BEACH ENERGY LIMITED — Capital/Financing Update 2012

Sep 24, 2012

ASX / MEDIA RELEASE

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25 September 2012

Halifax 1 Shale and Basin Centred Gas Well Update

• Halifax 1 well drilled to 3,885 metres; planned total depth 4130 metres

• The second core taken in the Patchawarra Formation

• Wireline logging undertaken across a 967 metre section

• 300 TCF Gas-in-Place (estimated)

Icon Energy (ASX: ICN) wish to provide an update in relation to the drilling of the Halifax 1 well in ATP 855P, located in the Cooper Basin, Queensland.

We have been advised that the Halifax 1 well has reached a drilled depth of 3,885 metres.

Since the last advice to the market on 18 September the well has drilled a further 25 metres and is drilling ahead in the Patchawarra Formation.

A 25 metre core was cut in the Patchawarra Formation on Thursday 20 September. An evaluation of the two cores cut in Halifax 1 will commence shortly and is expected to take at least two months to complete.

Wireline logging was used to gather information for mineralogy across the REM section.

The Roseneath-Epsilon-Murteree (REM) sequence, as measured from the wire logging data, came in as prognosed with a thickness of approximately 460 metres. This compares to 393 metres in Encounter 1 (PEL 218) drilled 12 kms to the south–west.

Upon reaching total depth the well will be cased and suspended, with planned hydraulic fracture stimulation in Q4 2012.

Interests in ATP 855P

Icon Energy 40%

Beach Energy 60%* (*40% interest subject to Farmin Agreement)

ends

Investor enquiries: Mr Ray James Managing Director Office: 07 5554 7111

Mr Richard Holliday Commercial Manager Office: 07 5554 7111 Mobile: +61 438 105 460 E mail: richard.holliday@iconenergy.com

Icon Energy Limited ABN 61 058 454 569 PO Box 2004, Broadbeach Waters QLD 4218 Telephone: +61 7 5554 7111 Facsimile: +61 7 5554 7100 www.iconenergy.com

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