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BEACH ENERGY LIMITED Capital/Financing Update 2011

Dec 19, 2011

64558_rns_2011-12-19_5707f8d2-422d-4810-af20-2eef5fde0be5.pdf

Capital/Financing Update

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A.C.N. 004 247 214

LAKES OIL N.L.

Lakes Oil N.L.

ASX Announcement And Media Release

PRL2 – Joint Venture Update

20 December 2011

PRL-2 (Operated by Beach Energy Ltd)

Beach Energy Ltd (Beach), as operator of PRL2, has signed a services contract with BJ Services Company (Australia) Pty Ltd for the fracture stimulation / coiled tubing and perforating services on Boundary Creek-2 and Wombat-4. Work is expected to commence at Boundary Creek-2 in January 2012.

This activity is to be performed under a phased farm-in to PRL2, where Beach and Somerton Energy Ltd (Somerton) can earn up to a 50.0% interest in the block by spending up to $50.0 million. Beach can earn a 33.3% interest by spending up to 33.5 million and Somerton can earn up to a 16.7% interest by spending up to $16.5 million.