Beach will use the five million dollar proceeds from the SPP for ongoing working capital and to help fund its recent $16.5 million acquisition of Oil Company of Australia's (OCA) south-west Queensland interests. The OCA interests include a 72.75% interest in the Kenmore, Bodalla South and Black Stump oil fields in Australia's onshore Eromanga Basin.

Beach Petroleum's Cooper Basin program will commence with the drilling in the next few weeks of the Acrasia-1 well (Beach interest 25%) in joint venture with Stuart Petroleum, followed by four exploration wells: Sellicks-1, Maslins-1, Henley-1 and Semaphore-1. Two development wells are planned for the Bodalla Block, although their timing may be subject to a decision to carry out 3D seismic surveys, the company said.