is report due today, page-8

MEDIA RELEASE FOR IMMEDIATE RELEASE BEACH PETROLEUM MORE THAN DOUBLES FIRST HALF PROFIT CONFIRMING UNDERLYING EARNINGS STRENGTH

The underlying strength of Beach Petroleum Limited’s (ASX Code: BPT), expanding oil and gas operations is reflected in a more than doubling of net profit after tax announced today for the six months ended 31 December 2008. In a striking performance, Beach’s net profit after tax jumped 117% to a record $127.5 million from $58.8 million in the previous corresponding opening half. By excluding the gains from commodity hedging and write-off adjustments from the latest first half profit, the strength of Beach’s normalised profit is further highlighted – up 142% to $52 million compared with the previous corresponding period. The profit hike was achieved with further strong growth in total revenue, up 41% from $340 million to a record $480 million, while higher oil and gas sales of 5.5 million barrels of oil equivalent (mmboe) and surging oil and gas production of 5.0 mmboe were also first half records for Beach. The Company’s shareholders registered on 31 March 2009 will be paid a steady interim dividend of 0.75 cents per share by late April 2009. “Our Board has decided to maintain the interim dividend at last year’s level, despite the tougher operating conditions and much conjecture surrounding the payment of dividends by companies in the current market,” Beach’s Chairman, Mr Bob Kennedy, said today.