BEACH ENERGY LIMITED — Earnings Release 2012

Feb 15, 2012

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For Immediate Release – 16 February 2012 Ref. #009/12

ASX Ltd Companies Announcement Office Electronic Lodgement System

Dear Sir,

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BEACH ANTICIPATES A SIGNIFICANT INCREASE IN FIRST HALF PROFIT FROM PRIOR YEAR

Beach advises that first half underlying NPAT for FY12 is expected to be more than 170% of underlying NPAT from the corresponding period of the prior year

Beach Energy Limited (ASX:BPT, “Beach”) is pleased to announce that, after a preliminary review of its reported and underlying net profit after tax (“NPAT”) for the first half of FY12, it expects a significant increase in both reported and underlying NPAT when compared to the corresponding period of the prior year.

The Company anticipates a first half FY12 reported NPAT in the range of $50-55 million, with underlying NPAT expected to be around $50 million. This compares with a reported loss of $87.6 million, and an underlying NPAT of $18.5 million, for the same period in the prior year.

This anticipated profit increase is primarily the result of:

• The renegotiation of a confidential royalty with Esso Australia Resources Pty Ltd;

• A significant increase of approximately 30% in the average AUD oil price, to $113 per barrel;

• Improved access in the Cooper Basin to areas previously restricted through flooding; and

• The reinstatement of the Tantanna oil pipeline ahead of initial expectations.

Management expects that, with complete access to all producing areas and infrastructure within the Cooper Basin in the second half of the financial year, the Company’s FY12 second half underlying NPAT will be greater than that of the first half.

The FY12 half year results for Beach will be announced on Monday, 27 February 2012.

Yours sincerely,

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Reg Nelson Managing Director, FAusIMM

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ASX Release

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For more information contact

Corporate

Reg Nelson Beach Energy Ltd 08 8338 2833 Investor Relations Chris Jamieson Beach Energy Ltd 08 8338 2833

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