beach ebb, page-4

Loopy70,

I cannot tell you the exact % but can point you to the relevant information provided by BPT including this gem "The consolidated entity's policy is to hedge up to 50% of anticipated forward oil production by way of a commodity swap or option contracts for up to 12 months or up to 100% of anticipated forward oil production for longer periods as approved by the Board".

From the 20 March 2007 BPT Investor Presentation comes the following extract:

"Note: approx 40% of current Cooper oil production & 10% of the Cooper oil reserve base (or 1% of Beach’s total reserves base) is subject to Delhi's inherited oil price hedges. These percentages are expected to diminish even more significantly as fresh production comes on stream."

From the 30 June 2007 Annual Financial Report:

"Commodity risk: The consolidated entity sells its oil on market utilising the market TAPIS market spot rates. As such the consolidated entity is exposed to the fluctuation of oil prices on the world oil market. Forward contracts are used by the consolidated entity to manage its forward commodity risk exposure. The consolidated entity's policy is to hedge up to 50% of anticipated forward oil production by way of a commodity swap or option contracts for up to 12 months or up to 100% of anticipated forward oil production for longer periods as approved by the Board."

Refer to Note 13 'Derivative Financial Instruments' of the same report for a listing of the hedges in place as at 30 June 2007. The hedges at lower oil price levels are the carry overs from the Delhi acquisition.

As to your second question, yes and through oil price increases and/or acquisitions.

Cheers