1144 [Dow Jones] UBS says it understands that list of potential...

1144 [Dow Jones] UBS says it understands that list of potential buyers for Beach Petroleum's (BPT.AU) 40% stake in Tipton West coal seam gas project has been reduced to 10, with five entering data room. "While the time of the sale is uncertain, we think it has the potential to be announced by April," UBS says. Other Tipton West owners Arrow (AOE.AU) and Royal Dutch Shell (RDSB.AU) have preemptive rights over the sale process. UBS values Beach's holding at A$212 million. But using valuation placed on Pure Energy (PES.AU) CSG reserves from BG Group (BG.LN) takeover offer, says Beach's share would be worth A$1.22 billion for the proven and probable reserves and A$468 million for proven, probable and possible reserves. Beach assets, however, are different to Pure's, which are located next to BG's Polaris CSG project. "We think Beach's ownership structure and preemptive rights may limit the appeal of this asset to an outside LNG-related bidder," UBS says. Keeps Buy rating on stock but reduces price target to A$1.03 from A$1.48. Last up 3.2% at 81 cents. (RRK)