Beach Energy Limited

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is in a powerful position with zero corporate debt and a strong balance sheet after generating record annual sales revenue of A$581 million in the year to 30 June 2009.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) will pay all shareholders registered on 31 August, 2009 a fully franked, special dividend of two cents per share to reward shareholders for the successful sale of the company's Queensland coal seam gas assets. The dividend also follows Beach's announcement yesterday of its record oil production volumes and sales revenue for the financial year ended 30 June 2009.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announces the drilling report for the week ending 22 July, 2009. Highlights of the week's activities include: Willunga-1 (Beach 75%) has been plugged and abandoned after wireline logs confirmed the absence of commercial volumes of hydrocarbons in the well. The Paralana-2 geothermal exploration well (Beach earning 21%) is drilling ahead at a depth of 796 metres.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is in a powerful position with zero corporate debt and a strong balance sheet after generating record annual sales revenue of A$581 million in the year to 30 June 2009. Although June quarter sales were slightly lower at A$118 million, full year oil and gas sales of A$581 million is a record for Beach.

The Australian shares ended slightly lower after rise in early trade. The benchmark S&P/ASX 200 index was down 5.2 points, or 0.1 per cent, at 4000.8 while the broader All Ordinaries lost 5.1 points, or 0.1 per cent, at 3992.9 points. For the week, both indices surged more than 5 per cent, the strongest week in four months. The local market started in positive territory today led by the gains in Wall Street.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 8 July, 2009. The Ensign 30 rig will be moved to the Willunga-1 location, also in PEL 92 and located 15 km north west of the Parsons oil field. The Paralana-2 geothermal exploration well is currently drilling ahead at a depth of 480 metres in the Maree Formation. Burnside-1 has been sidetracked due to mechanical issues. Burnside-1ST1 is drilling ahead at a depth of 2320 metres.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is pleased to announce that the Butlers-1 oil discovery was successfully completed as an oil producer yesterday.

In order to give Drillsearch shareholders certainty, Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has announced today that it has waived all conditions in its takeover offer for Drillsearch. In addition Beach has agreed to extend the offer until close of business on Friday 14 August 2009 to provide Drillsearch shareholders with an opportunity to sell into the unconditional offer.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announces the drilling report for the week ending 1 July, 2009.

Yesterday the Australian market concluded the last day of the financial year higher, led by energy and retail sectors. The benchmark S&P/ASX200 index gained 68 points, or 1.75 per cent, to 3954.9 points, while the broader All Ordinaries index was up 65.1 points, or 1.68 per cent, to 3947.8 points. The ASX200 has posted four consecutive months of gains.