Beach Energy Ltd (henceforth referred to as Beach or the Company), formerly Beach Petroleum Ltd, was established in the early 1960s by the late Dr. Reg Sprigg, a highly regarded Australian oilman, geologist, explorer and conservationist.
Prior to founding Beach, Dr. Sprigg acted as technical advisor to Santos Limited, now one of Australia's largest oil and gas companies. Dr. Sprigg was instrumental in focusing Santos' early exploration efforts on the Cooper Basin of central Australia, now Australia's largest onshore petroleum producing region.
Beach grew its assets steadily through the 1960s, 70s and early 80s, by which time it held a broad range of promising exploration and production tenements, extensive cash reserves, plus a long term revenue base from its oil and gas discoveries at the time.
The Company's pioneering exploration in the Otway Basin of south-eastern Australia resulted in significant discoveries of commercial gas at Port Campbell in 1979. In the early 1980s it made oil discoveries at Jackson, Bodalla South and Kenmore in south-western Queensland.
A takeover by the Independent Resources Group in the mid 1980s resulted in a severe depletion of the Company's cash and assets.
With the election of a new Board in the 1990s, the Company returned its focus to traditional oil and gas exploration, and now has a comprehensive and exciting portfolio of both exploration and production tenements.