Beach Energy Wraps Up Adelaide Acquisition

Beach Energy Limited has acquired all of the outstanding shares in Adelaide Energy Limited (Adelaide Energy) through compulsory acquisition.

Beach acquired a relevant interest in Adelaide Energy of approximately 97 percent during the takeover offer period and, as a result, was able to move to compulsorily acquire the outstanding shares in Adelaide Energy it did not own. The purchase of the remaining outstanding shares was completed Friday.

Beach would like to acknowledge Mr. Carl Dorsch, who stepped down as the Managing Director of Adelaide Energy on January 31, 2012, for the role he played in building Adelaide Energy to the company it was prior to the takeover. Beach and its staff wish Mr. Dorsch the best for his future endeavors.