two new oil discoveries..announcement

Sydney - Monday - August 1: (RWE Aust Business News) - Beach
Energy (ASX:BPT) has two new field oil discoveries at Bauer-1, the third
successful well in a five well exploration drilling campaign in PEL 91,
and at Rincon-1, the final exploration well of the initial eleven well
program for PEL 92, Cooper Basin, South Australia.
The commencement of the FY12 JV approved nine well exploration
and development program, set down for PEL 92, will now follow this
program.
The Bauer-1 well (BPT 40pc Drillsearch (ASX:DLS) 60pc)
encountered a gross oil column of fifteen metres, with thirteen metres of
net pay, in the McKinlay/Namur Sandstone section of the well.
Preliminary volumetric assessment indicates the potential of the
discovery could be in the order of two million barrels of recoverable oil
(gross).
Following the completion of the evaluation program, the Ensign#18
rig will be moved to the Searcy-1 exploration well which is located
approximately eight and a half kilometres to the north-east of Bauer-1.
Bauer-1 is expected to be on-line in the fourth quarter of 2011.
The Rincon-1 well (BPT 75pc Cooper Energy (ASX:COE) 25pc)
encountered a gross oil column of five metres, with four and a half
metres of net pay, in the McKinlay/Namur Sandstone section of the well.
Beach's preliminary volumetric assessment suggests up to five
hundred thousand barrels of recoverable oil (gross).
Following the completion of the evaluation program, the Ensign#30
rig will be moved to the Elliston-1 exploration well which is located
approximately 25 kilometres to the south of Rincon-1.
Options to bring Rincon-1 on-line are currently being assessed.
ENDS rx