BEACH ENERGY LIMITED — Capital/Financing Update 2012

Mar 26, 2012

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ASX Circular

Date: 27 March 2012

Key topics

1. Beach Energy Limited

2. ASX Code: BPT

3. Accelerated NonRenounceable Entitlement Offer timetable.

BEACH ENERGY LIMITED – ACCELERATED NONRENOUNCEABLE PRO RATA ENTITLEMENT OFFER

Participating Organisations are advised that Beach Energy Limited (the “Company”) has announced a fully underwritten 1 for 8 accelerated non-renounceable pro rata entitlement offer (the “Entitlement Offer”), at an offer price of $1.40 per new ordinary share to raise approximately $195 million. The Company also proposes to raise approximately $150 million in senior, unsecured convertible notes (“Convertible Notes Offer”).

The Entitlement Offer has two components:

Reading List

Client Advisers Compliance Managers Corporate Advisory DTR Operators Listings Institutions

ASX Settlement Participants Office Managers Operations Managers (back office)

Research Analysts ASX Clear Participants Market Participants

Authorised By

• An institutional entitlement offer, where offers have been made to qualifying institutional securityholders for them to apply for their pro-rata entitlement to raise approximately $115 million (the “Institutional Entitlement Offer”).

• A retail entitlement offer, where an offer will be made to qualifying retail securityholders for them to apply for their pro-rata entitlement to raise approximately $80 million (the “Retail Entitlement Offer”).

The Entitlement Offer is fully underwritten by Citigroup Global Markets Australia Pty Limited, Goldman Sachs Australia Capital Markets Limited and Macquarie Capital (Australia) Limited.

The Record Date for the Entitlement Offer is Friday, 30 March 2012.

The Retail Entitlement Offer is expected to close on Friday, 20 April 2012.

Securities issued under the Entitlement Offer will rank equally with existing securities on issue.

Adrian Smythe

Contact

Shannon Hong

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

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The indicative timetable in relation to the Entitlement Offer is as follows:

Event	Date
Trading halt request and announcement of the Entitlement Offer Convertible Note Bookbuild Offer opens	Tuesday, 27 March 2012
Institutional Entitlement Offer opens	Tuesday, 27 March 2012
Cleansing notice and Appendix 3B released to the market entitlement offer	Tuesday, 27 March 2012
Institutional Entitlement Offer closes Convertible Note Bookbuild Offer closes	Wednesday, 28 March 2012
Results of the Institutional Entitlement Offer and Convertible Note Offer Announced Trading in Company shares resumes on the ASX on an Ex entitlement basis	Thursday, 29 March 2012
Record date	Friday, 30 March 2012
Despatch of Retail Entitlement Offer booklet	Wednesday, 4 April 2012
Retail Entitlement Offer opens	Wednesday, 4 April 2012
Institutional Entitlement Offer settlement	Wednesday, 4 April 2012
Normal trading and despatch of holding statements – Institutional Entitlement Offer and institutional shortfall bookbuild	Thursday, 5 April 2012
Retail Entitlement Offer closes	Friday, 20 April 2012
Company notifies ASX of under subscriptions	Thursday, 26 April 2012
Retail settlement of Retail Entitlement Offer	Wednesday, 2 May 2012
Allotment of shares under Retail Entitlement Offer	Thursday, 3 May 2012
Despatch of holding statements under Retail Entitlement Offer	Thursday, 3 May 2012
New shares issued under the Retail Entitlement Offer commence trading on a normal basis	Friday, 4 May 2012

Settlement Issues

Despite the fact that securities are trading “ex entitlement” on ASX Trade, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances during the deemed “CHESS ex-period”, i.e. the period commencing on the deemed CHESS Ex-Date up to and including the record date. However, a record date cum balance will be available the business day following the record date, which will be equal to the registered holding balance at CHESS end of day on the record date. As a result any transfer that occurs prior to record date will be effectively transferred on a “cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

CHESS will perform automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Company’s securities. Persons who acquire the Company’s securities after the commencement of the trading halt on Tuesday, 27 March 2012 are not entitled to participate in the Entitlement Offer.

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Further information

For further details, please refer to the Company’s announcements or contact the Company’s Offer Information Line on 1300 607 506 or +61 3 9415 4659.

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