#039;000 472,229 125,890 275% 214,400 44,089 386% Other Income #039;001 94,61

Slide 9: Key Financial Results 2006-07: Revenue

Key Financial Results 2006-07 Revenue For personal use only • Oil and gas sales up 275% to 472.2million • Gain on sale of BMG - $71million • Net gain on currency hedges - $11.5million GROSS REVENUE 600 $566.8M 248% 500 400 $M 300 200 100 0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07

Slide 10: Key Financial Results 2006-07: EBIT

Key Financial Results 2006-07 EBIT For personal use only • Total interest and borrowing costs expensed $50.93million. EBIT 200000 $189.14M 229% 160000 120000 $M 80000 40000 0 -40000 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07

Slide 11: Key Financial Results 2006-07: Net profit after tax

Key Financial Results 2006-07 Net profit after tax For personal use only • 135% increase in net profit after tax from $44million to $103.25million. NET PROFIT AFTER TAX 120 $103.25M 135% 100 $M 80 60 40 20 0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07

Slide 12: Net Profit before tax normalised

Key Financial Results 2006-07 For personal use only • Net Profit before tax normalised. 2007 PROFIT 160000 143625 $91.049M 133% 120000 10897 91049 21483 $M 80000 71010 11500 2446 40000 0 Profit Sale of BMG Hedging Sale of Delhi Interest Significant Underlying Anzon & Acquisition Items Profit

Slide 13: Production Surge 2006-07

Production Surge 2006-07 For personal use only ANNUAL PRODUCTION 10.000 9.436 MMBOE 589% 8.000 MMBOE 6.000 4.000 2.000 0.000 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07

Slide 14: Main Strengths

Main Strengths For personal use only High Strong, Revenue Revenue Highquality quality Strong, proven from Australian provenvalue value from33key key Australian eastern adding producing easterncoast coast adding management producing portfolio portfolio management assets assets Reserves Reservesto to

Slide 15: Diversified Reserves Distribution

Diversified Reserves Distribution For personal use only 62% 500 KM Oil 31% Liquids Gas Proved and 7% Probable Reserves of 90 million boe GLADSTONE Proved & Probable Reserves at 1 July 2006 JACKSON BRISBANE MOOMBA BALLERA TAMWORTH Large 3P Coal Seam Gas Contingent or potential LITHGOW possible ADELAI

Slide 16: Peer Comparison (2P Reserves)

Peer Comparison (2P Reserves) For personal use only PEER COMPARISON 90 Proved & Probable Reserves 80 70 60 (mmboe) 50 40 30 20 10 0 BPT OSH AWE ROC AZA HDR AED IPM TAP AMU ARQ

Slide 17: Reserves & Upside Potential

Reserves & Upside Potential For personal use only 180 160 140 2P reserves (mmboe) Reserves potential upside 120 BMG Gas/Condensate 100 Cooper Oil Program 80 FY08 Tipton West CSG 60 Present 2P 40 20 0 Beach has upside exposure over 3 to 5 years to over 62 mmboe of additional reserves in existing proj

Slide 18: Key Projects

Beach Petroleum Limited For personal use only Key Projects: Cooper Oil, Gas & Gas Liquids Queensland Coal Seam Gas BMG (offshore Gippsland) Gippsland) Oil & Gas

Slide 19: Cooper-Eromanga Basin

Cooper-Eromanga Basin For personal use only Kenmore & Bodalla South – the precursor to the Cooper Oil Program Bodalla Block Beach 100% Naccowlah Block Christies/Sellicks Cooper Basin Beach 38.5% Beach 75% Joint Ventures Beach ~21% Oil to Brisban e

Slide 20: Cooper Basin Revenue Drivers

Cooper Basin Revenue Drivers For personal use only Gas and Gas Liquids Long term gas contracts Strong & Stable revenues: •Robust Beach economics Operated Production of ~1 mmbbl p.a. •Delhi reserves Oil acquired for $8.65/boe •Potential for substantial lift Cooper Oil in reserves & Program Significan

Slide 21: Highly Profitable Cooper Oil

Highly Profitable Cooper Oil For personal use only High Netback Oil Production • Production for the first half year of FY07 was 1.63 mmbbl (approx. 60% Average free cash of Beach-operated) AUD53.73/bbl at oil price of AUD86.45/bbl • Chart shows netback per barrel sensitivity for various oil prices •

Slide 22: Cooper Basin FY07 Highlights

Cooper Basin FY07 Highlights For personal use only Callawonga Oil Field Bodalla South Field extension •Discovered July ’06 •Two new wells drilled on 3D •Reserves ~1 mmb (net to Beach) seismic •3D seismic suggests significant •Northern portion of field additional reserves potential opened up for furt

Slide 23: Cooper Oil Project (COP)

Cooper Oil Project (COP) For personal use only Intensive exploration, Building high value appraisal & development reserves additions Targeting up Potential to Near & within Average to 15 mmbbl add NPV of existing Beach net to Beach up to oilfields equity ~ 25% over 3-5 years $350+ million* * At pres

Slide 24: COP Program for 2007-08

COP Program for 2007-08 For personal use only Naccowlah Block 41 wells 155 wells (BPT ~38.5%) BPT ~24% Potential to add • 3-5 mmb • >3000 bopd Other SA & Qld 105 wells (BPT ~20%)

Slide 25: Queensland Coal Seam Gas

Queensland Coal Seam Gas For personal use only • Tipton West & adjacent - Beach 40% • Proved & Probable (2P) reserves: 174 PJ • Possible (3P) resource of 2300 PJ plus further potential in adjacent tenements 174 • Close to markets & pipelines – abutting main trunk line to Brisbane • High Exploration

Slide 26: Tipton West Coal Seam Gas

Tipton West Coal Seam Gas For personal use only • Phase 1 Development – 82 wells • Development Drilling Completed • Gas Sales Commenced in February • Target Rate 30 TJ/day • Firm commitment recently upgraded to 10 PJ/yr for 15 years, with a further 7.3 PJ/yr put option • Exploration Potential • Taro

Slide 27: Tipton West Coal Seam Gas

Tipton West Coal Seam Gas For personal use only • Important expansion development over FY08 • Three pilot projects planned • Objective to increase reserves by more than 200 PJ (~14 mmboe net to Beach) 8% 9% Undeveloped/ uncontracted 83% 2P Developed & Contracted Planned '08 expansion 3P Resource

Slide 28: Basker-Manta-Gummy (BPT 40%)

Basker-Manta-Gummy (BPT 40%) For personal use only Significant increase in reserve estimates following development drilling: • Oil 2P reserves nearly double original estimate • Gas-condensate resource nearly quadrupled Sold a 10% interest (June ’07) to Itochu Corporation of Japan for $123 million ca

Slide 29: BMG Reserve/Resource Estimates

BMG Reserve/Resource Estimates For personal use only Oil Reserves 13 39 77 Gas Resource 20 47 137 Condensate Resource 6 19 47 “P90/P50/P10” estimates* Total 39 121 261 Reserves/Resources 0 50 100 150 200 250 300 Million barrels of oil equivalent * For 100% of project, based on latest certification b

Slide 30: BMG: Increase in Reserves

BMG: Increase in Reserves For personal use only • 2006 Development Drilling increased size of Basker Field. • Increases to Oil Reserves & Gas Resource. • Wells drilled to date tend to be nearer the crest of the field than intended. More Moredrilling drilling required required Oil-water Oil-watercont

Slide 31: BMG: Current Status

BMG: Current Status For personal use only • Production Commenced December 2006. • Higher than expected Gas-to- Oil ratio – probably due to wells located higher on what now seems to be a much larger structure. • Cumulative Production (100%) to end June ’07 to end June ’07 ~2.5 mmb (including EPT) • C

Slide 32: BMG: Further Oil Development

BMG: Further Oil Development For personal use only Up to 3 further Basker Wells addressing ~15mmb of undeveloped 2P reserves • Drilling ….. Basker-6 in late 2007 (remainder mid 2008) • Basker-6 expected to be online early 2008 • Export and sales of gas will ultimately help maximise oil production

Slide 33: High Impact Exploration Projects

Beach Petroleum Limited For personal use only High Impact Exploration Projects

Slide 34: High Reward Exploration

High Reward Exploration For personal use only • Offshore Bass Basin (BPT 50-80%) Spikey Beach-1 and Peejay-1 scheduled for 2008 • Offshore Taranaki Basin (BPT 20%) Kopuwai-1 scheduled for 2007 • Offshore Otway Basin (BPT 50%) Fermat-1 scheduled for 2008 • Production Testing (BPT 40-50%) Champagne Cr

Slide 35: Presently scheduled high impact drilling

Presently scheduled high impact drilling For personal use only Project Area Targets BPT % Comments Timing Second quarter Offshore Bass Spikey Beach-1 80% Target 33 mmb oil 2008 Second quarter Offshore Bass Peejay-1 50% Target 57 mmb oil 2008 Fourth quarter Offshore Taranaki Kopuwai-1 20% Target 155

Slide 36: Bass Basin - Oil

Bass Basin - Oil For personal use only • Similar hydrocarbon system to Gippsland Basin (BMG Project). • Proven Hydrocarbon System. • Location near basin edge – Possible oil prone. (P10) reserves of 33 • 50 km offshore. mmb Possible (P10) reserves • Pipeline to shore or FPSO of 57 mmb development con

Slide 37: Bass Basin – T/38P

Bass Basin – T/38P For personal use only Spikey Beach Prospect • Area = 12km2 • Relief = 30m • Depth to target = 1450m. (Eastern View Coal Measures) • Potential P10 reserves = 33mmb • Prospect Risk = 27% • Drill with Jack-up. • TD = 2000m

Slide 38: Bass Basin – T/39P

Bass Basin – T/39P For personal use only Peejay Prospect • Area = 24km2 • Relief = 70m • Depth to target = 13400m. (Eastern View Coal Measures) • Potential P10 reserves = 57mmb • Prospect Risk = 20% • Drill with Jack-up. 1390 mss • TD = 2600m

Slide 39: Taranaki Basin (NZ) – PEP 38482

Taranaki Basin (NZ) – PEP 38482 For personal use only Kopuwai Possible (P10) recoverable 155 mmb AWE oil development ~30mmb Location • 60km offshore • 137m water depth • Southern Taranaki Basin – OMV oil Maui has proven source kitchen development produced 3Tcf ~50mmb • Similar hydrocarbon system to

Slide 40: PEP 38482- Kopuwai Prospect

PEP 38482- Kopuwai Prospect For personal use only Kopuwai Prospect • Area = 44km2 • Relief = 70m • Depth to target = 3830m. Pr. Kopuwai-1 • Location near Tui – oil prone. • TD = 4200m to intersect Basement. • Potential P10 reserves = 155 mmb. • Prospect Risk = 16% • Drill with Semi-sub. • Water Dept

Slide 41: Offshore Otway Basin – Gas

Offshore Otway Basin – Gas VIC/P46 – Beach 50% For personal use only Target size: approx. 1200 PJ gas Fermat Prospect

Slide 42: Large Gas Liquids Potential – NZ

Large Gas Liquids Potential – NZ For personal use only • Beach 20% • Lightly explored • Working petroleum system /good reservoir sands demonstrated by sub- commercial gas/condensate discovery (Galleon-1) and good shows in Cutter-1 Barque • Significant potential for large gas/condensate resources – B

Slide 43: Growth Opportunities & Outlook

Beach Petroleum Limited For personal use only Growth Opportunities & Outlook

Slide 44: Strategies

Strategies For personal use only • Build gas portfolio around eastern seaboard pipeline network LNG • Realise value for Coal Seam Gas Potential assets with ~800 PJ Possible Reserves – (pure CSG companies are reflecting on average $0.54 per GJ … applied to BPT would imply LNG additional ~$400 million

Slide 45: Domestic Gas Prices Are Low …

Domestic Gas Prices Are Low … For personal use only US (Henry Hub)* $8.00 $10.00 Australia West $7.00 $9.00 Coast export India* $6.50 $9.00 China* $3.50 $5.25 Vietnam* $4.00 $4.75 Indicative Gas Prices Indonesia* $3.25 $4.75 Australia East $2.50 $3.50 Coast pricing 0 2 4 6 8 10 12 * At USD:AUD of $0

Slide 46: Australian Gas Markets

Australian Gas Markets For personal use only • Increasing interest by downstream users in equity gas due to price risk going forward • Significant uncontracted supply to meet forecast demand • Queensland and northern NSW CSG is viewed as a replacement for PNG or other northern gas • Actual productio

Slide 47: Spot Gas at Unprecedented Prices

Spot Gas at Unprecedented Prices For personal use only • Spot gas prices in 2007 winter: – Average >$25/GJ in eastern Australia – Peak sales at >$400/GJ – Ex-Moomba prices >$35/GJ • Contributing factors: – Delays in new supplies – Colder than average winter – Storage volumes down – Hydroelectricity

Slide 48: Geothermal Exploration

Geothermal Exploration For personal use only • Beach farming in to earn 21% interest in 4 geothermal exploration licences in SA • Contribute up to $10 million to drill 1 -2 wells to demonstrate hot rock energy resource • Can contribute a further $20 million to earn a total 36% - install 7.5 Mw plant

Slide 49: Paralana Geothermal Project

Paralana Geothermal Project For personal use only

Slide 50: Large Scale CO2 Storage

Large Scale CO2 Storage For personal use only • Long term carbon storage hub in depleted gas reservoirs in Cooper Basin: – Large scale (> 20 million tpa) – large capacity (>400 million tonnes) • Secure storage solution for eastern seaboard CO2 emissions • Initial Demonstration Phase proposed to stor

Slide 51: Outlook for FY08

Outlook for FY08 For personal use only • Production ¾ ~10 mmboe ¾ ~35% Oil • Development: ¾ Basker Oil Development ¾ Manta-Gummy Gas Appraisal/Development ¾ Tipton West CSG Expansion ¾ Callowonga Oil Appraisal Drilling & Flowline Exploration: ¾ Total of 200 wells in FY 2008 ¾ Cooper Oil Project (~

Slide 52: Cooper/Eromanga Basin wells programmed

For personal use only Over 200 wells COOPER COOPER/ EROMANGA 1414 Beach / EROMANGA BASIN BASIN BeachOperated OperatedWells Wells programmed 8787 SA 1818QLD 11Stuart Stuart Cooper Operated OperatedWell Oil SA Cooper Oil Cooper Oil Program Well Program Program QLD Cooper Oil Program Wells Wells Wells

Slide 53: Important Notice & Disclaimer

Important Notice & Disclaimer For personal use only Beach Petroleum has prepared this presentation based on information available to it. No express or implied representation or warranty is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions con

Slide 54: For personal use only

( BEACH aui7 4I PETROLEUM

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