Under the plan the company will offer all Australian and New Zealand registered shareholders in the opportunity to acquire new fully paid ordinary shares in Beach to a maximum value of $5,000 at 33 cents per fully paid ordinary share.

Part one of the placement was the issue of approximately 23 million fully paid ordinary shares at 33 cents per fully paid ordinary share to institutional investors.

Phase two will raise up to $15 million of capital to be used to strengthen the company's balance sheet, to take advantage of farm-in opportunities, acquisition of new acreage areas and other opportunities as well as adding to the company's working capital.