Beach Energy Ltd has reported a recommended and unconditional on-market cash offer for all of the issued and outstanding shares of Impress Energy Ltd, that it does not own, for 8.5 cents per share.

Beach, through its broker Euroz Securities Limited, 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.

Tags: Beach Petroleum Limited