BEACH ENERGY LIMITED — Capital/Financing Update 2012

Mar 29, 2012

ASX Announcement

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Senex extends its successful oil appraisal program in the South Australian Cooper Basin

Release Date: 30 March 2012

Senex Energy Limited (Senex) and Beach Energy Limited (Beach) have agreed to add three more appraisal wells to their successful drilling campaign in the South Australian Cooper Basin, which will see the joint venture partners drill a total of 14 wells.

The first new well in the expanded campaign is the Growler-10 oil appraisal well in PRL 15. This will be the sixth appraisal well to be drilled following five consecutive successes in recovering oil from the Jurassic Birkhead Formation at Growler oil field on the Cooper Basin’s western flank.

Growler-10 spudded on 27 March 2012, with Ensign rig #48 currently setting surface casing after drilling to a depth of 658 metres at 6.00 am today. The well is expected to reach a total depth of 1,838 metres.

In addition to Growler-10, Senex and Beach have agreed to drill two appraisal wells at the Snatcher oil field in PEL 111: Snatcher-4 and Snatcher-5.

Senex Managing Director Ian Davies said the joint venture partners were excited about the prospect of resuming production at the Snatcher oil field, which has been offline since a one-in-forty year flood inundated the field in January 2010.

“We recently regained access to Snatcher oil field following the completion of road works by Santos and the joint venture is looking forward to finally being able to restore production from this successful oil field in April” he said.

Senex has constructed earthen causeways to the previously inundated Snatcher-1 and Snatcher-2 wells and is in the process of connecting both of these wells to a new production facility that is currently being constructed. In addition, the existing Snatcher-3 well, which was drilled and suspended for future production in 2009, will be completed and connected to the Snatcher facility for production.

Senex holds a 60% interest in PRL 15 and PEL 111 and is Operator of the joint ventures, with the remaining 40% interest held by Beach.

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 T +61 7 3837 9900 info@senexenergy.com.au Page 1 of 2 GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999 senexenergy.com.au

ASX Announcement

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Figure 1: Location of additional oil appraisal wells

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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

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