Beach Energy Limited (ASX:BPT) Increases Relevant Interest In Adelaide Energy (ASX:ADE) To Greater Than 65%

Adelaide, Nov 17, 2011 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) announced on Monday, 7 November 2011, an unconditional, on-market, cash offer of 20 cents per share for all of the issued and outstanding ordinary shares of Adelaide Energy Limited (ASX:ADE) ("Adelaide Energy") it did not own. On Thursday, 10 November 2011, Beach gained majority control of Adelaide Energy and has since increased its relevant interest in Adelaide Energy to 65.53 percent.

Beach continues to encourage the remaining Adelaide Energy shareholders to accept the Offer as:

- The Offer price has been declared final and will not be increased under this Offer;

- In Beach's view, it is unlikely an alternative bid will emerge;

- The Offer represents a significant premium to the price that Adelaide Energy was trading at prior to Beach announcing its intention to acquire the company;

- The remaining shareholders are likely to have their shareholding diluted by the future capital requirements of Adelaide Energy; and

- The remaining shareholders who do not accept the Offer face potential share price risk and reduced liquidity once the Offer closes.

The Offer to Adelaide Energy shareholders will close on 22 December 2011, unless extended or withdrawn. Adelaide Energy shareholders can sell to Beach by instructing their broker to sell their shareholding to Beach through its broker for the Offer, Macquarie Equities Limited.

Contact

Corporate Reg Nelson Beach Energy Limited Tel: +61-8-8338-2833 Investor Relations Chris Jamieson Beach Energy Limited Tel: +61-8-8338-2833 Email: info@beachenergy.com.au http://www.beachenergy.com.au