Earnings release
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 1 of 14 ASX Announcement FY26 Fourth Quarter Activities Report Reference #029/26 Date 22 July 2026 Quarterly production of 4.9 MMboe; FY26 full year production of 19.4 MMboe • Perth Basin up 15%, reflecting production from the Waitsia Gas plant; peak rate to date of 250 TJ/day • Otway Basin up 4%, Taranaki Basin up 14%, on high customer nominations and plant availability Record 18 months recordable-injury free, reflecting disciplined personal safety performance • No Tier 1 or 2 process safety events in Q4, record TRIFR of 0.0 achieved in FY26 Strong execution continued across Cooper and Equinox rig campaigns • Three oil wells successfully drilled in the Western Flank, 100% success from drilling campaign to date • Cooper Basin JV achieved 93% success rate from 15 wells drilled, including two gas discoveries • Successful Thylacine West intervention, Artisan completion and Trefoil P&A; campaign remains on budget Quarterly sales volumes of 4.8 MMboe delivering revenue of $400 million • One LNG cargo delivered $56 million revenue at average realised LNG price of $14.8/MMBtu • Average realised oil price up 39% to $174/bbl, average realised gas price down 1% to $11.1/GJ Otway portfolio optimised via sale of Beach’s operated interest in VIC/L35 (includes Artisan discovery) • Beach to receive upfront consideration of $70 million and a $3.75/GJ production royalty on up to 62 PJ • Implied transaction value of ~$130 million (after tax), ability to redirect $500 million in near term capital • Well completion criteria met, VIC/L35 transfer awaiting satisfaction of regulatory and customary approvals Financial position strengthened; capital management framework review underway • Available liquidity of $983 million and net gearing of 10.6% provides financial flexibility • Capital management framework review update to be provided at full year results FY26 full year results to be released on 6 August 2026 (Webcast link: Link) Key Metrics Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 Production (MMboe) 4.6 4.9 4.9 1% 19.4 Sales Volumes (MMboe) 5.9 5.4 4.8 (11%) 22.9 Sales Revenue ($ million) 455 419 400 (5%) 1,801 Realised Oil Price ($/bbl) 111 125 174 39% 126 Realised Sales Gas Price ($/GJ) 10.9 11.2 11.1 (1%) 11.5 For further information, please contact the following on +61 8 8338 2833 Investor Relations Adam Stokes, Acting Head of Investor Relations Media Ken McGregor, Manager Media & Government Relations
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 2 of 14 Comments from Managing Director and Chief Executive Officer, Mr Brett Woods “Beach finished FY26 with strong operational momentum, delivering quarterly production of 4.9 MMboe while recording no recordable injuries and no Tier 1 or 2 process safety events in the quarter. Achieving a record 18 months recordable-injury free while safely executing major offshore activities, active drilling campaigns in the Cooper Basin and daily operations across all sites, is an exceptional outcome. “We continued working closely with Waitsia joint venture partner Mitsui to optimise production from the Waitsia Gas Plant. Despite compressor performance issues, Waitsia Gas Plant production increased to an average rate of 121 TJ/day, supporting total quarterly production of 4.9 MMboe. “In the Western Flank, we continued the 12 -well oil appraisal and development campaign, with three wells safely drilled, cased and suspended during the quarter. The quad-lateral Bauer 70 well demonstrates Beach’s focus on cost discipline and efficiency, accessing four McKinlay reservoir targets from a single well bore using existing surface equipment at approximately half the cost of two dual-lateral wells, with an expected oil rate of approximately 450 barrels of oil per day. “Drilling activity also continued in the Cooper Basin JV with 1 5 wells drilled during the period, including gas discoveries at Chinstrap and Kwagga, and Moomba Central Optimisation detailed engineering and long -lead procurement activities progressed. “We successfully completed the Otway Basin portion of the Equinox rig campaign . Strong incremental production performance has occurred from the previously suspended Waarre reservoirs, following intervention in the Thylacine West 1 well and the Artisan discovery was successfully completed during the period. Plug and abandonment of the Trefoil 1 well in the Bass Basin was also completed. The campaign will conclude soon with the Yolla 1 plug and abandonment now underway and the Equinox campaign remains within budget. “During the quarter, we announced the sale of VIC/L35 to Amplitude Energy and O.G. Otway for $70 million upfront cash proceeds and a $3.75/GJ production royalty. Upon transaction completion, this sale will deliver an immediate capital injection while preserving economic exposure to future Artisan production. It also enables Beach to redirect more than $500 million of capital toward higher-return opportunities. “Quarterly revenue of $4 00 million , supported by strong oil pricing and another LNG cargo , further strengthened Beach’s available liquidity to $ 983 million and a reduction in net gearing to 10.6%, providing financial flexibility. “Beyond the quarter, our focus remains on building the resource base that underpins Beach's next phase of growth. The upcoming Western Flank appraisal and exploration oil campaign, prospectivity across the Perth Basin, the Otway nearshore targets and T30/P and T50/P permits, along with the Taroom Trough, give us an organic pipeline with available capital to prioritise these higher -return opportunities. We look forward to providing more detail with our full year results and FY27 guidance on 6 August”, Mr Woods said.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 3 of 14 Financial Sales volumes Total sales volumes of 4,773 kboe were 11% below the prior quarter, primarily due to the timing of Cooper Basin oil liftings. FY26 full year sales volumes of 22.9 MMboe were 7% below the prior year, mainly reflecting lower oil sales volumes following the impact of Cooper Basin flooding, together with lower sales gas volumes driven by higher maintenance downtime and natural field decline in the Otway Basin. Sales Volumes Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 Oil (kbbl) 792 760 382 (50%) 2,276 Sales Gas (PJ) 20.6 18.3 18.0 (2%) 77.4 LPG (kt) 56 48 30 (38%) 176 LNG (kt) 77 76 73 (5%) 459 Condensate (kbbl) 377 327 354 8% 1,453 Total Sales Volumes (kboe) 5,896 5,366 4,773 (11%) 22,903 Total Own Product (kboe) 4,881 4,749 4,512 (5%) 20,0461 Total Third Party (kboe) 1,015 617 262 (58%) 2,8571 1.Reflects adjustment for Mitsui withdrawal of exercise notice under the Waitsia JV LNG balancing arrangement , previously recognised in Q2 FY26. Note: Figures and ratios throughout this report may not reconcile to totals due to rounding. Sales revenue Sales revenue of $400 million was 5% below the prior quarter due to lower oil sales volumes, partly offset by higher oil pricing. The average realised sales price across all products of $ 84 per boe was 7% above the prior quarter. The average realised oil price increased by 39% to $174 per barrel. While softer East Coast spot gas pricing during May and June saw monthly averages fall well below $10/GJ, Beach’s contracted portfolio continued to provide stability, limiting the impact and resulting in a modest 1% decrease in the average realised gas price to $11.1 per GJ. Production from the Xyris and Waitsia gas plants enabled processing and lifting of one Waitsia LNG cargo during the quarter. The cargo was sold to BP at an average realised price of $ 14.8 per MMBtu generating revenue of $56 million. FY26 full year sales revenue of $1.8 billion was 10% below the prior year due to lower oil and gas sales volumes and lower LNG pricing, partially offset by increased domestic gas pricing. Sales Revenue ($ million) Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 Oil 88 95 66 (30%) 286 Sales Gas 224 204 199 (3%) 890 LPG 49 35 31 (13%) 138 LNG 62 54 56 3% 343 Condensate 33 30 48 59% 144 Sales Gas and Gas Liquids 368 324 334 3% 1,515 Total Sales Revenue 455 419 400 (5%) 1,801 Total Own Product 369 361 365 1% 1,5371 Total Third Party 87 58 36 (39%) 2641 1.Reflects adjustment for Mitsui withdrawal of exercise notice under the Waitsia JV LNG balancing arrangement , previously recognised in Q2 FY26.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 4 of 14 Average Realised Prices Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 All Products ($/boe) 77 78 84 7% 79 Oil ($/bbl) 111 125 174 39% 126 Sales Gas ($/GJ) 10.9 11.2 11.1 (1%) 11.5 LPG ($/tonne) 872 730 1,026 41% 786 LNG ($/MMBtu) 15.4 13.7 14.8 8% 14.4 Condensate ($/bbl) 88 93 137 47% 99 Capital expenditure Capital expenditure incurred of $241 million was 91% above the prior quarter as the Equinox phase 2 campaign in the offshore Otway and drilling in the Western Flank and Cooper Basin JV recommenced. FY26 full year capital expenditure of $699 million was in line with the prior year. FY26 full year abandonment expenditure of $139 million was incurred, with the majority of Equinox rig abandonment activities completed during the year. Capital Expenditure ($ million) Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 Exploration and Appraisal 15 11 92 701% 177 Development, Plant and Equipment 153 115 149 30% 522 Total Capital Expenditure 168 126 241 91% 699 Liquidity As at 30 June 2026, Beach had total liquidity of $983 million comprising cash reserves of $213 million and undrawn committed facilities of $770 million. Liquidity ($ million) Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change Cash Reserves 172 204 213 4% Drawn Debt (540) (600) (600) 0% Net Cash / (Debt) (368) (396) (387) (2%) Undrawn Facilities 480 770 770 0% Total Liquidity 652 974 983 1% Hedging As at 30 June 2026, Beach had no hedging in place.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 5 of 14 Production Production of 4.9 MMboe was 1% above the prior quarter, driven by higher production in the Perth and Otway basins, partly offset by planned maintenance in the Cooper Basin JV and unplanned downtime in the Bass Basin. FY26 full year production of 19.4 MMboe was 2% below the prior year. Production (net to Beach) Jun. Q4 FY25 Mar. Q3 FY26 Jun. Q4 FY26 Qtr on Qtr Change FY26 Total Production Sales Gas PJ 20.5 22.7 23.2 2% 88.5 LPG kt 40 33 32 (3%) 146 Condensate kbbl 338 280 245 (13%) 1,195 Oil kbbl 470 400 437 9% 1,733 Total kboe 4,638 4,864 4,931 1% 19,377 Cooper Basin JV Sales Gas PJ 5.6 6.7 6.2 (7%) 26.0 LPG kt 11 12 11 (7%) 48 Condensate kbbl 76 88 74 (16%) 351 Oil kbbl 168 169 181 7% 723 Total kboe 1,291 1,510 1,424 (6%) 5,950 Western Flank Sales Gas PJ 0.5 0.5 0.4 (18%) 1.9 LPG kt 3 2 2 (10%) 9 Condensate kbbl 33 22 16 (25%) 73 Oil kbbl 301 301 232 257 11% 1,010 Total kboe 445 358 361 1% 1,482 Perth Basin Sales Gas PJ 2.2 6.7 7.7 15% 19.4 Total kboe 385 1,155 1,329 15% 3,333 Otway Basin Sales Gas PJ 8.6 6.1 6.4 4% 28.9 LPG kt 14 10 10 1% 46 Condensate kbbl 138 95 95 (0%) 437 Total kboe 1,728 1,227 1,270 4% 5,792 Bass Basin Sales Gas PJ 1.7 1.5 1.0 (31%) 6.4 LPG kt 4 3 2 (24%) 17.0 Condensate kbbl 55 50 31 (38%) 211.6 Total kboe 383 332 227 (32%) 1,452 Taranaki Basin Sales Gas PJ 1.8 1.2 1.4 14% 6.0 LPG kt 8 6 6 12% 26 Condensate kbbl 37 25 28 14% 122 Total kboe 407 281 320 14% 1,369
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 6 of 14 Perth Basin Production Quarterly gas production of 1,329 kboe was 15% above the prior quarter, driven by production from the Waitsia Gas Plant, which averaged 121 TJ/day (gross) over the quarter. The Beharra Springs Gas Plant and Xyris Gas Plant operated at average rates of 25 T J/day (gross) and 24 TJ/day (gross), respectively. Waitsia Stage 2 During the quarter, production was moderated by several early-phase commissioning and operational factors . These are being progressively resolved as the facility moves toward steady-state operations. The operator expects continued production improvement throughout Q1 FY27 ahead of the scheduled 24-day statutory shutdown in September 2026, at which time the remaining operational factors are expected to be resolved to enable the plant to produce steadily at peak rates. Exploration, appraisal and development The joint venture is assessing exploration drilling opportunities across the Mitsui -operated L1 and L2 acreage and Beach-operated EP320, L11 and L22 acreage . Additionally, evaluation is underway to acquire 3D seismic to delineate future backfill and expansion targets and unlock the large discovered tight gas opportunities. Gas Balancing During the quarter Mitsui withdrew its previous exercise notice under the Waitsia JV LNG balancing arrangement . As a result , Beach has reversed the previous $33 million accrued payable recognised at the December 2025 interim results and accordingly reaccounted for the associated volume as part of our net overlift liability with the North West Shelf. This has resulted in a net $15 million reduction to Cost of Sales for the full year. Along with the quarterly production, Beach ended the financial year with a net overlift position of ~8 PJ with the North West Shelf, to be reduced through production in FY27. -200 -150 -100 -50 0 50 100 150 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 LNG (Kt) Lifted Cargoes Gas to NWS (Over)/under lift Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Figure 1: Waitsia LNG FY26 (over)/under lift
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 7 of 14 Otway Basin Production Total gas and gas liquids production of 1.3 MMboe was 4% above the prior quarter, mainly due to strong operational performance, partly offset by planned reduction in offshore deliverability to conduct the Thylacine West intervention. The Otway Gas Plant produced at an average rate of 116 TJ/day (gross) for the quarter, including an average rate of 180 TJ/day for the week prior to quarter-end. Equinox rig campaign Beach continued Phase two of the Equinox rig campaign during the period. The Thylacine West 1 intervention was successfully completed, delivering strong incremental production from previously suspended Waarre reservoirs. The rig then mobilised to complete the Artisan 1 well, meeting the criteria of the VIC/L35 sale agreement. Beach has elected not to proceed with drilling and completing the La Bella 2 development well or pursuing a subsea tie-in to the Otway Gas Plant. Commercial During the period, Beach entered into an agreement to sell its 60% operated interest in VIC/L35, including the Artisan discovery, to Amplitude Energy (50%) and O.G. Otway (10%). With the well completion criteria satisfied, transfer of the licence and completion of the transaction is expected in Q1 FY27, pending regulatory approvals. On completion, Beach will receive $70 million cash consideration and a production royalty of $3.75/GJ, payable for 60% of all gas produced prior to 30 June 20 36 up to 62 PJ. If less than 62 PJ is produced by 30 June 2036, a top -up payment will be payable to Beach for the remaining volumes up to 62 PJ as assessed by an independent expert. Further details can be found in the ASX announcement release d on 25 May 2026. The price review process to determine the price of Otway Basin gas under the offshore Gas Sales Agreement for the three -year period commencing 1 July 2026 progressed during the quarter. The review considers historical contracts that were executed across the prior three years, a period of strong domestic pricing. Upon finalisation of the review process, the contract price outcome will be backdated to 1 July 2026. Nearshore campaign Beach is assessing a nearshore exploration project targeting the offshore Enterprise East and Selje prospects within the high -quality Flaxman and Waarre sandstone reservoirs. The proposed two-well campaign would utilise existing Beach -operated infrastructure, including the Enterprise well pad, and is expected to require total capital expenditure of ~$175 – 200 million (gross). The project is targeting, on a success basis , an all-in development cost of approximately $5/GJ with a final investment decision in H2 FY27.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 8 of 14 Cooper Basin Western Flank Production Total oil and gas production of 361 kboe was in-line with the prior quarter. Oil production of 257 kbbl was 11% above the prior quarter due to restoration of flood impacted oil wells and production from new well connections . The remaining f lood impacted wells , representing approximately 600 b opd, are expected to be progressively restored in H1 FY27. Gas and gas liquids production of 104 kboe was 18% below the prior quarter , primarily due to a planned annual shutdown to perform maintenance activities at the Middleton Gas Plant. Exploration, appraisal and development The 12-well oil exploration, appraisal and development campaign continued with three horizontal oil development wells drilled during the quarter, including the quad-lateral Bauer 70 well. The Spitfire 14 well encountered oil in the primary Birkhead reservoir and the Stunsail 7 DW1 well encountered oil in the primary McKinlay reservoir. The Bauer 70 well targeted the McKinlay reservoir, intersecting 3,204 metres of total reservoir across the four lateral sections. The quad-lateral drilling strategy was executed at approximately half the cost of drilling two dual-lateral wells. Beach continues to assess additional cost-saving initiatives to be utilised in future drilling campaigns. All wells were cased and suspended, with two wells brought online after quarter end. The Ventia 101 rig has mobilised to a third party for the remainder of the winter period and is expected to return in Q2 FY27, at which point it will complete the exploration, appraisal and development campaign. Beach plans to drill two oil development wells in the Bauer and Kalladeina fields, one contingent well, and eight oil exploration wells. Cooper Basin JV Production Total oil and gas production of 1.4 MMboe was 6% below the prior quarter, primarily due to planned satellite maintenance and the ongoing impact of heavy rainfall experienced in Q3 FY26. Gas and gas liquids production of 1.2 MMboe was 7% below the prior quarter with well connections and development activities impacted by wet weather. Oil production of 181 kbbl was 7% above the prior quarter. Exploration, appraisal and development Beach participated in 15 wells during the quarter, achieving an overall success rate of 93% from four oil development wells, two gas exploration wells and nine gas development wells. Three oil development wells were drilled in the Gidgealpa field targeting the Hutton reservoir , and the Tennaperra 12 DW1 dual-lateral well targeted the Birkhead reservoir. The wells intersected commercial oil columns and are to be completed as future producers.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 9 of 14 Gas exploration activities occurred in the Kwagga and Chinstrap fields, resulting in two discoveries. Kwagga 1, discovered gas in both the primary Toolachee reservoir and secondary Patchawarra reservoir, and Chinstrap 1 discovered gas in the Callamurra reservoir. The wells were cased and suspended and follow-up appraisal drilling opportunities are being assessed. Gas development drilling occurred in the central Moomba fields with eight wells cased and suspended as future producers. The Napowie 14 well targeted the Callamurra reservoir but did not intersect commercial gas volumes and the well was subsequently plugged and abandoned. Moomba Central Optimisation project During the quarter, Beach and joint venture partner Santos focused on early-stage activities for the Moomba Central Optimisation project, including detailed design and major long-lead procurement. The project aims to debottleneck and simplify upstream infrastructure, lower sustaining upstream costs, unlock future production growth potential from the Central Fields and materially extend the asset life. The project is planned to be delivered over three years, targeting completion in H1 FY29. Moomba CCS Total captured and stored emissions of 357 ktCO2e (gross) were in-line with the prior quarter ( Q3 FY26: 357 ktCO2e). Moomba CCS captured and stored 1.3 Mt CO 2e (gross) in FY26, representing 86% of the gas stream available for storage, and nearly 2.3 Mt CO2e (gross) since commissioning in September 2024. Commercial Subsequent to the quarter end Beach executed a binding GSA with an established customer to supply 6.2 PJ of gas, delivered ex -Moomba across a three -year term commencing in FY27 . The agreement secures fixed pricing above prevailing East Coast market indicators , with flexibility for the buyer , reinforcing Beach’s ability to capture value by working closely with customers and the market to meet specific gas requirements .
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 10 of 14 Bass Basin Production Total gas and gas liquids production of 227 kboe was 32% below the prior quarter due to unplanned downtime for offshore compressor maintenance. The Lang Lang Gas Plant produced at an average daily rate of 11 TJ/day and is expected to maintain this rate following a new compressor installation , targeted for late-FY27, noting this is not expected to have a significant impact on FY27 production. Equinox rig campaign Beach received the Equinox rig from a consortium member and commenced Phase two of the campaign in early April . The Trefoil 1 well was successfully plugged and abandoned in -line with schedule and budget just after quarter end. The rig has now mobilised to Yolla 1 to complete the final plug and abandonment well which will bring to a conclusion Beach’s participation in the Equinox campaign. Taranaki Basin Production Total gas and gas liquids production of 320 kboe was 14% above the prior quarter due to higher plant availability and stronger customer nominations. The Kupe Gas Plant produced at an average daily rate of 31 TJ/day (gross).
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 11 of 14 Taroom Trough Exploration campaign Beach and joint venture partners Omega Oil and Gas Limited (45% and operator) and Tristar Group (30%) plan to drill a preliminary two-well campaign in FY27, followed by planning for a 200 km 2D seismic survey to meet permit obligations. During the quarter the operator progressed construction of the well-pad in the southern end of ATP 2081. ATP 2081 is considered highly prospective for oil and condensate-rich gas. Any gas produced is designated for the Australian market per the Australian market supply conditions which applies to the permit. The Roma to Brisbane Gas Pipeline runs through the northern part of ATP 2081. Beach, under the previously announced Area of Mutual Interest agreement with partners Omega and Tri -Star are continuing to evaluate further growth opportunities in the Taroom Trough. Drilling Summary Basin Category Wells Spudded Wells Completed Successful Wells Success Rate Cooper Oil – Development 7 7 7 100% Gas – Exploration 2 2 2 100% Gas – Development 9 9 8 89% Total Wells 18 18 17 94% All Exploration Wells 2 2 2 100% All Development Wells 16 16 15 94% Note: Drilling success is defined as wells cased and suspended or completed as a future producer.
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 12 of 14 Well Basin / Area Target Type Beach % Well Status Bauer 70 DW1-4 (Hz) Cooper / SA Oil Dev 100%* C&S Gidgealpa 80 Cooper / SA Oil Dev 33.40% C&S Gidgealpa 81 Cooper / SA Oil Dev 33.40% C&S Gidgealpa 82 Cooper / SA Oil Dev 33.40% C&S Spitfire 14 (Hz) Cooper / SA Oil Dev 100%* C&S Stunsail 7 DW1 (Hz) Cooper / SA Oil Dev 100%* C&S Tennaperra 12 DW1 (Hz) Cooper / QLD Oil Dev 30.00% C&S Chinstrap 1 Cooper / QLD Gas Exp 39.94% C&S1 Kwagga 1 Cooper / QLD Gas Exp 39.94% C&S Moomba 379 Cooper / SA Gas Dev 33.40% C&S Moomba 380 Cooper / SA Gas Dev 33.40% C&S Moomba 381 Cooper / SA Gas Dev 33.40% C&S Moomba 382 Cooper / SA Gas Dev 33.40% C&S Moomba 386 Cooper / SA Gas Dev 33.40% C&S Moomba 387 Cooper / SA Gas Dev 33.40% C&S Moomba 388 Cooper / SA Gas Dev 33.40% C&S Moomba 424 Cooper / SA Gas Dev 33.40% C&S Napowie 14 Cooper / SA Gas Dev 33.40% P&A * Beach operated well 1. Cased and suspended after quarter-end
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Beach Energy Limited | Quarterly report for the period ended 30 June 2026 Beach Energy Limited Page 13 of 14 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 c hanges 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, i ndustry 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 in FY26 and beyond 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 oil: 1 boe per bbl, condensate: 1 boe per bbl (adjusted from 0.935 boe per bbl to 1 boe per bbl, and applied from 1 July 2025 to align with peers and standard industry practice, and reflecting less than 0. 5% change to FY26 production), sales gas: 171,940 boe per PJ, LPG: 8.458 boe per tonne, and LNG: 9.531 boe per tonne. 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 Page 14 of 14 Glossary $ Australian dollars Amplitude Energy Amplitude Energy Limited and its subsidiaries BassGas The BassGas Project (Beach 100%), produces gas from the offshore Yolla gas field in the Bass Basin in production licence T/L1. Beach also holds a 100% operated interest in licenses T/RL2 (pending production licence application), T/RL4 and T/RL5 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 BP BP Singapore Pte. Limited, a subsidiary of BP plc C&S Cased and suspended CCS Carbon capture and storage 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) EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation Echelon Echelon Resources Limited and its subsidiaries 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, Amplitude 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(26) Financial year (2026) GSA Gas sales agreement GJ Gigajoule H(1) (FY26) (First) half year period of (FY26) H(1) (CY2026) (First) half of calendar year 2026 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 ktCO2e Thousand metric tonnes of carbon dioxide equivalent Kupe Kupe Gas Project (Beach 50% and operator, Genesis 46%, Echelon 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 MMbtu Million British thermal units MMscfd Million standard cubic feet of gas per day Mt Million metric tonnes 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 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 SPA Sale and Purchase Agreement 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) 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, Amplitude Energy 25%) and ex PEL 104/111 (Beach 100% and operator)