BEACH ENERGY LIMITED — Capital/Financing Update 2012

Sep 17, 2012

ASX / MEDIA RELEASE

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18 September 2012

Halifax 1 Shale Gas Well Update

• Halifax 1 well drilled to 3860 meters; planned total depth 4130 meters

• The first core taken in the Epsilon Formation

• Drilling ahead in the Patchawarra Formation

• 300 TCF Gas in Place (estimated)

Icon Energy (ASX: ICN) wish to provide an update in relation to the drilling of the Halifax1 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 3,860 meters.

Since last advice to the market on 11 September the well has drilled a further 534 meters and has penetrated the Patchawarra formation.

A 24-metre core was cut in the Epsilon Formation in the early hours of Saturday 15[th] September. An ongoing evaluation of the core is continuing.

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Halifax 1 Core Sample Epsilon Formation

Halifax 1 will evaluate the basin-centred shale gas potential in the REM and Patchawarra Formation intervals within the Queensland portion of the Nappamerri Trough with a planned total depth of 4130 meters.

Interests in ATP 855P

Icon Energy 40%

Beach Energy 60%* (*40% interest subject to Farmout agreement)

ends

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

Mr Richard Holliday Commercial Manager Office 07 5554 7111 Mobile 0438 105460

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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