YANERBIE PROSPECT FARMOUT(PEL 110, COOPER / EROMANGA BASIN S...

YANERBIE PROSPECT FARMOUT
(PEL 110, COOPER / EROMANGA BASIN S A)
Beach Petroleum reports that it has agreed to farmout a 6.25% interest in the
Yanerbie Prospect (PEL 110, South Australian Cooper Basin) to Enterprise Energy
NL.
Yanerbie-1 is expected to spud next week and will test the hydrocarbon potential of
the Hutton Sandstone and Tinchoo Formation in an anticlinal structure located
approximately 165 km north-east of Moomba.
As a result of the farmout to Enterprise Energy, Beach's equity in the Yanerbie
Prospect will reduce to 31.25%. Beach will retain a 37.5% interest in the
remainder of PEL 110. However the farmout to Enterprise also gives that
company an option to earn a 6.25% in the entire tenement by committing to
funding further exploration expenditure after Yanerbie-1.
Yours faithfully,
Reg Nelson