Beach Energy Limited (ASX:BPT) Increases Relevant Interest In Impress Energy Limited (ASX:ITC) To Over 40 Percent

Adelaide, Dec 7, 2010 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises it has increased its relevant interest in Impress Energy Limited (ASX:ITC) to above 40 percent, as a result of continued strong on-market acceptances by Impress shareholders.

Beach Energy Ltd ("Beach") announced on Monday, 6 December 2010, a recommended and unconditional on-market cash offer ("Offer") for all of the issued and outstanding shares of Impress Energy Ltd ("Impress"), that it does not own, for 8.5 cents per share.

Beach, through its broker Euroz Securities Limited (ASX:EZL), has increased its relevant interest in Impress to above 40 percent through on-market buying.

Beach Managing Director, Reg Nelson, said: "Continued strong selling by Impress shareholders again reinforces, in our view, the compelling nature of an unconditional cash offer at a fair price."

The Offer price represents a quarter of a cent increase on the merger proposal price under the scheme of arrangement. It also represents a 39% premium to the one month volume weighted average price of 6.1 cents per share before the announcement of the proposed merger on 22 November 2010.

Contact

Reg Nelson Corporate Beach Energy Limited Tel: +61-8-8338-2833 Chris Jamieson Investor Relations Beach Energy Ltd Tel: +61-8-8338-2833 http://beachenergy.com.au