Beach Energy Limited (ASX:BPT) Increases Relevant Interest In Impress Energy Limited (ASX:ITC) To Greater Than 30 Percent

Adelaide, Dec 6, 2010 AEST (ABN Newswire) - 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) ("Impress"), to above 30 percent, as a result of strong on-market acceptances.

Beach Energy Ltd ("Beach") announced this morning a recommended and unconditional on-market cash offer ("Offer") for all of the issued and outstanding shares of 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 30 percent through on-market buying.

Beach Managing Director, Reg Nelson, said "The number of shares traded through Euroz at this early stage is very encouraging and reflects, in our view, the fair value of the on-market offer for Impress."

The Offer price represents a quarter of a cent increase on the merger proposal price under the scheme of arrangement and a 39% premium to the one month volume weighted average price ("VWAP") 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