Drillsearch Energy Limited

In order to give Drillsearch shareholders certainty, Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has announced today that it has waived all conditions in its takeover offer for Drillsearch. In addition Beach has agreed to extend the offer until close of business on Friday 14 August 2009 to provide Drillsearch shareholders with an opportunity to sell into the unconditional offer.

Yesterday the Australian market concluded the last day of the financial year higher, led by energy and retail sectors. The benchmark S&P/ASX200 index gained 68 points, or 1.75 per cent, to 3954.9 points, while the broader All Ordinaries index was up 65.1 points, or 1.68 per cent, to 3947.8 points. The ASX200 has posted four consecutive months of gains.

Yesterday, the Australian market slumped for the third consecutive session as investors locked in gains from recent rallies. The benchmark S&P/ASX200 index was 58.4 points, or 1.47 per cent lower, at 3,904.1 points, while the broader All Ordinaries index fell 53.7 points, or 1.36 per cent, at 3,904.2 points.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) advises that it has made an application to the Takeovers Panel in respect of its proposed takeover bid for Drillsearch Energy Limited (Drillsearch).

Australian shares market yesterday was buoyed by the news Rio Tinto reached a better than expected iron ore price agreement with Japan's Nippon Steel. The benchmark S&P/ASX 200 index gained 50.5 points, or 1.4 per cent, at 3788.4, while the broader All Ordinaries index rose 46.3 points, or 1.2 per cent, to 3781.6.

Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.

Yesterday Australian market was marginally higher, boosted by rally overseas. The benchmark S&P/ASX200 gained 7.4 points, or 0.19 per cent, at 3890.4, while the broader All Ordinaries rose 16.2 points, or 0.42 per cent, to 3862.2.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announces its intention to make a $50.0 million conditional offer (the "Offer") for Drillsearch Energy Limited. ("Drillsearch," ASX:DLS).

Australian shares closed lower on Friday. The Australian market sunk further into the red and languished in negative territory amidst gloomy economic news from here and overseas, according to CMC Markets.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has made yet another significant natural gas discovery in the Cooper basin in South Australia, intersecting a a high quality gas sand in the Brownlow-1 wildcat exploration well.