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 – DIRECTORS’ SHAREHOLDINGS

Further to its announcement of earlier today regarding the on-market takeover offer by Beach Energy, the Board of Adelaide Energy Ltd (ADE) wishes to advise that:

1. At this time, the Directors of ADE have determined not to accept the takeover offer with respect to their shareholdings.

2. The Company has commenced the investigation of realistic alternatives with a view to recognizing the strategic value of ADE’s assets and maximising the final outcome for shareholders.

3. The terms of the BPT offer allow an extended period until 22 December 2011 within which shareholders may consider the merits, or otherwise, of the offer.

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