BEACH ENERGY LIMITED — Capital/Financing Update 2012

Jun 4, 2012

ASX Announcement

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Cooper Basin oil production and infrastructure update

Release Date: 5 June 2012

Senex Energy Limited (Senex), as Operator of the PRL 15 and PEL 111 joint ventures, advises that oil production at the Growler and Snatcher oil fields has been temporarily interrupted following the closure of vital road infrastructure due to localised rain.

KEY POINTS

• Combined production from the Growler and Snatcher oil fields was in excess of 5,500 barrels of oil per day (bopd) gross before operations were suspended.

• As a result of this interruption and consequent deferral of production, net annual oil production for Senex will be revised below the 700,000 barrel target.

• Design and construction of dedicated oil pipeline infrastructure is underway to connect Growler and Snatcher oil fields with the Moomba oil processing facility.

Western flank oil production

On Thursday 31 May, Senex temporarily halted production at the Growler oil field when extensive local rain caused the closure of all access roads within the Cooper Basin. Production from the Snatcher oil field was suspended on Friday 1 June.

Since Senex recommenced production at the Growler oil field in late September 2011, oil production from the field has increased rapidly on the back of a targeted appraisal and development program. Before the interruption, field production was averaging in excess of 5,200 bopd and for a short period in late May 2012 the field produced at a rate of more than 6,000 bopd.

Senex Managing Director Ian Davies said that production from the field would be reinstated as soon as possible and that the commissioning of dedicated oil pipelines connecting the site to Moomba would significantly reduce the risk of future production delays.

“The positive news is that the production is deferred – not lost – and from experience we know that operations at Growler oil field will ramp up very quickly. The event also validates our prudent decision to invest in oil pipeline infrastructure,” he said.

Once the extent of the interruption and deferred production are known, Senex will revise its net annual oil production target.

Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 T +61 7 3837 9900 GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999

info@senexenergy.com.au Page 1 of 3 senexenergy.com.au

ASX Announcement

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Senex holds a 60% interest in PRL 15 (Growler) and PEL 111 (Snatcher) and is the Operator of the joint ventures. The remaining 40% interest is held by Beach Energy Limited (Beach).

Oil pipelines under construction

In mid-2011, Senex committed to the construction of oil transportation infrastructure in the South Australian Cooper Basin to reduce the risk of production delays due to weather.

Construction of the pipelines is progressing under the direction of joint venture partner Beach Energy Limited (Beach) and by Santos Limited (Santos) respectively, as follows:

Growler to Moomba flowlines

Senex is advised that the Growler to Lycium flowline (Senex: 60%) is under construction and is due for completion by August 2012. The Lycium to Moomba flowline (Senex: 40%) is substantially complete with the tie-in to Moomba expected in the December 2012 quarter. Beach is the Operator for both flowlines.

Snatcher to Tirrawarra pipelines

Construction of the Charo to Tirrawarra pipeline is expected to be completed by July 2012. Santos is constructing this pipeline on behalf of the South Australian Cooper Basin Parties. Senex expects to begin construction of the Snatcher to Charo pipeline soon after, as Operator on behalf of the Beach-Senex PEL 111 joint venture.

The location of Senex’s oil fields and proposed oil pipelines is shown in Figure 1.

For further information contact:

Ian Davies Managing Director Senex Energy Limited Phone: (07) 3837 9900

Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001

T +61 7 3837 9900 F +61 7 3837 9999

info@senexenergy.com.au senexenergy.com.au

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ASX Announcement

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Figure 1: Location of Senex oil fields and proposed pipelines

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Senex Energy Limited Head Office ABN 50 008 942 827 Level 11, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001

T +61 7 3837 9900 F +61 7 3837 9999

info@senexenergy.com.au senexenergy.com.au

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