BEACH ENERGY LIMITED — M&A Activity 2011

Nov 6, 2011

ASX/MEDIA ANNOUNCEMENT

7 November 2011

The Manager Companies Announcements Office Australian Securities Exchange

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BEACH ENERGY LTD TAKEOVER OFFER – FURTHER UPDATE

Further to its announcements of earlier today regarding the above, the Board of Adelaide Energy Ltd (ADE) wishes to further advise the market that:

1. It considers the Beach Energy Ltd (BPT) takeover offer of 20c/share undervalues the Company’s assets.

2. It is moving to engage an Independent Expert to provide its opinion on the value of the Company’s assets.

3. It recommends that shareholders take no action until its Target Statement is issued. The Target Statement will include a Directors’ recommendation and the findings of the Independent Expert.

4. The Board also notes that any shareholder who disposes of his/her shares now will not be entitled to any increase in the offer price that BPT, or a third party, may elect to make.

For further information contact: Carl Dorsch Managing Director Adelaide Energy Limited Mob: 0400 508 088 c.dorsch@adelaideenergy.com.au

Neil Young Chief Commercial Officer Adelaide Energy Limited Mob : 0417 850 245 neil.young@adelaideenergy.com.au

ASX Code : ADE

Registered Office Level 5, 70 Pirie Street, Adelaide SA 5000 www.adelaideenergy.com.au t +61 8 8228 5207 f +61 8 8228 3235 ABN 43 116 256 823