Beach: Gas Shows at Redland-1 Well

Beach Energy, the Operator of ATP 855, has submitted a notice of a petroleum discovery at Redland-1 to the Department for Natural Resources and Mines.

Redland-1, which reached a total depth of 3,804 metres on 23 January 2014, exhibited significant gas shows during drilling.

An interpretation of the wireline log data indicates the target interval to be gas saturated, which is supported by mud gas readings of up to 800 units.

Redland-1 is currently being cased pending subsequent hydraulic stimulation and flow testing as part of a multi-well stimulation campaign beginning in the third quarter of 2014.

Joint Venture Interests in ATP 855:

– Icon Energy Limited 35.1 %;

– Beach Energy Limited 46.9 % (Operator) and

– Chevron Australia Exploration 1 Pty Ltd 18%.

Press Release, February 3, 2014