Beach Energy Limited (ASX:BPT) to Accept Shares and Cash Option for Somerton Stake

Sydney, Australia (ABN Newswire) - Beach Energy Limited (ASX:BPT) advises that, under the off-market takeover offer by Cooper for Somerton, it will accept the shares and cash option for the 55.44% relevant interest it has in Somerton

Beach advised on 21 May 2012 that, in the absence of a higher offer, it will accept the off-market takeover offer by Cooper Energy Limited (ASX:COE) for Somerton Energy Limited (ASX:SNE).

The board of Beach has decided to accept the shares and cash option for its 55.44% relevant interest in Somerton. Under this option, Cooper is offering one Cooper share for every 4.73 Somerton shares plus 9 cents cash for each Somerton share.
As a consequence of accepting the shares and cash option, Beach will receive approximately 17 million shares in Cooper and $7.2 million in cash.

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.

Source:

Beach Energy Limited

Contact:

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au