Impress Energy Limited

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) announces it has acquired all of the outstanding shares in Impress Energy Limited (ASX:ITC) through compulsory acquisition. Beach acquired a relevant interest in Impress of approximately 96% during the takeover offer period, and as a result was able to move to compulsorily acquire the outstanding shares in Impress it did not own.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has commenced a major oil drilling program of up to 26 wells on the Western flank of the Cooper basin, with immediate success. The program has the potential to boost the company's reserves by as much as six million barrels of oil (MMbbl) which equates to approximately 9 per cent of reserves at 30 June 2010.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has been advised by Senex Energy Limited (ASX:SXY) of a proposed ten well drilling program on PRL 15 and PEL 104 (the Growler field) consisting of four development (already approved by the joint venture) and six exploration wells.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) announces it has acquired Senex Energy Limited's (ASX:SXY) (formerly Victoria Petroleum NL) 20% stake in Impress Energy Limited (ASX:ITC), allowing Beach to commence procedures for the compulsory acquisition of all remaining Impress shares.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises it now has a relevant interest in Impress Energy Ltd (ASX:ITC) in excess of 75%, as Impress's largest remaining institutional shareholder continues to sell into Beach's 8.5 cents per share offer. This has also been supported by a large retail shareholder selling its shareholding in Impress on Monday.

Beach Energy Ltd (ASX:BPT) (PINK:BEPTF) announced on 6 December 2010 a recommended and unconditional on-market cash offer of 8.5 cents per share for all of the issued and outstanding shares of Impress Energy Ltd (ASX:ITC) it did not own. Beach gained majority control of Impress on 14 December 2010 and has increased its relevant interest in Impress to above 70 percent.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises its on-market takeover offer, announced on 6 December 2010 for all of the issued shares in Impress Energy Limited (ASX:ITC) in which it does not have a relevant interest, is extended to the close of ASX trading on Monday, 21 February 2011.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) ("Beach") announced on Monday, 6 December 2010, a recommended and unconditional on-market cash offer for all of the issued and outstanding shares of Impress Energy Ltd (ASX:ITC), that it does not own, for 8.5 cents per share. On Tuesday, 14 December 2010, Beach gained majority control of Impress and has since increased its relevant interest in Impress to above 60 percent.

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.

Following its takeover announcement earlier today, Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises it has increased its relevant interest in Impress Energy Limited (ASX:ITC) to above 30 percent, as a result of strong on-market acceptances.