BEACH ENERGY LIMITED — Capital/Financing Update 2021

Apr 15, 2021

Beach Energy Limited (ABN 20 007 617 969) | Level 8, 80 Flinders Street Adelaide, South Australia 5000 GPO Box 175, Adelaide, South Australia 5001 | beachenergy.com.au

==> picture [84 x 79] intentionally omitted <==

ASX Announcement

Otway Gas Project price review update

Reference #012/21 Date 16 April 2021

Beach Energy Limited (ASX: BPT, Beach) welcomes the partial award by the independent arbitrator in relation to re-pricing of Otway Gas Project gas volumes contracted to Origin Energy, effective 1 July 2020.

The arbitration outcome (as assessed by Beach, based on the partial award) follows a thorough and wellconducted arbitration process by an experienced international arbitrator and is consistent with the price review process prescribed by the gas sales agreement. This process is intended to reflect prices of as many relevant comparable contracts as possible, under which gas is supplied over the period subject to the price review.

The partial award reflects this intent and is approximately consistent with the midpoint of the 2020 southern states’ wholesale gas prices of $7.86 - $10.82 as reported by the ACCC [1] , for gas supply agreements executed from January 2018 to February 2020.

Beach Energy’s Managing Director and Chief Executive Officer, Matt Kay, said that this is a pleasing outcome for the business and is consistent with our expectation, based on the wording of gas sales contract.

“The decision is a key milestone for Beach as we, and our JV participants, continue to invest more than $1 billion to develop locally supplied gas to Australian homes and businesses,” Mr Kay said.

“Beach is pleased with the outcome of the price review process, which has been independently conducted and, as required by the contract, determined a price consistent with the market price of comparable contracts.

“This pricing range is necessary to ensure continued development of supply within the East Coast gas market, which is facing significant supply shortfalls in the coming years.”

Authorisation

This release has been authorised for release by Matt Kay, Managing Director and Chief Executive Officer of Beach Energy.

1 ACCC Gas inquiry 2017-2025 Interim report July 2020, Table 2.5

For further information contact the following on +61 8 8338 2833

Investor relations Chris Morbey, Head of Investor Relations Media Rob Malinauskas, Head of Corporate Affairs and Community Relations