BEACH ENERGY LIMITED — Capital/Financing Update 2012

Feb 5, 2012

ASX Announcement

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Spitfire-1 exploration well discovers new oil field

Release Date: 6 February 2012

Drilling at Spitfire-1 in permit PEL 104 on the western flank of the South Australian Cooper Basin has discovered a new oil accumulation according to Operator of the joint venture Senex Energy Limited (Senex).

Oil shows were seen from 1,722 to 1,731 metres in the mid-Birkhead Formation within a developed stratigraphic channel that includes good quality sand reservoir.

After reaching a total depth of 1,840 metres on 12 January 2012, a number of Drill Stem Tests ( DSTs ) were conducted across the mid-Birkhead Formation. An oil-water contact was encountered within a ten metre section of the tested reservoir, and reservoir quality was proved with water flowing to surface at 164 barrels per day. The final DST was conducted across the top 3.5 metre interval from 1,719.0 to 1,722.5 metres and recovered 2.5 barrels of clean oil with no water produced from a lower quality section of sand.

The well has been classified as non-commercial and is being plugged and abandoned. Follow up wells will be considered to further test this reservoir updip from Spitfire-1 once all relevant well data has been assessed.

Senex Managing Director Ian Davies said the discovery of oil in a new stratigraphic trap was very positive for the joint venture.

“The exploration well was drilled in the deepest section of the mid-Birkhead Formation and encountered a developed stratigraphic channel as prognosed by seismic modelling. The well has confirmed the presence of a petroleum system at the Spitfire field.

“The joint venture will now review the data and identify locations above the oil-water contact for future drilling. The stratigraphic channel at Spitfire is interpreted to be large enough to enable a number of suitable drilling locations north-west of Spitfire-1,” he said.

Ensign Rig #48 will now move to the Growler-8 development well targeting increased oil production from the Growler oil field in PRL 15.

Senex holds a 60% interest in PRL 15 and PEL 104 and is Operator of the joint ventures, with the remaining 40% interest held by Beach Energy Limited.

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 GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999 senexenergy.com.au

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ASX Announcement

For further information contact:

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

Figure 1: Spitfire-1 well location

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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 Page 2 of 2 senexenergy.com.au