Thursday 20 February 2020

Beach Energy Limited (ASX: BPT, Beach) provides the following update on the Tawhaki-1 exploration well in the Great South Basin, offshore New Zealand. On 19 February, OMV as operator of the Tawhaki-1 exploration well, advised that the well, being drilled by the COSL Prospector rig, had reached target depth of 2980 m MD. Data obtained during the drilling phase indicated no hydrocarbons were present in the target reservoir. Therefore, a decision has been taken to plug and abandon the well.