BEACH ENERGY LIMITED — M&A Activity 2011

Nov 10, 2011

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For Immediate Release – 11 November 2011 Ref. #137/11

ASX Ltd Companies Announcement Office Electronic Lodgement System

Dear Sir,

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BEACH HOLDS RELEVANT INTEREST OF 55.31% IN ADELAIDE ENERGY

Beach achieves its primary goal of majority control in its takeover offer for Adelaide Energy and now has a relevant interest of 55.31%

On 7 November 2011, Beach Energy Ltd (ASX: BPT, “Beach”) announced an unconditional, onmarket, cash offer of 20 cents per share (“Offer”) for all of the issued and outstanding ordinary shares of Adelaide Energy Limited (ASX: ADE, “Adelaide Energy”) it did not own. Beach has now secured its primary goal of majority control of Adelaide Energy and has now lifted its relevant interest in the company to 55.31%.

Beach Managing Director, Reg Nelson, said: “The takeover offer is a logical step for Beach that will remove our funding concerns relating to Adelaide Energy for the Nappamerri Trough unconventional gas work program.”

“We are pleased that so many Adelaide Energy shareholders have taken the opportunity to accept the Offer and would encourage remaining shareholders to do likewise.”

The remaining Adelaide Energy shareholders are encouraged to accept the Offer as:

• Beach now has majority control and, in Beach’s view, it is unlikely an alternative bid will emerge as Beach now has a relevant interest of 55.31% in Adelaide Energy;

• 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The Offer to Adelaide Energy shareholders will close on 22 December 2011, unless extended or withdrawn. While the Offer could be withdrawn with the consent of the Australian Securities and Investments Commission under certain circumstances, in Beach’s view this is unlikely to happen.

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ASX Release

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Until that time, the remaining Adelaide Energy shareholders have the opportunity to sell into the Offer and capture value for their shareholding.

Adelaide Energy shareholders can accept the Offer by instructing their broker to sell their shareholding to Beach through its broker for the Offer, Macquarie Equities Limited.

Yours sincerely,

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Reg Nelson Managing Director, FAusIMM

For more information contact

Corporate

Reg Nelson Beach Energy Ltd 08 8338 2833 Investor Relations Chris Jamieson Beach Energy Ltd 08 8338 2833 Media Daryl Warren WARREN (Public Relations) 08 8239 0567 Ian Howarth Collins Street Media 0407 822 319

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