ATP 269P (Beach 46.95%)

ATP 269P lies along the southern flank of the Cooper Basin in Queensland, and includes a highly prospective Eromanga Basin play "fairway" that lies between the Kenmore Field and several oilfields to the south and southwest.

A 3D seismic survey was acquired in early 2006 over a highly prospective trend in the eastern part of the permit, and a small 2D seismic program was acquired in the central part of the permit.

Four wells have been drilled in the permit since late 2006 with three successfully cased for future production. The Byrock-2 appraisal well recovered oil on drillstem test and the well is due to come on-line in August 2007, Marcoola-1 made a new oil field discovery (also due on-line in August) and Warragon-1 has been cased in order to evaluate a potential Permian oil reservoir.

Coolum, Glenvale and Bargie continue to produce around 25 bopd.

2D seismic data acquisition is programmed for 2007/2008 and successful production from the new wells (above) may lead to 3D seismic acquisition at Byrock and Warragon. Further drilling will be considered to follow up the success at Marcoola, and to address highgraded prospects that result from the planned seismic.