Beach Energy Limited (ASX:BPT) Weekly Drilling Report Week ending 3 February 2010

Adelaide, Feb 3, 2010 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) drilling report for the week ending 3 February, 2010.

Beach Energy is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.

Highlights of the week's activities include:

Egypt - North Shadwan Concession - Gulf of Suez

The NS 377-5 oil field development well (Beach 20%) is at a depth of 2209m(MD).
9 5/8" casing has been run and the blow-out preventers have been pressure tested in preparation for drilling ahead.

--------------------------------------Well                    Participants--------------------------------------NS 377-5                BPT     20.00%Oil Development         BP*     50.00%North Shadwan           TOE     30.00%Egypt------------------------------------------------------Weekly Progress & Summary               Primary Targets------------------------------------------------------Report Time: 0600 hrs(local)02/02/2010  Kareem FormationDepth:       2209mOperation:   Preparing to drill ahead             having installed 9 5/8" casing.Progress:    198m--------------------------------------Well                    Participants--------------------------------------Coonatie-17             BPT     17.14%PPL 131                 STO*    72.32%Gas Development         ORG     10.54%C/E Basin, SA------------------------------------------------------Weekly Progress & Summary            Primary Targets------------------------------------------------------Report Time: 0600 hrs(CST)03/02/2010 multi Permian targetsDepth:       3104m (TD)Operation:   Well to be cased and suspended             as a future multiple zone             Permian gas producer.Progress:    716m--------------------------------------Well                    Participants--------------------------------------Chi-1                   BPT     30.00%Total 66                STO*    70.00%Oil ExplorationC/E Basin, Qld------------------------------------------------------Weekly Progress & Summary             Primary Targets------------------------------------------------------Report Time: 0600 hrs(CST)03/02/2010  McKinlay MemberDepth:       1521m (TD)               Birkhead/Hutton (s)                                      Patchawarra Formation (s)Operation:   Well is plugged and abandoned.Progress:    0m--------------------------------------Well                    Participants--------------------------------------Coonatie-16             BPT     17.14%PPL131                  STO*    72.32%Gas Development         ORG     10.54%C/E Basin, SA------------------------------------------------------Weekly Progress & Summary             Primary Targets------------------------------------------------------Report Time: 0600 hrs(CST)03/02/2010  multi Permian targetsDepth:       1132mOperation:   Preparing to run surface casing.Progress:    1132m( * )  Operator(s)    Secondary TargetsBPT    Beach Energy LtdORG    Origin Energy Resources LtdBP     BP Exploration (Delta)TOE    TriOcean EnergySTO    Santos Limited

Contact

Hector Gordon Chief Operating Officer TEL: +61-8-8338-2833 FAX: +61-8-8338-2336 www.beachenergy.com.au