Cooper Energy Limited

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) is pleased to announce two new field oil discoveries at Bauer-1, the third successful well in a five well exploration drilling campaign in PEL 91, and at Rincon-1, the final exploration well of the initial eleven well program for PEL 92. The commencement of the FY12 Joint Venture approved nine well exploration and development program, set down for PEL 92, will now follow this program.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) is please to announce that the PEL 92 Joint Venture has approved the work program and budget for an aggressive exploration campaign for the twelve month period to June 2012. The program includes nine exploration wells and both 3D and 2D seismic.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) had its fifth success in its PEL 92 drilling program with two wells remaining to be drilled. The Parsons-5 well, located 1.3km south of the Parsons-1 discovery well, encountered a six metre oil column.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has been informed by Santos Limited (ASX:STO) (PINK:SSLTY) that the pipeline between the Tantanna facility and the Gidgealpa facility has been interrupted due to integrity concerns and is currently being assessed.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) had its third success from as many wells in its 16 well operated program in the Western Flank of the Cooper Basin with the Butlers-2 well encountering a five metre oil column. The Butlers-2 well is located 950 metres NE of the Butlers-1 discovery well.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has obtained excellent results from the first two wells drilled of its 16 well operated program in the Western Flank area.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has contracted the Ensign#30 and Ensign#18 drilling rigs to carry out a minimum 16 well program on the Western Flank. The Ensign#30 rig is currently completing its move into the area and the Ensign#18 rig will move into the Western Flank on completion of its current contractual commitments with another operator.

Australian Market Report of January 5, 2011 includes: Beadell Resources (ASX:BDR) announce significant high grade gold discovery in Western Australia; Jacka Resources Limited (ASX:JKA) commenced first oil drilling in Tunisia; Aurora Minerals Limited (ASX:ARM) has received Capricorn Southeast Manganese Project drilling results; Ord River Resources Limited (ASX:ORD) will complete Yuqida's drilling work for Laos Bauxite Feasibility Study in January.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises the following in relation to its operations in PEL's g1 and 92 on the Western Flank of the Cooper Basin.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has contracted the Ensign#18 drilling rig and has agreed terms with Ensign for a firm option (expiring 21 December 2010) on its Ensign#30 drilling rig.