BEACH ENERGY LIMITED — M&A Activity 2015

Nov 10, 2015

ASX Announcement 11 November 2015

Update on Proposed Merger – Beach Obtains ASX Waiver

On 23 October 2015, Drillsearch Energy Limited (ASX: DLS) and Beach Energy Limited (ASX: BPT) announced that they had agreed terms for a proposed merger, recommended by the Boards of both companies. The proposed merger will be implemented via a Scheme of Arrangement, the details of which were set out in the announcement and accompanying Merger Implementation Agreement.

At the time of announcement, Beach was seeking a waiver from the Australian Securities Exchange (“ASX”) in relation to ASX Listing Rule 10.1, which would require approval by Beach shareholders for the acquisition of Drillsearch shares from Seven Group Holdings Limited and its subsidiaries.

Beach has advised Drillsearch that an “in principle” waiver of ASX Listing Rule 10.1 has now been granted by the ASX, and consequently a meeting of Beach shareholders in relation to the transaction will not be required.

Timing for completion of the proposed merger remains unchanged.

Event	Date
First CourtDate	Mid-December
Dispatch Explanatory Booklet to Drillsearch Shareholders	Mid-December
SchemeMeetingfor DrillsearchShareholders	Late January2016
Second CourtDate	Mid-February2016
EffectiveDate	Mid-February2016
RecordDate	LateFebruary2016
Implementation Date	LateFebruary2016

Drillsearch shareholders do not need to take any action at the present time.

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For further information please contact:

Dudley White General Manager – Corporate Communications +61 2 9249 9600 Email: dudley.white@drillsearch.com.au

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ABN 73 006 474 844 www.drillsearch.com.au

Level 18, 321 Kent Street T +61 2 9249 9600 Sydney, NSW 2000 Australia F +61 2 9249 9630