#1OCTOBER / NOVEMBER 2019 US AND CANADA ROADSHOW PRESENTATION beach H#2Compliance statements Disclaimer Certain statements in this presentation may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward- looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward looking statements 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. Although forward-looking statements contained in this presentation are based upon what management of Beach believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Beach undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Reserves disclosure Beach prepares its petroleum reserves and contingent resources estimates in accordance with the Petroleum Resources Management System (PRMS) published by the Society of Petroleum Engineers. The reserves and contingent resources presented in this report were originally disclosed to the market in the FY19 annual report released 19 August 2019. Beach confirms that it is not aware of any new information or data that materially affects the information included in the aforesaid market announcement and that all the material assumptions and technical parameters underpinning the estimates in the aforesaid market announcement continue to apply and have not materially changed. The reserves and resources information in this report is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, Mr David Capon (Manager Development Offshore Victoria, New Zealand and NT). Mr Capon is a full time employee of Beach Energy Limited and has a BSc (Hons) degree from the University of Adelaide and is a member of the Society of Petroleum Engineers. He has in excess of 25 years of relevant experience. The reserves and resources information in this presentation has been issued with the prior written consent of Mr Capon as to the form and context in which it appears. Conversion factors used to evaluate oil equivalent quantities are sales gas and ethane: 5.816 TJ per kboe, LPG: 1.398 bbl per boe, condensate: 1.069 bbl per boe and oil: 1 bbl per boe. The reference point for reserves determination is the custody transfer point for the products. Reserves are stated net of fuel, flare & vent and third party royalties. 2 Financial Data beach 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 and also non-GAAP financial measures within the meaning of Regulation G under the US Securities Exchange Act of 1934. 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 financial statements. The non-IFRS/non-GAAP financial information do not have a standardised meaning prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Recipients are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this presentation. Free cash flow in this presentation is defined as cash flows from operating activities plus cash flows from investing activities less cash flows from acquisitions and divestments. 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. Unless otherwise noted, all references to reserves and resources figures are as at 30 June 2019 and represent Beach's share. References to planned activities in FY20 and beyond FY20 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. Historical trading prices for securities of Beach cannot be relied upon as an indicator of (and provides no guidance as to) the future trading pride of securities of Beach. The historical information included in this presentation is, or is based on, information that has previously been released to the market, and is not represented as being indicative of the views of Beach on its future financial condition and/or performance. Assumptions The five year outlook set out in this presentation is not guidance. The outlook is uncertain and subject to change. The outlook has been estimated on the basis of the following assumptions: 1. a US$62.50/bbl Brent oil price in FY20 and a US$70/bbl Brent oil price from FY21; 2. 0.70 AUD/USD exchange rate in FY20 and 0.75 AUD/USD exchange rate from FY21; 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. FY20 guidance is uncertain and subject to change. FY20 guidance has been estimated on the basis of the following assumptions: 1. a US$62.50/bbl Brent oil price; 2. 0.70 AUD/USD exchange rate; 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. Investment risk An investment in Beach securities is subject to known and unknown risks, a number of which are beyond the control of Beach. Beach does not guarantee any particular rate of return or the performance of Beach's securities, nor does it guarantee the repayment of capital from Beach or any particular tax treatment. Recipients should make their own enquiries and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Beach and the impact that different future outcomes may have on Beach.#3Beach Energy portfolio Carnarvon Basin Perth Basin Waitsia (Beach 50% non-operated) Beharra Springs (Beach 67% operated) Gas processing facilities Gas production Oil production Exploration Pipelines Beach Office Bonaparte Basin Darwin Browse Basin Perth Regional Office Cooper Basin Western Flank & Cooper Basin Joint Venture (Various operated and non-operated interests) Adelaide Head Office Penola Regional Office Sydney Canberra Melbourne Operations Office SA Otway Basin Victorian Otway Basin Otway Gas Project/HBWS (Beach 60% operated) 3 Illustration not to scale. Ownership percentages provided are Beach's ownership of the producing assets in the respective regions. Brisbane FY19 production Taranaki Basin Bass Western Flank Basin 29.4 MMboe Otway Basin Cooper Basin Perth Basin beach -Taranaki Basin FY19 2P reserves Taranaki Basin Kupe (Beach 50% operated) Bass Western Flank Basin New Plymouth Regional Office Otway Basin 326 MMboe Wellington Cooper Basin Hobart Bass Basin BassGas (Beach 53.75% operated) Canterbury Basin- GD19-0067b Perth Basin#4Asset summary Asset Beach Interest FY19 production¹ FY19 2P reserves² Operator? (MMboe) (MMboe) FY20 capex³ range ($million) beach Key FY20 proposed activities Western Flank Oil 40 - 100% Op/Non-op 5.2 42 200 - 225 Drill up to 77 wells Western Flank Gas 100% Ор 1.9 16 40-60 Drill up to 7 wells Cooper Basin JV Various Non-op 8.3 84 200-220 Drill ~100 wells SA Otway 70-100% Ор 1 30-35 Vic Otway 60% Ор 8.4 62 205 - 225 BassGas 53.75%4 Ор 1.7 20 20 10-25 Kupe (New Zealand) 50% Ор 3.2 27 15-20 Perth Basin 50%5 Op/Non-op 0.7 73 30-35 Frontier Exploration Various Op/Non-op 15-15 Drill 2 wells. Gas facility construction Commence 10 well drilling campaign Trefoil concept select Compression project FID Drill 1 well. Waitsia Stage 2 FID Preparation for FY21 drilling TOTAL 29.4 326 750-850 1. Refer to Q4 FY19 quarterly report ref: #020/19 dated 24th July 2019 for further details 2. Refer to FY19 annual report for further details 3. Based on data contained within slide 13 4. Beach interest in producing permits. 50.25% interest in retention licenses. 4 5. Note that Perth Basin, Beharra Springs interest of 50% is subject to completion of sale of 17% interest to Mitsui E&P Australia#5Executive Summary beach ✓ Listed on the Australian securities exchange (code: BPT.AX) Company overview ✓ Market capitalization ~A$5.3 billion (~US$3.7 billion)1 ✓ Diversified portfolio of producing assets in 5 basins in Australia and New Zealand Footprint ✓ Oil and gas infrastructure ownership, operating 70% of group production in FY19 ✓ Largest Australian oil producer in FY192 Australian oil and gas producer ✓ Supplied an estimated 15% of Australian east coast domestic gas market in FY193 ✓ 326 MMboe 2P reserves at 30 June 2019, 2P reserves life 12.4 years4 Reserves position and outlook ✓ Targeting > 100% 2P reserves replacement average over next 5 years High margin investment ✓ ✓ Investment prioritized towards conventional oil, Australian east coast gas market Over 90% of growth investment commencing in FY20 generating IRRs > 50%5 ✓ Financial discipline Five year outlook 34-40 MMboe in FY24 ✓ Cumulative free cash flow: A$2.7 billion over next 5 years Strong balance sheet position. Debt-free with net cash of A$214 million at 30 Sep 2019 ✓ Target ~A$4 billion investment FY20 - FY24 to grow production and free cash flow ✓ Production: 5 12345 1. Market capitalization as at 22 October 2019 2. EnergyQuest September 2019 quarterly report 3. 4. Based on Beach actual FY19 production divided by estimated FY19 east coast domestic gas demand from the 2018 AEMO Gas Statement of Opportunities Refer to Compliance Statements slide for reserves disclosures 5. Internal rates of return are calculated based on internal assumptions. Refer to slide 2 for further detail regarding assumptions and disclaimer#6Delivering on our promises 6 Beach said.... In FY19 Beach delivered... FY19 production¹ 26-28 MMboe ✓ 29.4 MMboe FY19 capital expenditure1 $460 540 million ✓ $447 million FY19 free cash flow² ~$290 million ✓ $559 million FY19 underlying EBITDA2 $1.1 1.2 billion ✓ $1.375 billion 17-20% ✓ 27% Return on capital employed (ROCE) Five year average 2P reserves replacement ratio Lattice synergies > 100% Target of $60m p.a. by end of FY19 ✓ 204% Synergy target met beach Direct controllable operating costs $30m p.a. reduction by end of FY20 ✓ $21 million p.a. reduction by end of FY19 1. Beach initial FY19 guidance released in ASX Release #040/18 dated 20 August 2018 and is based on ownership of Victorian Otway assets at 100% for entire FY19. Beach reported 100% of Victorian Otway for 11 months, 60% for one month. 2. Beach initial FY19 EBITDA guidance and free cash flow outlook released in ASX Release #045/18 dated 27 September, "2018 Investor Briefing".#7Investing to accelerate production and free cash flow growth Beach is now targeting 34-40MMboe annual production in the medium term... Production outlook¹ (MMboe) ...and cumulative free cash flow³ of more than $2.7 billion over the next 5 years... Free cash flow outlook¹ ($ million) beach ...by accelerating investment in our expanded growth portfolio Capital expenditure outlook¹ ($ million) 40 40 35 30 50 25 20 FY19A FY20E FY21E FY22E FY23E FY24E ☑Outlook presented October 2018 Updated 5 year outlook 1,200 1,000 800 600 400 200 0 FY20E FY21E FY22E FY23E FY24E 3. Free cash flow is defined in disclosures on slide 2 of this presentation. For five year outlook purposes cash flows associated with operating leases are not adjusted for potential changes from AASB 16. 1. Outlook is determined using the assumptions set out on the "Compliance Statements" slide. 7 2. "Fixed" refers to stay-in-business capital expenditure. 1,000 750 - 850 650 - 800 800 600 400 200 FY20 guidance range FY21-24 Outlook Range#8HSE Performance Lattice acquisition safely integrated Safety performance TRIFR¹16 12 15.6 8 4 0 FY15 FY16 3.8 7.9 3.5 3.4 FY17 FY18 FY19 Focus on HSE delivering best performance to date Safety: Our safest year on record Environmental performance² Crude Spill Volumes (kl) 51.9 9.6 FY15 FY16 99.9% beach 0.2 0.1 0.07 FY17 FY18 FY19 Process Safety - Loss of containment³ 10 8 • Environment: Our best environmental performance on record 6 • Process Safety: Our best process safety performance on record 4 2 0 8 1. TRIFR: Total Recordable Injury Frequency Rate, calculated as number of recordable injuries per million hours worked (Beach employees and contractors). 2. Includes Lattice assets from 1 January 2018. 3. Based on API 754 Loss of Primary Containment process safety events. Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr June 2017 2019 2018#9FY20 guidance FY19 Reported¹ FY19 Pro Forma1 Production 29.4 MMboe 26.2 MMboe FY20 Guidance 27-29 MMboe Capital Expenditure² $447 million $435 million $750 850 million Underlying EBITDA DD&A³ $1.375 billion $1.22 billion $1.25 1.40 billion $523 million ($17.8/boe) $443 million ($16.9/boe) $17-18 / boe • FY20 Underlying EBITDA guidance includes an estimated $50 million of "other revenue" • • • FY20 Underlying EBITDA guidance includes an estimated $30 million positive impact from the application of AASB 16 (lease) accounting standard FY20 DD&A guidance includes ~$30 million associated with the impact of AASB16 (lease) accounting standard FY20 cash tax expected to be ~$175 million higher than tax expense No PRRT expected to be paid in FY20 All guidance is unchanged following the release of Q1 FY20 quarterly report 1. 2. 9 3. FY19 Reported data accounts for Victoria Otway assets at 100% for 11 months to 31 May 2019 and 60% for June 2019. FY19 Pro Forma adjusts to reflect Victorian Otway assets at 60% for the entire FY19. Excludes corporate capital expenditure Excludes DD&A associated with corporate assets beach#10FY20 capital expenditure guidance splits Investment focus remains on Cooper Basin and Victoria Capital expenditure by type ...by asset group 5% 4% 14% 29% 4% 57% Exploration/Appraisal ...by target 8% 30% Development ■Fixed 62% 27% ■Cooper Basin JV ■ Vic Otway ■ WA 26% 33% ■ Western Flank ■SA Otway ■ Other Increase in FY20 vs FY19 driven by • • beach Participation in up to 194 wells (FY18: 134 wells) o Western Flank (~84 wells doubling FY19). o Cooper Basin JV (~100 wells, 4 rigs for full year) o Victoria (ERD and offshore drilling programs) Re-phasing of Otway drilling expenditure from FY19 to FY20 (~$50 million) East Coast and Cooper Basin focus • • Almost two thirds of investment is directed at gas supplies for the east coast gas market 59% of investment onshore in the Cooper Basin 10 ■East Coast Gas ■ Oil ■ Other "Fixed" refers to stay-in-business capital expenditure. Growth projects defined as Exploration/appraisal and Development projects Other represents New Zealand, Western Australia and Frontier#1111 a East coast gas market Market dynamics support Beach's investment strategy Southeastern Australia gas demand vs production¹ beach Queensland LNG exports from QCLNG, APLNG and GLNG Conventional supply 600 CSG supply 500 400 2300 200 100 0 2019 2020 2021 Supply gap expected to be met by LNG diversions and/or LNG imports in the absence of material new indigenous supply sources 2035 2036 2037 2038 New South Wales Victoria 7. Location of proposed LNG import terminals • • Southern production from anticipated projects Southern production from existing and committed projects Southern demand AEMO forecasts Southeastern Australia gas production insufficient to meet demand Supply shortfall has been met from Queensland, primarily gas diverted from LNG AEMO forecasts demand/supply gap to widen, increasing reliance on LNG ACCC reported² that Victorian and South Australian producers have agreed prices ranging from $8.87 – 10.83/GJ for gas supply in 2020 1. Source: AEMO Gas Statement of Opportunities 2019. Southeastern Australia is defined as New South Wales, Victoria, South Australia and Tasmania 2. Source: ACCC Gas Inquiry Report 2017 - 2020 Interim Report July 2019, page 60. Expected 2020 wholesale producer gas commodity prices in the East Coast Gas Market, from Victoria and South Australian producers, for supply in 2020, agreed under GSAs executed between 1 January 2018 and 24 April 2019.#12Attractive medium-long term pricing outlook Higher gas sales and repricing of legacy volumes to deliver higher gas revenues beach East coast gas supply Re-contracted / re-priced volumes 100% 90% 80% Beach 70% average 60% realised 50% price: 40% FY19 30% $6.81/GJ 20% 10% 0% FY20 FY21 FY22 FY23 FY24 Legacy Pricing ■New Market Pricing 12 1. Source: 2019 Gas Statement of Opportunities, AEMO - March 2019.. Almost 80% of Beach's estimated FY24 east coast gas sales is expected to be sold at prevailing market prices • • • Lattice gas contracts have annual step-ups and CPI adjustments ahead of repricing events By FY22 more than 70% of Beach's east coast gas sales is expected to be re-priced or re- contracted Beach capital investment supported by market dynamics#13Delivering as a low cost operator Beach operating costs/boe¹ $/boe 10 9 9.1 8 FY17 9.7 FY18 (pre-Lattice) (blend of pre- 1. 13 2. and post- Lattice) 9.9 9.4 9.3 beach 9.2 • • Operational Excellence program launched to generate value through safe, reliable and efficient operations o Reliability focus saw average facility reliability improve to >97% across our six operated facilities in FY19 。 Sustainable cost out has achieved a $21 million reduction in direct controllable operating costs $30 million reduction2 in direct controllable operating costs by the end of FY20 remains on track Q1 FY20, average facility reliability improved further to 99% across our six operated facilities - focus now on maintaining reliability above 98% for FY20 FY19 H2 FY18 H1 FY19 H2 FY19 Full year data Half year data Operating costs exclude royalties, tolls, tariffs and 3rd party purchases. Operating costs per boe is for the entire group and includes both operated and non-operated assets Relative to FY18 baseline direct controllable operating costs of $160 million#14US AND CANADA ROADSHOW PRESENTATION Asset updates beach#15Cooper Basin Overview Key assets include Western Flank (operated and non-operated) and CBJV (non-operated) NT QLD EROMANGA BASIN Cooper basin WA SA NSW Western Flank Oil CE19-0120 COOPER BASIN SA QLD TAS Western Flank Gas PEL 92 ex PEL 91 Bauer ex PEL 111 ex PE 104 ex PEL 106 Middleton Sex PEL 107 To Adelaide To Port Bonython F Moomba NSW To Sydney To Wallumbilla BEACH INTERESTS IN THE COOPER BASIN 0 20 40 60 km. Major oil trunklines Major gas trunklines Oil fields Gas fields Permits Beach non-operated Beach operated Cooper Basin JV beach Cooper Basin has been explored over the past 60 years Few operators active in the Basin over this period • Western Flank play was discovered following large acreage relinquishment in 1999. Its. potential has only been recently unlocked following a change in appraisal strategy · Infrastructure ownership (Western Flank oil/gas and Moomba gas plant) provides secure access to markets Cooper Basin Joint Venture operator Santos is targeting a 10-23% increase in output from 2018 to 2025 15 Beach's Cooper Basin interests span more than 8 million acres with surface infrastructure#16Western Flank Oil Record year of investment and drilling activity planned in FY20 FY19 production FY20 proposed activities 16 Rest of Beach 29.4 MMboe FY19 2P reserves Rest of Beach 326 MMboe Western Flank Oil 5.2 MMboe Western Flank Oil 42 MMbbl, SA • ~ $200 million to be invested in Western Flank oil, a record for Beach • Cooper Basin beach PEL 630 West QLD PEL 182 Up to 77 oil wells to be drilled in FY20, including: • 36 exploration and appraisal wells • 41 development wells (including up to 17 horizontal wells) ~15% of FY20 growth investment for infrastructure expansion and debottlenecking to unlock Western Flank potential Continued roll out of the Bauer appraisal strategy across fields as well as follow-up. appraisal drilling at Bauer, Hanson and Kalladeina-Congony complex PEL 630 East Kalladeina/ Congony Appraisal ex PEL 104/111 Rincon Appraisal Greater Bauer Appraisal Parsons Appraisal ex PEL 92 Butlers Appraisal 0 10 20 km Oil field Balgowan Appraisal ex PEL 91 Callawonga Appraisal Windmill Appraisal 106 Spondylus 3D ex PEL 107 Beach operated permit Core Oil Play Fairway Oil Play Fairway Beach non-operated permit CE19-0083#17Western Flank Oil Bauer (Beach 100% interest) - keeps on getting bigger Top reservoir map (pre-2018 appraisal campaign) Top reservoir map (pre-2019 appraisal campaign) 336000 336500 337000 337500 338000 338500 339000 339500 336000 336500 337000 337500 338000 338500 339000 339500 Bauer NW-2 Significant volume add resulting from 2018 Appraisal Campaign Bauer N-2 Upside area to be addressed by 2019 Appraisal Campaign Symbol Legend Existing Oil Well Existing Hz Oil Well 2018 Appraisal Well 2019 Appraisal Well 2019 Planned Development Well 2019 Planned Hz Oil Well beach Success of the Bauer appraisal strategy . • Flat structural relief means seismic is of limited value in defining field extent ⚫ In FY19 Beach appraised "through the drill bit" • • Four step-out appraisal wells in Bauer discovered an easterly extension to the field ⚫ Further appraisal is required at Bauer to define the field structure, remaining oil potential and full field development . ⚫ In FY20 Beach plans on drilling 8 appraisal wells at Bauer and 15 development wells, including 7 horizontal wells . . Further recent appraisal success at Bauer North West-2 and Bauer North-2, coming in 6 metres and 8 metres high to prognosis respectively. Field remapping to follow completion of appraisal campaign and reserves updated at the end of FY20 17 336000 336500 337000 337500 338000 330500 339000 339500 336000 336500 337000 337500 338000 338500 339000 339500#18Western Flank Gas ex PEL 106, ex PEL 107 and ex PEL 91, Beach 100% and operator FY19 production FY20 Focus: 18 Rest of Beach 29.4 MMboe FY19 2P reserves Rest of Beach Western Flank Gas 1.9 MMboe 326 MMboe Western Flank Gas 16 MMboe Potential further appraisal drilling at Lowry and Middleton • Drill 3-5 prospects delineated by Spondylus 3D seismic survey to extend proven stratigraphic play and test new exploration plays • Aim is to increase reserves to extend plateau at Middleton and/or expand capacity beach Cooper Basin SA ex PEL 91 Appraisal and NFE Area QLD Lowry 2 Lowry 3 Lowry 4 Udacha South 2 ex PEL 106 Lowry 5 ex PEL 92 Core Development Area Udacha South 1 Middleton Webb 1 Crockery West 1 0 Lycium 2 4 6 km Spondylus 3D survey Ralgnal East 1 FY20 Exploration Focus Area ex PEL 107 Leads Beach operated gas field FY19 successful gas wells Early FY20 successful gas wells Gas pipeline Oil pipeline Facility 3D survey area Beach operated permit Beach non-operated permit CE19-0085#19Cooper Basin JV Beach various interests (20.76-52.2% range), Santos operator FY19 production FY20 Focus: 19 Rest of Beach 29.4 MMboe FY19 2P reserves Cooper Basin JV 8.1 MMboe Rest of Beach 326 MMboe Cooper Basin JV 84 MMboe • ~100 wells currently planned for FY20 • Follow up development proposed at Moomba South coming out of the successful FY19 appraisal campaign • . Further SWQ oil appraisal and development Horizontal pilot program across Cooper Basin Permian reservoirs with follow-up potential in success case beach#20Victorian Otway Basin Beach 60% and operator FY19 production Rest of Beach 29.4 MMboe Vic Otway Basin 8.4 MMboe FY19 2P reserves Rest of Beach 326 MMboe Vic Otway Basin 62 MMboe FY20 Focus: . Black Watch and Enterprise Extended Reach Directional (ERD) wells to be drilled from mid-FY20 Black Watch connection will add deliverability from H2 FY20 • Ocean Onyx semi submersible rig delivery currently expected in March quarter 2020 • 30 day statutory shutdown at Otway Gas Plant scheduled for March 2020 VIC/L1(V) HBWS Black Watch-1 beach PPL9 RPL6 NSW Victoria Adelaide Canberra PEP 168 VIC Melbourne Proposed exploration well Proposed development well Gas pipeline LaBella Permit Gas field Otway Gas- Plant TAS Hobart VIC/P42(V) Port Campbell Enterprise-1 0 5 10 15 km Artisan-1 VIC/P73 La Bella VIC/P43 Geographe-5 Geographe Geographe-4 VIC/L23 Thylacine North-1 Thylacine West-1 Thylacine North-2 Victoria Tasmania T/L2 Thylacine Thylacine West-2 T/30P T/L3 T/30P 20 20 1. Organic 2P reserves replacement ratio calculated as Victorian Otway 2P reserves additions, excluding acquisitions and divestments, divided by FY19 Victorian Otway reported production. Fields and Infrastructure from GPINFO and public sources OT18-0007M#21Increasing exposure to market pricing Legacy contract pricing to end in FY21/22, exploration and La Bella adds flexibility • ⚫ Eleven drilling opportunities (eight development) planned in the next 3 years to keep the Otway Gas Plant (OGP) full • Sufficient deliverability expected to be available to fill OGP capacity by FY23 • Beach continues to mature a number of prospects and leads. Two year rig contract provides flexibility in drilling schedule beach Otway Gas Plant gas production outlook (100% interest)1 70 60 50 40 30 20 • Beach has commenced evaluating options for debottlenecking OGP 10 221 0 FY20E FY21E FY22E FY23E FY24E FY25E FY26E I Market prices (La Bella and one exploration success) Re-priced contracts ■Current contract prices 1. Production outlook is determined using the assumptions set out on the "Compliance Statements" slide and assumes one exploration success and La Bella development. Any changes to the underlying assumptions could cause actual reported results to differ materially to the outlook presented. Outlook is presented on 100% basis.#22Bass Basin Beach 53.75% producing assets, 50.25% non-producing, Beach operated FY19 production Rest of Beach 29.4 MMboe FY20 Focus: Lang Lang Gas Plant Continue development studies on Trefoil gas field · Planning for 3D seismic over White Ibis/Bass Bass Basin • 1.7 MMboe FY19 2P reserves Bass Basin 20 MMboe 222 Rest of Beach 326 MMboe • Maintain high facility reliability • Beach to progress discussions with gas buyers to contract the remaining Yolla 2P reserves beyond expiration of current contract beach Victoria 0 10 20 30 40 50 km Victoria Tasmania Facility Gas pipeline Gas field Beach operated permit T/RL3 Trefoil T/RL2 Yolla T/L1 White Ibis T/RL4 Bass T/RL5 BG 18-0001A#23New Zealand - Kupe Gas Project Beach 50% and operator FY19 production FY20 Focus: 23 23 Rest of Beach 29.4 MMboe New Zealand 3.2 MMboe FY19 2P reserves New Zealand 27 MMboe Rest of Beach 326 MMboe ⚫ Kupe Joint Venture approved compression project in Q1 FY20, expected to be completed by late FY21. Supports production plateau extension to FY24 • 30 day statutory shutdown planned for November 2019 • JV to continue evaluation of additional drilling potential (Kupe and NFE) beach New Zealand Kupe North Island NZ18-0006 Tasman Sea Kupe South ак PML 38146 0 3 6 9 km Facility Prospect Gas pipeline Gas field Beach operated permit#24Perth Basin Waitsia (Beach 50%), Beharra Springs (Beach 50%¹ and operator) FY19 production FY20 Focus: L 2 FO Perth Basin . 0.7 MMboe Commence construction of Waitsia Stage 1 expansion Rest of Beach 29.4 MMboe FY19 2P reserves Rest of Beach 326 MMboe Perth Basin 73 MMboe FID on Waitsia Gas Project Stage 2 targeting 100 250 TJ/day output Trieste 3D seismic survey Beharra Springs Deep-1 exploration well, targeting the Kingia and High Cliff formations also intersected at Waitsia and West Erregulla-2, announced as a new gas discovery on 28 October 224 1. Subject to completion of sale of 17% interest to Mitsui E&P Australia Waitsia EP 320 Waitsia 3 Waitsia 4 L 1 FO L 11 L 22 Beharra Springs Deep Beharra Springs WESTERN AUSTRALIA 0 5 10 15 km Gas well Beach facility interest Prospects and Leads Gas field Beach operated permit Beach non-operated permit EP 320 Western Australia beach WA • Perth West Erregulla-2 EP 320 Trieste 3D Seismic Survey WA19-0018-R1#25• Beharra Springs Deep gas discovery • • A new gas discovery in Perth Basin at exploration well Beharra Springs Deep-1 (Beach 50% and operator¹) Preliminary net gas pay estimate of 36 metres in the Kingia Sandstone Kingia Sandstone reservoir interval comparable to Waitisa-4 Preliminary interpretation indicates reservoir porosities up to 21% Kingia Sandstone well Log comparison: Waitsia-4 to Beharra Springs Deep-1 Waitsia-4 Beharra Springs Deep-1 beach 25 25 1. Subject to completion of sale of 17% interest to Mitsui E&P Australia Net Pay: 37 m Net Pay: 36 m#2626 South Australian Otway Basin Beach interests 70 - 100% and operator Dombey-1 PEL 494 PRL 13 South Australia PRL 32 PRL 2 Katnook Gas Plant Proposed well (approx. location) Well Gas pipeline Beach operated permit PPL 202 To SEAGas Pipeline Penola PRL 1 Haselgrove-4 PPL-202 PPL 292 PPL 168 PPL 62 PPL ZUZ PPL 202 0 5 10 km OT18-0056 Haselgrove-3 SA NSW Adelaide VIC ☐ Melboume Victoria beach FY20 Focus: • • • • Dombey-1 exploration well spudded in Q1, with gas discovery announced in the Pretty Hill Formation subsequent to quarter end Completion of construction of 10 TJ/day Katnook gas facility Follow up appraisal drilling in SA Otway Basin under consideration Expansion potential at Katnook gas facility, subject to drilling results Ensign 931 rig at Haselgrove-4 drill site in the SA Otway Basin#27Frontier Exploration High Impact Exploration Targets in Portfolio Ironbark - Carnarvon Basin (Beach 21% interest) 10 km Ironbark top reservoir structure 27 27 park Sand Carnarvon Basin • Large gas prospect within tie-back distance to NWS project Perth • Targeting deeper Mungaroo reservoirs; the primary reservoirs at Gorgon . Drilling planned for FY21 Beach share of drilling cost ~$35 million Bonaparte Basin Western Australia Darwin beach Wherry - Canterbury Basin (Beach 37.5% interest) • Large liquids-rich gas prospect with follow-up potential • Drilling planned FY21, subject to rig availability • Beach share of drilling cost $30 million ~ Northern Territory Queensland South Australia New South Wales Adelaide Victoria Sydney ●Canberra Melbourne Tasmania Hobart Brisbane New Zealand ●Wellington Canterbury Basin 10 km Wherry top reservoir structure Depth (m) -2800.00 2900.00 3100.00 -3300.00 -3500 00 --3700.00 -3900.00 -4100.00#28Beach illustrative rig schedule1 Beach to employ 10 rigs in FY20, up from 5 in at the start FY19 Cooper Basin JV 28 28 H1 FY20 H2 FY20 Non-operated rig (Santos operator) Non-operated rig (Santos operator) Non-operated rig (Santos operator) Non-operated rig (Santos operator) H1 FY21 beach Operated rig (oil development) Western Flank Operated/non-operated rig (oil appraisal) Operated rig (oil exploration & appraisal + gas) Otway Basin Haselgrove-4 Ocean Onyx (Offshore Vic) Dombey-1 Black Watch-1 Enterprise-1 Offshore program to commence with the Artisan-1 exploration well Ensign 931 (onshore SA and Vic extended reach drilling) Perth Basin Beharra Springs Deep-1 Easternwell 106 Beach has significantly expanded its drilling capabilities over the past 18 months to operate 6 rigs in FY20 1. Illustrative rig schedule subject to change#29Appendices beach#30Indicative FY20 drilling program Record drilling activity in the Western Flank, offshore Otway drilling to commence FY20 expected number of wells Gas Oil Total • beach Highlights Record drilling activity for Beach in FY20 - up to 194 wells (FY19: 134) 7 77 84 • Record Western Flank drilling, with 84 wells targeted (FY19: 42) Western Flank Cooper Basin JV 83 20 20 103 Total Cooper Basin 90 90 97 46 187 SA Otway Basin 2 0 2 Victorian Otway Basin 4 0 Perth Basin Total Beach 30 Subject to change. 1 0 97 97 194 • More than half of the wells drilled in the Cooper Basin will target oil vs gas Offshore Otway drilling to commence, with up to 2 wells expected in FY20 • Increased application of horizontal drilling technology (up to 13 wells planned) set to materially increase oil production • Cooper Basin JV expected to maintain 4 rigs and drill ~100 wells#31Reserves and contingent resources 204% organic 2P reserves replacement, well ahead of 100% five year average target Summary of reserves at 30 June 2019 (developed plus undeveloped, net to Beach) (MMboe) 1P reserves FY18 FY19 190 201 +6% 2P reserves 313 326 +4% 3P reserves 491 514 +5% 2C contingent resources 207 185 (11%) 2P reserves Taranaki Basin Western Flank Bass Basin Otway Basin 326 MMboe CBJV Highlights ✓ 2P reserves increased by 4% from 313 MMboe to 326 MMboe 204% organic 2P reserves replacement ✓ 2P reserves life increased from 11.0 years to 12.4 years beach ✓ Western Flank oil and gas had 2P Total Revisions of 22 MMboe Key factors influencing 2P reserves ✓ Sale of 40% interest in Victorian Otway assets ✓ Victorian Otway Basin: Rigorous reassessment of existing fields Western Flank: Positive reservoir performance and appraisal success ✓ Cooper Basin JV: Moomba South appraisal and oil appraisal results ✓ New 2P reserves booking at Trefoil, Haselgrove, La Bella Perth Basin 31 Refer to Compliance Statement slides for reserves disclosures.#32Financial highlights 32 Underlying NPAT recognises • 55% increase in sales volumes 9% increase in realised oil price 54% increase in sales revenue $ million (unless otherwise indicated) FY18 FY19 Change Production (MMboe) 19.0 29.4 55% Sales volumes (MMboe) 20.1 31.2 55% Avg. realised oil price¹ ($/bbl) 93.4 101.8 9% • Avg. realised gas/ethane price ($/GJ) 6.57 6.81 4% Sales revenue Underlying EBITDA 1,251 1,925 54% 766 1,375 80% Net profit after tax 199 577 190% Underlying NPAT² 302 560 86% Operating cash flow 663 1,038 57% Net assets Net (debt) cash 172 • 1,838 2,374 29% (639) 1. Excludes the impact of hedging 2. Operating cash flow 57% increase in operating cash flow Net cash position $172 million net cash at 30 June 2019 1.0 cent per share fully franked final dividend announced beach Underlying results in this presentation are categorised as 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 financial statements. For a reconciliation of FY19 net profit after tax to underlying net profit after tax, refer to Appendix.#33Beach 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 Nik Burns, Investor Relations Manager Mark Hollis, Investor Relations Advisor T: +61 8 8338 2833 beach