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October 26 Beach to materially expand acreage position in the Taroom Trough 23 October 2026
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Disclaimer This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding the Company’s present and future operations, possible future events and future financial prospects, and new energy initiatives and emissions intensity reduction targets. While these statements reflect expectations at the date of this presentation, they are, by their nature, not certain and are susceptible to change. Beach makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilling of such forward looking statements (whether expressed or implied), and except as required by applicable law or the ASX Listing Rules, disclaims any obligation or undertaking to publicly update such forward-looking statements. It should be noted that no universally accepted framework (legal, regulatory, or otherwise) currently exists in relation to ESG reporting. The inclusion or absence of information in Beach’s ESG statements should not be construed to represent any belief regarding the materiality or financial impact of that information. ESG statements may be based on expectations and assumptions that are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. Furthermore, no assurance can be given that such a universally accepted measurement framework or consensus will develop over time. Although there are regulatory efforts to define such concepts, the legal and regulatory framework governing sustainability is still under development. Calculations and statistics included in ESG statements may be based on historical estimates, assumptions and projections as well as assumed technology changes and therefore subject to change. Beach’s ESG statements have not been externally assured or verified by independent third parties. Underlying EBITDAX (earnings before interest, tax, depreciation, amortisation, evaluation, exploration expenses and impairment adjustments), underlying EBITDA (earnings before interest, tax, depreciation, amortisation, evaluation and impairment adjustments), underlying EBIT (earnings before interest, tax, and impairment adjustments) and underlying profit are non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach’s external auditors. The information has been extracted from the audited or reviewed financial statements. Free cash flow is defined as net cash flow before debt repayments, dividends, transaction adjustments and foreign exchange movements. Pre-growth free cash flow defined as operating cash flows, less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. It has not been subject to audit or review by Beach’s external auditors. The information has been extracted from the audited or reviewed financial statements. The Board will have the discretion to adjust free cash flow for individually material items. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. References to “Beach” may be references to Beach Energy Limited or its applicable subsidiaries. References to planned activities in FY27 and beyond FY27 may be subject to finalisation of work programs, government approvals, joint venture approvals and board approvals. Due to rounding, figures and ratios may not reconcile to totals throughout the presentation. Assumptions Guidance is uncertain and subject to change. Production and capital expenditure guidance and other forecasts, projections, estimates and targets in this presentation are subject to change and have been estimated on the basis of the following economic assumptions: 1. Brent oil price of US$76.0 per barrel for FY27, US$74.0 per barrel for FY28 and FY29, 2. AUD/USD exchange rate of 0.69 for FY27, 0.68 for FY28 and FY29, 3. various other economic and corporate assumptions, 4. assumptions regarding drilling results, and 5. expected future development, appraisal and exploration projects being delivered in accordance with their current expected project schedules. These 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. Reserves disclosure Reserves and resources estimates are prepared in accordance with the 2018 update to the Petroleum Resources Management System (SPE-PRMS). Storage resources are prepared in accordance with the 2025 CO2 Storage Resources Management System (SPE-SRMS). Both systems are sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers, Society of Exploration Geophysicists, Society of Petrophysicists and Well Log Analysts and the European Association of Geoscientists & Engineers. The statement presents Beach’s net economic interest estimated at 30 June 2026 using a combination of probabilistic and deterministic methods. Each category is aggregated by arithmetic summation. Note that the aggregated 1P category may be a conservative estimate due to the portfolio effects of arithmetic summation. Reserves are stated net of fuel, flare and vent at reference points generally defined by the custody transfer point of each product. Waitsia reserves include 9.5 PJ of fuel used for LNG processing through the NWS facilities in Karratha. Conversion factors used to evaluate oil equivalent quantities are oil - 1 boe per bbl, condensate - 1 boe per bbl, sales gas - 171,940 boe per PJ, LPG - 8.458 boe per tonne, and LNG - 9.531 boe per tonne. The estimates are based on, and fairly represent, information and supporting documentation prepared by, or under the supervision of, Qualified Petroleum Reserves and Resources Evaluators (QPRRE) employed by Beach. The QPRRE is Mark Sales who is a member of SPE. Authorisation This presentation has been authorised for release by the Beach Energy Board of Directors. Compliance statements 2
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Transaction overview Beach to acquire a material operated interest in the Taroom Trough 3 • Beach to acquire half of Elixir’s core Taroom Trough interests, including: • 50% operated interest in ATP 2044 and ATP 2077 A-B; and • 25% interest in ATP 2056 and ATP 2057. • Total considerationcomprising: • $25 million cash payment, payable on Transaction completion, anticipated in H2 FY27; • Carry of Elixir's share of exploration and appraisal work program and costs (including GG&A) of $90 million, over approx. 4 years, with Beach retaining full discretion to defining works program and where carry is deployed; • An Area of Mutual Interest (AMI) arrangement, enabling both parties to participate in additional Taroom acreage opportunities, subject to conditions including existing pre-emptive rights. • Role of operator to transition to Beach for ATP 2044 and ATP 2077 A-B • By earning interest in over 1,000 km2 (~249,300 net acres), Beach will hold a material 1,481 km2 (~366,000 net acres) position in the Taroom Trough Low-cost access to an emerging world class resource Strategically positioned to East Coast gas infrastructure Potential future resource and reserves base contribution Experienced and disciplined operator Effective deployment of capital investment Strategic operated asset acquiredTransaction overview
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4 Taroom Trough activities A clear strategy to pursue future resource and reserves growth 4 2 Omega-operated agreed work program • Beach Energy (25%), Omega Oil and Gas (45% and Operator) and Tri-Star Group (30%) awarded ATP 2081 in February 2026, and ATP 2082in September 2026 • ATP 2081 activities: • Two vertical well campaign underway, results expected in Q2 FY27 • Option to drill lateral, stimulate and conduct extended well test in Q2 FY27, subject to well results • Planning underway for 2D seismic survey • Newly awarded ATP 2082 planned activities includes the drilling of four vertical wells in FY28 • Initial contingent resource booking targeted for end-FY27 Initial Elixir farm-in works program • Farm-in to 50% of Elixir’s core acreage and operatorship • Execution of a comprehensive exploration and appraisal program to derisk and mature the resource potential of the acreage, primarily consisting of seismic, drilling and testing works, for a $90 million carry of Elixir capital expenditure, over an approximate four-year farm-in period
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Technical and geological comparison 5 Taroom Trough is one of the most exciting emerging global resource plays, with analogues to successful North American basins Property Taroom East (Canyon) Taroom West (Dunk/Tinowon) Montney (Canada) Bakken (USA) Basin Bowen Basin Bowen Basin Western Canadian Sedimentary Basin Williston Basin Age Permian Permian Lower Triassic Late Devonian-Mississippian Depositional setting Fluvial-Shallow marine Fluvial-Shallow marine Offshore / shoreface / turbiditic Shallow marine Main play Tight-gas, volatile oil, condensate Tight-gas & condensate Tight-gas & condensate Tight oil & associated gas Depth (m) 2,500 – 3,500 2,200 – 3,000 1,500 – 4,000 3,000 – 3,500 Net pay (m) 5 – 150 15 – 60 50 – 150 15-40 Source Interbedded Kianga, Wallabella and Muggleton coals Interbedded Kianga, Wallabella and Muggleton coals Montney Shale (TOC 1 – 4.5%) Bakken Shale (TOC 2 – 20%+) Reservoir temperature (⁰C) 100 – 140 100 – 140 60 – 82 79 – 140 Pressure gradient (psi/ft) 0.60 – 0.80 0.55 – 0.70 0.7 – 0.9 0.5 – 0.75 Average porosity (%) 3 – 12 3 – 12 3 – 7.5 ~4 Average permeability (mD) 0.001 – 0.100 <0.100 0.000006 – 0.0056 0.003 – 3.36 Water saturation (%) 44 – 62 N/A 20 – 35 30 – 60 Hydrocarbon phase Volatile oil + gas Gas and Gas condensate Gas condensate Light oil + associated gas GOR 2,300 scf/bbl (49⁰ API) 2,000-6,000 scf/bbl Variable 600 – 1,200 scf/stb (42⁰ API) Development style Horizontal + multi-stage frac Horizontal + multi-stage frac Horizontal + multi-stage frac Horizontal + multi-stage frac Basin comparison Metric Taroom East Taroom West Montney (Canada) Bakken (USA) Primary product Volatile oil + gas Gas condensate Gas + condensate Oil Typical realised gas price US$6 – 10/mmBtu US$6 – 10/mmBtu US$1.5 – 3.5/mmBtu US$2 – 4/mmBtu Liquids value High Moderate – high High in condensate fairways Very high Infrastructure access Wallumbilla + Gladstone Wallumbilla + Gladstone Extensive Extensive Key value driver Oil uplift + premium gas pricing Premium gas pricing Condensate uplift Oil and Condensate uplift 1. Beach interpretation of Queensland Department of mines and other company data.
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6 Beach Taroom Trough portfolio and market comparison 0 500 1,000 1,500 2,000 2,500 OMA Shell BPT STO EXR Tri-Star GLNG BPT prior* Others km2 Direct Asset Interests Indirect Corporate Interests +214% Taroom net acreage position (km2) The Elixir farm-in significantly expands existing Beach’s Taroom Trough footprint for a small upfront investment • Beach now one of the leading operators in the basin with ~1,500 km2 net acreage position - a material position in an emerging world class resource • Beach is the logical operator given proven technical capabilities, operational track record, focus on safety, environmental and stakeholder engagement excellence and balance sheet strength • Elixir has previously reported independently certified 2C Contingent Resources of ~3.5 Tcfe net, highlighting the potential within the acreage. Provides portfolio optionality and scale to potentially build resource and reserves in the coming years. Beach portfolio highlights Permit Gross land Beach interest Net land Operator Km2 % Km2 ATP 2081 750 25% 188 Omega ATP 2082 1,138 25% 285 Omega ATP 2044 1,026 50% 513 Beach ATP 2077 A-B 152 50% 76 Beach ATP 2056 764 25% 191 Santos ATP 2057 917 25% 229 Santos Total 4,747 1,481 Beach Taroom Trough acreage – post Transaction
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BEACH ENERGY LIMITED Level 8, 80 Flinders Street Adelaide SA 5000 Australia T +61 8 8338 2833 F +61 8 8338 2336 beachenergy.com.au INVESTOR RELATIONS Dale Koenders, General Manager Investor Relations & Strategic Advisor to the CFO T +61 8 8338 2833