Beach Petroleum Ltd. (BPT.AU) said Wednesday it could start producing oil in Egypt in the first half of 2010 after it experienced promising flow rates from a development well in the Gulf of Suez.

Beach said the NS377-3 oil field development well in the North Shadwan block flowed at rates of 1,400 barrels of oil per day, which it said points to likely production of 1,500 to 2,000 bopd.

"The North Shadwan project is on target to achieve first production by the June quarter of 2010," Chief Executive Officer Hector Gordon said in a statement.

Beach holds 20% in the block along with operator BP PLC (BP).

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
Beach Energy (ASX:BPT)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Beach Energy Charts.
Beach Energy (ASX:BPT)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Beach Energy Charts.