BEACH TO CONSTRUCT NEW OIL PIPELINE FROM THE COOPER BASIN WESTERN FLANK Beach advises that new flowlines are scheduled to provide for increased production flows from the prolific Cooper Basin Western Flank, as a result of recent development, appraisal and exploration success in the area Beach Energy Ltd ( BPT, Beach) advises it has signed an agreement with Senex Energy Ltd ( SXY, Senex) to tiein the Growler Field (Beach 40%) to the Lycium oil field. It has also agreed with Senex to construct a trunkline from Lycium to the Moomba facility, however, the tiein of this section remains subject to approval from the South Australian Cooper Basin (SACB) Joint Venture (Santos Ltd 67%, Beach 20%, Origin Ltd 13%). It is anticipated that the flowline from the Growler Field will be constructed in two main sections. The first section, directly from the Growler Field to the Lycium oil field, will consist of a six inch flowline with an initial capacity of approximately 8,000 barrels of oil per day.
The equity interests for this section of flowline will be Beach 40% and Senex 60%. Pending approval from the SACB Joint Venture, the main trunkline will service the whole of Beachs operated and nonoperated Western Flank acreage and is planned to run between Lycium and the Moomba facility. The capacity of this eight inch trunkline is expected to be in the order of 15,000 barrels of oil per day. The equity interests for this section will be Beach 60% and Senex 40%. Beach will undertake both the construction and operatorship of the flowlines, with the total cost of approximately $40 million to be effectively shared between Beach and Senex. These flowlines will provide Beach with access to the Growler Field during times of flooding in much the same way it has for Beachs PEL 92 acreage during the recent flooding events.
The second trunkline will also provide for increased production flows from Beachs operated PEL 91 and PEL 92 acreage as a result of recent development, appraisal and exploration success in the area. The six well approved exploration program set down for PEL 104 and PEL 111 is expected to commence in October 2011, when flood waters are forecast to recede to levels where access can be restored. A number of Birkhead targets have been identified by the Operator which has had an exploration drilling success rate of 80% in the acreage to date. The tenure of the Beach Operated Western Flank PELs 91 and 92 have been granted a twelve month extension by PIRSA in acknowledgment that flooding has delayed exploration in the area. It is expected that the flowlines will be commissioned around June 2012. Yours sincerely, Reg Nelson Managing Director, FAusIMM For more information contact Corporate Reg Nelson Beach Energy Ltd 08 8338 2833 Neil Gibbins Beach Energy Ltd 08 8338 2833 Investor Relations Chris Jamieson Beach Energy Ltd 08 8338 2833.
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Beach to construct new oil pipeline from the Western Flank