BEACH ENERGY LIMITED — M&A Activity 2009

May 4, 2009

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3D Oil Limited Level 5, 164 Flinders Lane Melbourne VIC 3000 Tel: +61 3 9650 9866 Fax: +61 3 9639 1960 www.3doil.com.au

ASX Release

5 May 2009

Beach announces takeover offer for Drillsearch

3D Oil Limited ( 3D Oil ) notes the ASX announcement today by Beach Petroleum Limited ( Beach ) disclosing its intention to make a conditional offer for Drillsearch Energy Limited ( Drillsearch ) (the Beach Offer ). A copy of the Beach announcement is attached as an annexure to this release.

3D Oil notes that a condition of the Beach Offer is:

“Drillsearch not issuing shares to any party other than 60 million shares to CPC Energy Limited in relation to the acquisition by Drillsearch of an equity interest in this company's 'Tintaburra Block' (ATP 299P).”

This offer condition means that the issue of shares by Drillsearch pursuant to its takeover offer for 3D Oil will breach a condition of the Beach Offer. Unless this breach is waived by Beach, the Beach Offer will lapse.

3D Oil also notes Beach’s stated rationale for its takeover offer for Drillsearch, including:

• Greater financial strength at a time when raising exploration funds for small capitalised companies is extremely difficult. Beach has a strong balance sheet, Drillsearch does not.

• Access to a very reputable management team with a sound track record of developing and growing oil and gas assets. Drillsearch currently has no Managing Director and a Board that appears to be in disarray.

• Significantly greater share trading liquidity

3D Oil notes that these messages are consistent with the 3D Oil Board’s recommendation that 3D Oil shareholders reject the Drillsearch offer for 3D Oil.

Drillsearch has received less than 1% in acceptances since announcing its takeover offer for 3D Oil, is now subject to an offer from Beach (a condition of which precludes Drillsearch from proceeding with its bid for 3D Oil) and the Drillsearch board is split with two camps each seeking to oust the other.

In light of these circumstances 3D Oil calls on Drillsearch to clarify whether it intends to allow its offer for 3D Oil to lapse on its scheduled closing date being 26 May 2009.

--------------------------For further information, please contact: Noel Newell Craig Jensz Managing Director Executive Director 3D Oil Limited Gresham Advisory Partners Limited T (03) 9650 9866 T (03) 9664 0372

ANNEXURE: BEACH PETROLEUM LIMITED – MEDIA RELEASE, 5 MAY 2009

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