Beach Energy Bid for Adelaide Energy

Beach Energy Ltd. has launched an unconditional 20 cents per share on-market cash takeover offer for all of the issued and outstanding ordinary shares of Adelaide Energy Ltd that it does not presently own.

The offer values Adelaide Energy at AUS$94 million, a premium of 42.9% to the last trading price of Adelaide Energy shares on 4 November 2011.

Beach already holds an ownership position in Adelaide, having acquired at a 19.95 per cent interest in August 2011.

The two companies are currently in joint venture targeting shale gas in the Nappamerri Trough acreage of PEL 218 (Beach 90%, Adelaide Energy 10%) and ATP 855P (Beach 40%, Adelaide Energy 20%, Icon Energy Ltd 40%).