BEACH ENERGY LIMITED — Interim / Quarterly Report 2023

Jul 25, 2023

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

ASX Announcement FY23 Fourth Quarter Activities Report

Reference #028/23 Date 26 July 2023

Production up 12% quarter-on-quarter to 5.0 MMboe; FY23 full year production of 19.5 MMboe

• Otway Basin gas and gas liquids production up 51% from Thylacine North well connections in mid-May

• Western Flank oil production up 21% from new well connections, including seven horizontal wells

Revenue up 27% quarter-on-quarter to $450 million; FY23 full year revenue of $1,617 million

• Quarterly sales gas and ethane revenue up 19% on increased Otway production and higher spot prices

Waitsia Gas Plant construction progressing with actions taken to optimise schedule delivery

• Additional accommodation camps constructed, new EBA to attract and retain staff, elevated recruiting levels, extended shifts and commencement of night works

Targeting connection of Thylacine West 1 and 2 to the Otway Gas Plant in H1 FY25

• Root cause analysis of the hydro pressure test failure underway; costs expected to be largely recoverable

Enterprise pipeline completed and well site Christmas tree installed; targeting first gas in mid-FY24[1]

• Enterprise volumes to utilise spare capacity at the Otway Gas Plant

Moomba CCS project 70% complete and on schedule for first CO2 injection in 2024[2]

Active drilling campaigns continue across all basins; 90% drilling success rate from 29 wells

• Perth Basin gas exploration underway with second operated well, Trigg Northwest 1, currently drilling

• Preparing for Valaris 107 rig mobilisation to the Kupe South 9 well location; targeting spud in Q1 FY24

• Consortium rig secured for the next phase of offshore Victoria activity; early planning underway

FY23 full year results and FY24 guidance to be released on 14 August 2023

Key Metrics Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr **Change **	FY23
Production (MMboe) 5.6 4.5	5.0 12%	19.5
Sales Volumes (MMboe) 5.9 4.6	5.7 24%	20.7
Sales Revenue ($ million) 504 353	450 27%	1,617
Realised Oil Price ($/bbl) 167 134	124 (8%)	138
Realised Sales Gas/Ethane Price ($/GJ) 8.7 8.9	9.5 7%	8.8

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

Investor Relations	Derek Piper, General Manager Investor Relations
Media	Chris Burford, Corporate Affairs Manager

1 Subject to approvals 2 As reported by the operator, Santos

Page 1 of 13

Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Comments from Chief Executive Officer, Morné Engelbrecht

"Beach ended the financial year with strong operational performance in the fourth quarter and revenue up 27% quarter-on-quarter as we progress our major growth projects.

“We successfully connected the Thylacine North development wells during the quarter, enabling us to increase our Otway Basin production by more than 50% and supply an additional 2.2 PJ (0.4 MMboe) of gas to the Australian East Coast market this quarter.

“The team also successfully installed and tested the new Enterprise pipeline where we are targeting first gas through the Otway Gas Plant in mid-FY24, subject to approvals.

“One of the nation’s biggest emissions reduction projects, Moomba CCS, is now more than two thirds complete with the first CO2 injection targeted for 2024.

“Significantly, the Waitsia Stage 2 project is progressing, and while there have been some challenges resulting from the now resolved financial issues with construction contractor Clough, there continues to be skilled trades getting the plant ready for first gas.

“We now have several exciting growth catalysts coming to fruition. Perth Basin exploration, connection of the Enterprise gas discovery, first LNG sales from Waitsia, connection of the Thylacine West wells and drilling of the offshore Kupe South 9 well will deliver a strong foundation for Beach in FY24 and beyond.

“The resulting production uplift will come at a time when markets need our products more than ever, where underinvestment in new supply, continuing supply constraints and robust demand are common themes.

"Against this backdrop, Beach’s value proposition has never been stronger”, Mr Engelbrecht said.

Financial

Sales volumes

Total sales volumes of 5,670 kboe were 24% above the prior quarter, mainly due to higher production and three additional liquids liftings (Q3 FY23: three liftings).

three additional liquids liftings (Q3 FY23: three liftings).
Sales Volumes Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr **Change **	FY23
Oil (kbbl) Own Product 961 631 Third Party 208 222 Total Oil 1,169 853	1,025 62% 236 6% 1,261 48%	3,420 939 4,359
Sales Gas and Ethane (PJ) Own Product 22.6 17.2 Third Party 0.3 0.2 Total Gas 22.8 17.4	19.2 12% 0.3 10% 19.5 12%	75.9 1.0 76.9
LPG (kt) Own Product 53.3 25.7 Third Party 0.1 5.5 Total LPG 53.4 31.2	50.9 98% 10.5 92% 61.4 97%	160.8 16.1 176.9
Condensate (kbbl) Own Product 366 350 Third Party 2 156 Total Condensate 368 507	458 31% 120 (23%) 578 14%	1,496 277 1,772
Total Sales Volumes (kboe) 5,892 4,585	5,670 24%	20,733
Total Own Product (kboe) 5,633 4,130 Total Third Party (kboe) 259 456	5,187 26% 483 6%	19,221 1,513

Note: Figures and ratios throughout this report may not reconcile to totals due to rounding; nm = not meaningful

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Sales revenue

Total sales revenue of $450 million was 27% above the prior quarter due to higher sales volumes and higher realised gas prices. The average realised sales price across all products of $79.4 per boe was 3% above the prior quarter. The average realised oil price decreased by 8% to $124 per bbl and the average realised gas price increased by 7% to $9.5 per GJ.

Sales Revenue ($ million) Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr Change	FY23
Oil 195 115 Sales Gas and Ethane 199 155 LPG 56 29 Condensate 53 54 Sales Gas and Gas Liquids 309 239	156 36% 185 19% 46 57% 63 16% 294 23%	604 677 147 189 1,013
Total Sales Revenue 504 353	450 27%	1,617
Total Own Product 468 299 Total Third Party 37 54	394 32% 56 4%	1,427 190

Average Realised Prices Jun. Q4 FY22	Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr Change	FY23
All Products ($/boe) 85.6	77.0	79.4 3%	78.0
Oil ($/bbl) 167 Sales Gas and Ethane ($/GJ) 8.7 LPG ($/tonne) 1,055 Condensate ($/bbl) 145	134 8.9 937 107	124 (8%) 9.5 7% 750 (20%) 108 1%	138 8.8 830 107

Capital expenditure

Capital expenditure of $282 million was 14% above the prior quarter as Beach progressed its major growth projects in the Otway and Perth basins. Full year FY23 capital expenditure included additional expenditure relating to accelerated Cooper Basin JV activity and Waitsia Stage 2 schedule mitigation activities.

Capital Expenditure ($ million) Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr Change	FY23
Exploration and Appraisal 27 28 Development, Plant and Equipment 224 221	40 44% 242 10%	121 979
Total Capital Expenditure 251 249	282 14%	1,100

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Liquidity

As at 30 June 2023, Beach had total liquidity of $434 million (Q3 FY23: $504 million), comprising cash reserves of $219 million and undrawn debt of $215 million. Cash flows for the quarter included higher capital expenditure payments relative to the prior quarter, which were partially offset by higher operating cash flow from increased production and revenue.

Liquidity ($ million) Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr Change
Cash Reserves 255 244 Drawn Debt (90) (340)	219 (10%) (385) 13%
Net Cash / (Debt) 165 (96)	(166) 73%
Undrawn Facilities 510 260	215 (17%)
Total Liquidity 765 504	434 (14%)

Hedging

As at 30 June 2023, Beach had no hedging in place.

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Production (net to Beach)

Production (net to Beach)
	Jun. Q4 FY22 Mar. Q3 FY23	Jun. Q4 FY23 Qtr on Qtr Change	FY23
Total Production Sales Gas LPG Condensate Oil Total	PJ 22.3 17.5	19.6 12%	76.4
	kt 49 38	42 9%	169
	kbbl 411 289	308 6%	1,277
	kbbl 984 913	1,019 12%	3,725
	kboe 5,615 4,508	5,030 12%	19,488
Cooper Basin Joint Venture Sales Gas LPG Condensate Oil Total	PJ 6.9 6.4 kt 15 12 kbbl 126 101 kbbl 230 267 kboe 1,663 1,571	6.8 5% 14 14% 91 (10%) 240 (10%) 1,606 2%	27.5 57 434 971 6,586
Cooper Basin Western Flank Sales Gas LPG Condensate Oil Total	PJ 1.2 1.0 kt 7 5 kbbl 56 36 kbbl 750 646 kboe 1,065 886	1.0 (0%) 4 (8%) 33 (8%) 779 21% 1,012 14%	4.2 20 152 2,753 3,790
Other Cooper Basin Sales Gas LPG Condensate Oil Total	PJ 0.1 0.1 kt 0 0 kbbl 4 (2) kbbl 4 0 kboe 32 19	0.1 (38%) 0 (37%) 1 nm - (100%) 15 (23%)	0.4 1 10 1 95
South Australian Otway Basin Sales Gas Condensate Total	PJ 0.2 - kbbl 0 - kboe 31 -	- - - - - -	0.1 - 22
Perth Basin Sales Gas Total	PJ 2.0 2.4 kboe 347 405	2.4 0% 406 0%	9.0 1,551
Victorian Otway Basin Sales Gas LPG Condensate Total	PJ 7.7 4.2 kt 12 8 kbbl 113 58 kboe 1,539 851	6.4 51% 12 42% 99 69% 1,289 51%	22.1 43 325 4,472
Bass Basin Sales Gas LPG Condensate Total	PJ 1.1 1.1 kt 2 2 kbbl 36 39 kboe 233 237	1.0 (8%) 2 (18%) 34 (14%) 214 (10%)	3.9 8 135 860
Taranaki Basin Sales Gas LPG Condensate Total	PJ 3.0 2.3 kt 13 10 kbbl 76 56 kboe 705 540	2.1 (9%) 9 (10%) 50 (12%) 487 (10%)	9.1 39 221 2,112

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Perth Basin

Production

Quarterly gas production of 406 kboe was in line with the prior quarter due to continuing strong customer demand and high plant uptime. The Beharra Springs and Xyris gas plants operated steadily at average rates of ~25 TJ/day gross and ~28 TJ/day gross, respectively.

Waitsia Stage 2

As announced on 18 May 2023, the Clough voluntary administration process and tight labour market conditions in Western Australia have impacted construction of the Waitsia Gas Plant, causing Beach to withdraw its guidance relating to schedule and cost targets. To mitigate schedule impacts, the Waitsia Joint Venture and contractor Webuild SpA identified and implemented various actions during the quarter, including:

• Construction of extra accommodation camps, taking total accommodation from 342 beds to 438 beds;

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• Signing of a new employment agreement to better attract and retain staff;

• Elevated recruiting, including electrical and instrumentation hires;

• Implementation of extended 12-hour shifts and night operations; and

• Erection of over 80 light towers to enable night works.

In addition to these activities, several construction milestones were achieved during the quarter. These include completion of all structural fabrication deliveries to site and the commencement of pipeline hydro testing. The Waitsia Joint Venture will continue to closely monitor construction progress and labour productivity ramp-up.

Exploration drilling

Beach commenced its operated gas exploration campaign with the first well of the campaign, Trigg 1, drilled to a total depth of 4,914 metres (measured depth). Gas shows were present in the primary Kingia target however no gas could be recovered with wireline testing. The reservoir was interpreted to be tight with insufficient porosity and permeability to flow gas. The well was consequently plugged and abandoned.

The second well of the campaign, Trigg Northwest 1, spudded after quarter-end and is currently drilling ahead. After Trigg Northwest 1, Tarantula Deep 1 and Beharra Spring Deep 2 will be drilled.

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Otway Basin (Victoria)

Production

Total gas and gas liquids production of 1.3 MMboe was 51% above the prior quarter following connection of the Thylacine North 1 and 2 wells to the Otway Gas Plant in mid-May.

This additional well deliverability enabled the Otway Gas Plant to produce at daily rates of up to 174 TJ/day gross (Q3 FY23 maximum rate: 112 TJ/day gross) and an average rate of 117 TJ/day gross for the quarter (Q3 FY23: 78 TJ/day gross). Daily production rates remain subject to customer demand.

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Offshore Otway development

Four of the six Otway development wells that were drilled as part of the major drilling campaign in FY22 are now connected to the Otway Gas Plant and have materially increased well deliverability.

As announced on 13 April 2023, a hydro pressure test failure occurred during testing of one of the flowlines, which impacted connection timing for the final two development wells, Thylacine West 1 and 2. An independent root cause analysis of the hydro pressure test failure is underway.

Beach is targeting connection of Thylacine West 1 and 2 in H1 FY25, subject to securing a vessel. Associated costs are expected to be largely recoverable. Deferred production from these wells will be partially mitigated through connection of the Enterprise discovery in mid-FY24. Prior to connection of Thylacine West 1 and 2, spare capacity at the Otway Gas Plant will be available to process Enterprise volumes. Marketing of Enterprise volumes is currently underway.

Planning for the next phase of offshore Victoria activity progressed during the quarter. Beach participated in a consortium which secured the Transocean Equinox drill rig, with the rig expected to undertake activity in 2025 and potentially beyond. Early planning is underway to develop a works schedule in conjunction with consortium members. Beach’s activity is expected to include development of the Artisan and La Bella discoveries, exploration drilling and abandonment activity. Confirmation of schedule, prospects and number of wells to be drilled is subject to completion of seabed assessments, joint venture and regulatory approvals and a final investment decision.

Nearshore Enterprise development

Beach progressed connection activities for the Enterprise discovery, which included Christmas tree installation at the well site, completion of pipeline laying and hydro testing, and commencement of Otway Gas Plant pipeline connections and fibre optic pipeline cable installation. Discussions are continuing with Native Title holders in relation to land access. Conclusion of this process will allow for final regulatory approvals to complete wellsite works.[3] First gas from Enterprise in mid-FY24 is targeted, subject to approvals.

3 In July 2022, the Victorian Government determined that the granting of the Petroleum Special Drilling Authorisation (PSDA) for Enterprise would be considered a ‘future act’ under the Native Title Act 1993, triggering the Right to Negotiate process

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Otway Basin (South Australia)

Exploration

Processing of the Dombey 3D seismic survey continued during the quarter. The survey covers 165 square kilometres in PEL 494 and captures the Dombey field and surrounding exploration prospects. It will allow assessment of opportunities to supply gas to the Katnook Gas Plant. Processing and interpretation of data to inform next steps is expected to be completed in H1 FY24.

Cooper Basin Western Flank

Production

Total oil and gas production of 1.0 MMboe was 14% above the prior quarter.

Oil production of 779 kbbl was 21% above the prior quarter due to connection of seven new horizontal wells and one new vertical well, with average initial production rates in line with pre-drill estimates. One horizontal well was connected immediately following quarterend and two further horizontal wells are awaiting connection.

Gas and gas liquids production of 233 kboe was 3% below the prior quarter.

Drilling results

The seven-well oil development campaign targeting the McKinlay Member and Namur Sandstone in the Bauer and Arno fields was completed, with three horizontal wells and one vertical well cased and suspended as future producers. Bauer 74, Bauer 75 and Arno 5 drilled lateral sections of 1,157 metres, 835 metres and 1,060

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metres and intersected net oil pay of 321 metres, 120 metres and 241 metres, respectively. Bauer North 4, the only vertical well of the campaign, intersected 2.6 metres of net oil pay.

Horizontal drilling was undertaken in the Balgowan and Spitfire fields as follow-up to past oil development campaigns. Balgowan 8 drilled a lateral section of 1,169 metres and was cased and suspended following intersection of 315 metres of net oil pay. Spitfire 10 was drilling ahead at quarter-end.

The Chiton Southeast 1 oil exploration well targeted the Namur Sandstone and was plugged and abandoned due to the well intersecting a sub-commercial column of oil.

The FY23 Western Flank drilling program comprised of 24 wells and provided encouraging results with several follow-up opportunities identified. The campaign included 15 successful horizontal oil development wells across eight fields, four successful appraisal wells in the Martlet field and one exploration success at Rocky 1. Less development drilling will be undertaken in FY24 with a greater focus on exploration and appraisal.

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Cooper Basin JV

Production

Total oil and gas production of 1.6 MMboe was 2% above the prior quarter. Gas and gas liquids production of 1.4 MMboe was 5% above the prior quarter and was supported by rectification of the previously reported flowline outage towards the end of the quarter. Oil production of 240 kbbl was 10% below the prior quarter with new well connections partially offsetting natural field decline.

Drilling results

Beach participated in 26 wells, with four wells drilling ahead at quarter-end. An overall success rate of 96% was achieved (wells cased and suspended or completed as future producers) and included two gas appraisal wells and 19 gas development wells.

Drilling activity included completion of the five-well Moomba North and 13-well Big Lake gas development campaigns and commencement of a 22-well Moomba South gas development campaign. The 11-well Tirrawarra gas and oil development campaign was progressed. Successful gas development drilling was also undertaken in the Dullingari North, Merupa, Napowie and Winninia North fields, and gas appraisal drilling in the Dorodillo and Napowie fields delivered two future producers.

Moomba CCS

The Moomba CCS project remains on schedule for first CO2 injection in 2024, with 70% of works complete (as reported by the operator, Santos). Key activities during the quarter included completion of all major concrete pours, lifting of compressor and gas turbines onto foundations, completion of offsite fabrication of the heat recovery steam generator, lifting of the low voltage switchroom into place, completion of the second of four CO2 removal train tie-ins and continuation of piping installation.

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Taranaki Basin

Production

Total gas and gas liquids production of 487 kboe was 10% below the prior quarter. Heavy rainfall during the quarter supported higher hydro power generation, which in turn lowered customer demand for gas. Average daily gas production from the Kupe Gas Plant was 46 TJ/day gross (Q3 FY23: 52 TJ/day gross).

Development

Preparations continued for drilling of the Kupe South 9 development well. The Valaris 107 rig will soon mobilise to site, with spudding in late Q1 FY24 targeted. If successful, Kupe South 9 will materially increase well deliverability for the Kupe Gas Plant. First gas in Q3 FY24 is targeted.

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Bass Basin

Production

Total gas and gas liquids production of 214 kboe was 10% below the prior quarter. Planned compressor maintenance work was undertaken which contributed to the quarterly production decline.

Development

Interpretation of the Prion 3D seismic survey acquired over the White Ibis, Bass and Trefoil discoveries continues. Development options are being assessed in parallel and an update on the development decision is expected in mid-FY24.

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Drilling Summary

Basin	Category Wells Spudded Wells Completed Successful Wells Success Rate
Cooper	Oil – Exploration 1 1 - -
	Oil – Development 5 5 5 100%
	Gas – Appraisal 2 2 2 100%
	Gas – Development 21 20 19 95%
Perth	Gas – Exploration 1 1 - -
Total Wells	30 29 26 90%
All Exploration Wells 2 2 - -
All Appraisal Wells 2 2 2 100%
All Development Wells 26 25 24 96%

Note: Drilling success is defined as wells cased and suspended or completed as a future producer

Well	Basin / Area	Target	**Type **	Beach %	Well Status
Chiton Southeast 1	Cooper / SA	Oil	Exp	100%*	P&A
Arno 5 (Hz)	Cooper / SA	Oil	Dev	100%*	C&S
Balgowan 8 (Hz)	Cooper / SA	Oil	Dev	100%*	C&S
Bauer 74 (Hz)^	Cooper / SA	Oil	Dev	100%*	C&S
Bauer 75 (Hz)	Cooper / SA	Oil	Dev	100%*	C&S
Bauer North 4	Cooper / SA	Oil	Dev	100%*	C&S
Spitfire 10 (Hz)	Cooper / SA	Oil	Dev	100%*	Drillingahead
Dorodillo 7^	Cooper / SA	Gas	App	33.40%	C&S
Dorodillo 8	Cooper / SA	Gas	App	33.40%	C&S
Napowie 13	Cooper / SA	Gas	App	33.40%	Drillingahead
Arrakis 2	Cooper / SA	Gas	Dev	33.40%	P&A
Big Lake 169^	Cooper / SA	Gas	Dev	33.40%	C&S
Big Lake 170	Cooper / SA	Gas	Dev	33.40%	C&S
Big Lake 171	Cooper / SA	Gas	Dev	33.40%	C&S
Big Lake 172	Cooper / SA	Gas	Dev	33.40%	C&S
Dorodillo 5	Cooper / SA	Gas	Dev	33.40%	C&S
Dullingari North 26	Cooper / SA	Gas	Dev	33.40%	C&S
Dullingari North 27	Cooper / SA	Gas	Dev	33.40%	C&S
Merupa 4	Cooper / SA	Gas/Oil	Dev	33.40%	C&S
Merupa 5	Cooper / SA	Gas/Oil	Dev	33.40%	C&S
Moomba 297	Cooper / SA	Gas	Dev	33.40%	C&S
Moomba 298^	Cooper / SA	Gas	Dev	33.40%	C&S
Moomba 299	Cooper / SA	Gas	Dev	33.40%	C&S
Moomba 300	Cooper / SA	Gas	Dev	33.40%	C&S
Moomba 301	Cooper / SA	Gas	Dev	33.40%	C&S
Moomba 305	Cooper / SA	Gas	Dev	33.40%	C&S

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Beach Energy Limited

Beach Energy Limited | Quarterly report for the period ended 30 June 2023

Well	Basin / Area	Target	**Type **	Beach %	Well Status
Moomba 306	Cooper / SA	Gas	Dev	33.40%	Drilling ahead
Moomba 309	Cooper / SA	Gas	Dev	33.40%	Drilling ahead
Napowie 11	Cooper / SA	Gas	Dev	33.40%	C&S
Tirrawarra 105	Cooper / SA	Gas/Oil	Dev	33.40%	C&S
Tirrawarra 107	Cooper / SA	Gas/Oil	Dev	33.40%	C&S
Winninia North 5	Cooper / QLD	Gas	Dev	39.94%	C&S
Winninia North 6	Cooper / QLD	Gas	Dev	39.94%	Drillingahead
Trigg1	Perth / WA	Gas	Exp	50.00%*	P&A

* Beach-operated well ^ Spudded in prior quarter

Corporate

Appointment of Director

On 9 May 2023, Beach announced the appointment of Mr Bruce Clement as an independent non-executive director, effective from 8 May 2023. Mr Clement has over 40 years of domestic and international energy industry experience including overseeing the discovery of the Waitsia gas field as Managing Director of AWE.

Authorisation, disclaimer and other information

Authorisation

This announcement has been authorised for release by the Beach Board of Directors.

Disclaimer

This ASX announcement contains forward looking statements that are subject to risk factors associated with oil, gas and related businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates.

All references to dollars, cents or $ in this announcement are to Australian currency, unless otherwise stated. References to “Beach” may be references to Beach Energy Limited or its subsidiaries.

Certain planned activities are subject to joint venture approvals. References to planned activities beyond FY24 are subject to finalisation of work programs, Government approvals, joint venture approvals and Board approvals.

Assumptions

Future development, appraisal and exploration projects are subject to approvals such as Government approvals, joint venture approvals and Board approvals. Beach expresses no view as to whether all required approvals will be obtained in accordance with current project schedules.

Conversion factors used to evaluate oil equivalent quantities are sales gas and ethane - 171,940 boe per PJ, LPG - 8.458 boe per tonne, condensate - 0.935 boe per bbl and oil - 1 boe per bbl. Reserves are stated net of fuel, flare and vent at reference points defined by the custody transfer point of each product.

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Beach Energy Limited

Glossary

$ Australian dollars APPEA Australian Petroleum Production and Exploration Association BassGas The BassGas Project (Beach 88.75% and operator, Prize Petroleum International 11.25%), produces gas from the offshore Yolla gas field in the Bass Basin in production licence T/L1. Beach also holds a 90.25% operated interest in licenses T/RL2 (pending production licence application), T/RL4 and T/RL5 (Prize Petroleum International 9.75%) bbl Barrels Beach Beach Energy Limited and its subsidiaries Beharra Springs Beharra Springs (Beach 50% and operator, MEPAU 50%) produces gas from the onshore Beharra Springs gas field in the Perth Basin in production licences L11 and L22 boe Barrels of oil equivalent – the volume of hydrocarbons expressed in terms of the volume of oil which would contain an equivalent volume of energy C&S Cased and suspended CCS Carbon capture and storage Cooper Energy Cooper Energy Limited and its subsidiaries Cooper Basin Includes both Cooper and Eromanga basins Cooper Basin JV The Santos operated SACB JVs and SWQ JVs and ATP 299 (Tintaburra - Beach 40%, Santos 60% and operator) DD&A Depreciation, depletion and amortisation EBA Enterprise Bargaining Agreement EBITDA Earnings before Interest, Tax, Depreciation and Amortisation EPC Engineering, procurement and construction Ex PEL 91 PRLs 151 to 172 and various production licences. Beach 100% and operator Ex PEL 92 PRLs 85 to 104 and various production licences. Beach 75% and operator, Cooper Energy 25% Ex PEL 104 / 111 PRLs 136 to 150 and various production licences. Beach 100% and operator Ex PEL 106 PRLs 129 and 130 and various production licences. Beach 100% and operator FY(23) Financial year (2023) GSA Gas sales agreement GJ Gigajoule H(1) (FY23) (First) half year period of (FY23) H(1) (2023) (First) half of calendar year 2023 JV Joint Venture JKM LNG Japan/Korea Marker kbbl Thousand barrels of oil kboe Thousand barrels of oil equivalent kbopd Thousand barrels of oil per day kt Thousand metric tonnes Kupe Kupe Gas Project (Beach 50% and operator, Genesis 46%, NZOG 4%) produces gas from the offshore Kupe gas field in the Taranaki Basin in licence PML 38146	LNG Liquefied natural gas
	LPG Liquefied petroleum gas
	MEPAU Mitsui E&P Australia
	Mitsui Mitsui & Co., Limited and its subsidiaries
	MMbbl Million barrels of oil
	MMboe Million barrels of oil equivalent
	MMscfd Million standard cubic feet of gas per day
	Mt Million metric tonnes
	NOPSEMA National Offshore Petroleum Safety and Environmental
	NZOG New Zealand Oil & Gas and its subsidiaries
	O.G. Energy O.G. Energy Holdings Limited., a member of the Ofer Global group of companies
	Origin Origin Energy Limited and its subsidiaries
	Other Cooper Basin Other Cooper Basin producing permit areas are ex PEL 513/632 (Beach 40%, Santos 60% and operator) and ex PEL 182 (Vanessa) (Beach 100%)
	P&A Plugged and abandoned
	P&S Plugged and suspended
	PEL Petroleum Exploration Licence
	Perth Basin Includes Beach’s Waitsia and Beharra Springs assets
	PRL Petroleum Retention Licence
	Prize Prize Petroleum International
	PJ Petajoule
	Qtr Quarter
	RL Retention Licence
	SACB JV South Australian Cooper Basin Joint Ventures, which include the Fixed Factor Area (Beach 33.4%, Santos 66.6% and operator) and the Patchawarra East Block (Beach 27.68%, Santos 72.32% and operator)
	Santos Santos Limited and its subsidiaries
	SWQ JV South West Queensland Joint Ventures, incorporating various equity interests (Beach 30-52.5%; Santos operator)
	TJ Terajoule
	Victorian Otway Basin Produces gas from licences VIC/L1(v) which contains the Halladale, Black Watch and Speculant nearshore gas fields, VIC/L007745(v), which contains the Enterprise gas field, and licences VIC/L23, T/L2, T/L3 and T/L4 which contain the Geographe and Thylacine offshore gas fields. Beach also holds non-producing offshore licenses ViC/P42(v), VIC/P43, VIC/P73 and VIC/P007192(v)
	Waitsia Waitsia Gas Project (Beach 50%, MEPAU 50% and operator) produces gas from the onshore Waitsia gas field in the Perth Basin in licence L1/L2
	Western Flank Gas Comprises gas production from ex PEL 91 and 106 (Beach 100% and operator)
	Western Flank Oil Comprises oil production from ex PEL 91 (Beach 100% and operator), ex PEL 92 (Beach 75% and operator, Cooper Energy 25%) and ex PEL 104/111 (Beach 100% and operator)

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Beach Energy Limited