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Beach Energy Limited (ASX:BPT) To Complete Acquisition Of Impress Energy (ASX:ITC) After Senex Energy (ASX:SXY) Accepts Beach Offer.

Perth, Australia, Feb 21, 2011 - (ABN Newswire) - 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 welcomes the announcement from Senex that it has accepted the offer for the shares it held in Impress. The acceptance by Senex, the next biggest shareholder after Beach, has taken Beach's relevant interest in Impress to 96%.

Senex is a 60% joint venture partner in Impress's Cooper Basin Western Flank tenements and will remain the operator of the joint venture. Beach is looking forward to working with Senex and its technical staff to further develop these Cooper Basin assets once floodwaters in the area recede.

Beach Managing Director, Reg Nelson, welcomed the decision by Senex to accept Beach's offer: "We have great respect for Senex as a joint venture partner. We believe there is significant potential for exploration in the area, for both conventional and unconventional oil, but it will require commitment and significant expenditure to realise this in a timely manner.

"Our respective teams have excellent technical skills, which will be supported by Beach's extensive experience, as well as our existing infrastructure in the region."

The tenement area held by Impress and Senex borders Beach's PEL 91 tenement which is home to the Chiton-1 oil discovery. The Beach Western Flank tenements are part of an aggressive 16 well drill campaign which is targeting potentially significant oil fields of between 0.5 million barrels to 5.5 million barrels during the 2011 calendar year.

After the close of the offer today, Beach will proceed to compulsory acquisition of the remaining Impress shares it does not own.

Impress shareholders who have not sold their shares into the offer before the close will receive a compulsory acquisition notice from Beach. The notice will detail how the compulsory acquisition will proceed.

Within five business days of announcement of the compulsory acquisition by Beach, Impress shares will be suspended from quotation and will no longer be tradeable on ASX. Impress will subsequently be removed from the official list of ASX.

In relation to the consolidation of Impress and its results, Beach will consolidate Impress' financials into its half year results and will move to 100% ownership by 30 June 2011.

Also, as a result of Beach's recent announcement regarding the impairment of the Basker-Manta-Gummy project, Beach will report a net loss for its half year end 31 December 2010 and expects it will report an underlying net profit after tax of approximately A$19 million.

For the complete Beach Energy Limited announcement including diagram, please refer to the following link:

About Beach Energy Limited:

Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.

Copyright 2011 ABN Newswire

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Publication:ABN Newswire
Geographic Code:8AUST
Date:Feb 21, 2011
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