Santos Limited

US shares fell overnight led by Wells Fargo. A late sell-off in financial stocks was triggered after an analyst cut his investment rating on the company, saying the quality of its earnings was pretty poor. The Federal Reserve's latest beige book, showing weak consumer spending during late summer, also weighed down the market.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 21 October. Highlights of the week's activities include: The NS 394-3 [Burtocal North-1] oil exploration well (Beach 20%) is at a depth of 2998 metres. Current operation is rig repairs. The NS 377-3 development well (Beach 20%) is drilling ahead at a depth of 1601 metres towards its extended reach target.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 14 October. Highlights of the week's activities include: The NS 394-3 [Burtocal North] oil exploration well (Beach 20%) is drilling ahead at a depth of 2923 metres towards the primary reservoir objective Nubia Formation. The NS 377-3 production well (Beach 20%) is at a depth of 1198 metres. The current operation is preparing to drill ahead towards its extended reach target, having installed 13 3/8" casing.

Drillsearch Energy Ltd (ASX:DLS)(PINK:DRLLF) is pleased to announce approval for the installation of an extended production test (EPT) facility at the Chiton-1 well in the Cooper Basin (PEL-91). Drillsearch holds a 60% interest in Chiton-1, with Beach Petroleum holding the remaining 40%. The facility is designed to handle production of 1,000 BOPD and is expected to be commissioned and operational by the 31st of January 2010.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 7 October. Highlights of the week's activities include: The NS 394-3 [Burtocal North] oil exploration well (Beach 20%) is drilling ahead at a depth of 2725 metres towards the primary reservoir objective Nubia Formation.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 30 September. Highlights of the week's activities include: The NS 394-3 [Burtocal North] oil exploration well (Beach 20%) is drilling ahead at a depth of 2117 metres in the South Gharib Formation. Wakefield-1 (Beach 23.33% in Post Permian JV), has been cased and suspended pending further evaluation to establish whether commercial hydrocarbons have been intersected by the well.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 23 September, 2009 are attached. Highlights of the week's activities include: Wakefield-1 (Beach 23.33% in Post Permian JV), targeting oil in the Namur and Hutton Sandstones, has reached total depth at 2298 metres in the Nappamerri Formation and is preparing to run wireline logs. The NS 394-3 [Burtocal North] offshore oil exploration well (Beach 20%) has reached a depth of 1315 metres and is running intermediate casing.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 16 September 2009, highlights of the week's activities include: Spikey Beach-1 (Beach 80% in Spikey Beach Farmout Blocks) targeting oil in the Upper Eastern View Group reached final total depth of 2100m MDRT on 14 September. The NS 394-3 [Burtocal North] offshore oil exploration well (Beach 20%) is drilling ahead at a depth of 672 metres after spudding on 14 September. Wakefield-1 (Beach 23.33% in Post Permian JV), targeting oil in the Namur and Hutton Sandstones, spudded Thursday 10 September.

Wall Street closed modestly higher on Tuesday after positive US economic data. Meanwhile, the Federal Reserve chief Ben Bernanke also said the "recession is very likely over at this point". US retail sales were surprisingly strong in August largely due to government's "cash for clunkers" program, but analysts warned that it may not represent a sustainable recovery in consumer spending.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 9 September, highlights of the week's activities include: Wakefield-1 (Beach 23.33% in Post Permian JV), targeting oil in the Namur and Hutton Sandstones is expected to spud Thursday 10 September. Spikey Beach-1 (Beach earning 80% in Spikey Beach Farmout Blocks) spudded on 5 September and is currently at a depth of 816 metres. The Comet drilling rig is being jacked up over the NS394-3 [Burtocal North] oil exploration well (Beach 20%) location.