton-1 or Kumbarie-2
    PEL 107 (Beach 40%) Moana-1
    PEL 110 (Beach 33.3 - 37.5%) Semaphore-1
    PEL 90 (Beach 25%) Acrasia-3
    PL 31 (Beach 100%) Bodalla South-14


    DRILLING SCHEDULE - 2002/03 - COMPLETED WELLS

    AREA TENEMENT WELL STATUS

    Cooper/Eromanga PL 32 Kenmore-27 Being completed as Oil Producer
    PEL 90 Acrasia-2 Oil Discovery
    PEL 92 Sellicks-1 Oil Discovery
    PEL 94 Maslins-1 Sub-commercial oil
    PEL 95 Aldinga-1 Oil Discovery
    PEL 95 Henley-1 Sub-commercial Oil


    DRILLING SCHEDULE - 2002/03 - WELLS TO BE DRILLED

    AREA TENEMENT WELL STATUS

    Eromanga PL 31 Bodalla South-14 Spud late October
    Cooper PEL 90 Acrasia-3 4th Quarter 2002
    PEL 91 Carrickalinga-1 2nd / 3rd Quarter 2003
    PEL 92 Brighton-1 2nd / 3rd Quarter 2003
    PEL 94 Waitpinga-1 2nd / 3rd Quarter 2003
    PEL 95 Chiton-1 2nd / 3rd Quarter 2003
    PEL 107 Moana-1 2nd / 3rd Quarter 2003
    PEL 110 Semaphore-1 2nd / 3rd Quarter 2003


    REVENUE AND FINANCIAL RESULTS

    During the quarter, the full results of the 100% ownership of the
    Bodalla/Kenmore fields have been brought to account, in conjunction
    with the commencement of production and oil sales from the Acrasia
    field.

    1. OIL AND GAS PRODUCTION

    Beach's share of actual crude oil and gas production in Australia for
    the quarter from the Cooper and Otway Basins was 207,463 barrels of
    oil equivalent. (2001 Actual September quarter production - 50,640
    barrels). This represents a 300% increase in production as compared
    to the previous corresponding period. Production achieved for the
    quarter already represents 54% of production achieved in the 2001/02
    financial year.

    2. OIL AND GAS SALES

    Beach's total sales in Australia for the quarter were 212,871 barrels
    of oil equivalent. (2001 Actual September quarter oil sales - 47,600
    barrels). This represents a 350% increase in oil and gas sales
    barrels of oil equivalent as compared to the previous corresponding
    period.

    3. OIL AND GAS SALES REVENUE

    Beach's share of proceeds from the sale of oil and gas in Australia
    for the quarter was $7,720,000. (2001 Actual September quarter oil
    sales revenue was $2,323,940). This represents a 230% increase in oil
    and gas sales revenue as compared to the previous corresponding
    period.

    4. DIVIDEND DECLARED

    During the quarter, the Directors declared a final unfranked dividend
    of 0.5 cents payable for every fully paid ordinary share held by
    Beach shareholders registered on the Company's share register at 21
    November 2002, with payment being sent to shareholders no later than
    9 December 2002.


    MORE TO FOLLOW

 
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