BEACH ENERGY LIMITED — Director's Dealing 2011

Dec 21, 2011

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For Immediate Release – 22 December 2011 Ref. #173/11

ASX Ltd Companies Announcement Office Electronic Lodgement System

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Dear Sir,

VESTING OF EXECUTIVE OPTIONS

Under the terms of the Beach Energy Limited Long Term Incentive Plan, 4,563,187 of the 1 December 2008 Rights have vested due to the achievement of the performance condition on vesting.

Under the terms of the Beach Energy Limited Long Term Incentive Plan, 4,563,187 have been converted to 4,563,187 fully paid ordinary shares.

The following options and rights remain on issue:

2,425,000 Tranche A Unlisted Options expiring on 30 November 2013

2,425,000 Tranche B Unlisted Options expiring on 30 November 2013

1,568,280 Tranche C Unlisted Options expiring on 30 November 2013

2,258,977 2007 Unlisted Options expiring on 27 February 2015

5,453,895 2010 Unlisted Rights expiring on 30 November 2015

• 2,566,470 2011 Unlisted Rights expiring on 30 November 2016

416,894 2011 Unlisted Employee Share Rights expiring on 19 December 2013

Yours faithfully,

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Kathryn Presser

Company Secretary

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