Beach Energy Limited (ASX:BPT) Weekly Drilling Report Week Ending 27 January 2010

Adelaide, Jan 27, 2010 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) 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.

Beach Energy Limited is pleased to provide a drilling report for the week ending 27 January, 2010.

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 drilling ahead at a depth of 2011m(MD).

.--------------------------------------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)26/01/2010  Kareem FormationDepth:       2011mOperation:   Drilling ahead.Progress:    1091m--------------------------------------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)27/01/2010   multi Permian targetsDepth:       2388mOperation:   Drilling ahead in the Hutton Sandstone.Progress:    1913m--------------------------------------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)27/01/2010   McKinlay MemberDepth:       1521m (TD)                Birkhead/Hutton (s)Operation:   Preparing to conduct a -   Patchawarra Formation (s)             drillstem test of the McKinlay Member.Progress:    977m( * )  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