Beach sampled success last year as a junior partner in a trifecta of Santos-operated wells in the Otway Basin - McIntee, Croft and Naylor - but that was only a precursor to this year's exploration program.

Beach also bought total control of the Bodalla oilfield in Queensland, where it had previously had 22%. These valuable revenues combined with their existing production should earn Beach somewhere in the vicinity of $12 million per year and will go a long way to helping Beach reach economic self-sufficiency.

This year's program is designed to test a number of Cooper Basin prospects that Santos was forced to relinquish after many years of monopolistic control. After a frustrating two-year delay over Native Title issues was resolved earlier this year, Acrasia-1 was selected as the first well to drill with fellow Adelaide partner, Stuart Petroleum (operator), and the resulting discovery has re-rated both companies.

While definitive production testing has yet to outline the full extent of the Acrasia discovery, the 2,200 barrel flow from the deepest target in the well, as well as flows from other zones, has boosted the confidence of both of the companies. While not confirmed, the partners expect to drill the Acrasia-2 follow-up well in the very near future.

Buoyed by the success of the Acrasia well, it has also given Beach the confidence to undertake a one-for-four capital reconstruction. The company had issued many shares over the last few years, to the extent that the sheer volume of stock available subdued the Beach share price when news of the Acrasia success was announced.

Beach chief Reg Nelson said the aim was increase the liquidity of the stock so shareholders can get full benefit of their upcoming Cooper Basin drilling program. He said they planned four more wells for the Cooper Basin and a number of development wells in their Bodalla field.

The Sellicks well (Beach 75%) will be drilled in late May or early June. Following on from that in quick succession that will be Maslins, Aldinga and Henley wells, all named after Adelaide beaches.