Bandanna Energy Limited (ASX:BND) Update On Transaction Process

Brisbane, May 5, 2011 AEST (ABN Newswire) - As previously announced, Bandanna Energy Limited (ASX:BND) is undertaking a transaction process to address the outcomes of the strategic review conducted earlier in the year. Non-binding indicative bids were due for submission by close of business on 4th May 2011.

A number of non-binding indicative bids have been received. Bandanna will now review the non-binding indicative bids in conjunction with its advisors, and may select a shortlist of parties to progress to a second stage of the transaction process.

The timetable for the second stage of the process will be determined once the shortlisted parties have been selected.

Contact

Dr Ray Shaw Tel: +61-7-3041-4400 Andrew Crook Mob: +61-419-788-431 http://www.bandannaenergy.com.au