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Future Plans
Exploration and Development Objectives
The objectives of the Company's exploration and development program are:
• As a first priority, participate in sufficient low risk exploration and development activity, primarily in the onshore Cooper/Eromanga and Otway Basins, to maintain or improve the Company's reserves base.
• As a second priority, participate in exploration activities, primarily in prospective offshore regions on the northwest margin of Australia, with the potential to make substantial additions to the Company's reserve base, albeit at a higher level of risk.
Expansion of Exploration Activities
In August 2007, Beach entered into farmin arrangements through which the Company will acquire interests in three high potential offshore exploration projects in Australia and New Zealand. Each of these projects has the potential to yield net oil reserves to Beach in excess of 20 mmb.
The new projects are:
PEP 38482 (offshore Taranaki Basin, New Zealand) Beach will earn a 20% interest by participating in Kopuwai-1, to be drilled in September/October 2007.
T/38P (Bass Basin, offshore Tasmania) Beach will earn an 80% interest in a defined portion of the permit by participating in Spikey Beach-1, to be drilled in the second half of 2008.
T/39P (Bass Basin, offshore Tasmania) Beach will earn a 50% interest by participating in Peejay-1, to be drilled in the second half of 2008.
This continues Beach's strategy of maintaining exposure to higher reward projects as a balance to the Company's lower risk/reward activities in the Cooper and Surat Basins.