Icon Energy Limited

Australian Market Report of December 23, 2010 includes: Coalworks Limited (ASX:CWK) has signed a joint venture agreement with ITOCHU Corporation (TYO:8001); Icon Energy Limited (ASX:ICN) secures AUD$5.9m funding from Chinese investors; Seek Limited (ASX:SEK) signed an agreement to acquire a majority shareholding in Jobs DB Inc.; White Energy Company Limited (ASX:WEC) has exercised an option to acquire Cascade Coal Pty Limited.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) is pleased to announce that it has acquired all of the remaining Queensland petroleum interests held by Bandanna Energy Ltd (ASX:BND) being interests in ATP539P, ATP549P West and PL18. The total consideration paid to acquire all of Bandanna's remaining interest is A$150,000.

The Australian shares started lower on Friday. Overnight Dow Jones index fell below the psychologically 10000 mark on continued worries about US economic growth. Investors were increasingly nervous ahead of the US government's Friday release second-quarter GDP number. Shortly after the local market opened, the S&P/ASX200 Index was down 0.53 per cent, while the broader All Ordinaries Index lost 0.5 per cent.

US stocks rose overnight as investors were encouraged by the stronger than expected retail sales figures, which also eased some concerns over the reporting season to kick off next week. Most Asian markets yesterday fell after the negative lead from Wall Street. Japan's Nikkei 225 dropped 1.1 per cent after weak machinery orders data. China's Shanghai Composite lost 0.94 per cent while Hong Kong's Hang Seng Index declined 0.3 per cent. But South Korea's Kospi was 0.4 per cent higher as strong foreign buying came in late trade.

Beach Energy Limited's (ASX:BPT) (PINK:BEPTF) international oil diversification and first-mover initiatives with its Cooper Basin shale gas strategy came strongly into view in the December quarter.

Drillsearch Energy Ltd (ASX:DLS)(PINK:DRLLF) has taken further action to protect the interests of all shareholders in its 79.5% owned Canadian subsidiary Circumpacific Energy Corporation (CVE:CER) and in particular to protect assets held in 50/50 joint venture by Drillsearch and Circumpacific and to protect confidential information.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) has moved to consolidate its position in Australia's developing unconventional gas sector through a farm-in deal with ASX listed petroleum exploration group, Icon Energy Ltd (ASX:ICN).

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 30 September. Highlights of the week's activities include: The NS 394-3 [Burtocal North] oil exploration well (Beach 20%) is drilling ahead at a depth of 2117 metres in the South Gharib Formation. Wakefield-1 (Beach 23.33% in Post Permian JV), has been cased and suspended pending further evaluation to establish whether commercial hydrocarbons have been intersected by the well.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 23 September, 2009 are attached. Highlights of the week's activities include: Wakefield-1 (Beach 23.33% in Post Permian JV), targeting oil in the Namur and Hutton Sandstones, has reached total depth at 2298 metres in the Nappamerri Formation and is preparing to run wireline logs. The NS 394-3 [Burtocal North] offshore oil exploration well (Beach 20%) has reached a depth of 1315 metres and is running intermediate casing.

Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 16 September 2009, highlights of the week's activities include: Spikey Beach-1 (Beach 80% in Spikey Beach Farmout Blocks) targeting oil in the Upper Eastern View Group reached final total depth of 2100m MDRT on 14 September. The NS 394-3 [Burtocal North] offshore oil exploration well (Beach 20%) is drilling ahead at a depth of 672 metres after spudding on 14 September. Wakefield-1 (Beach 23.33% in Post Permian JV), targeting oil in the Namur and Hutton Sandstones, spudded Thursday 10 September.