Beach Energy Limited · ASX:BPT
Beach Energy — Investor Day (September 2021)
94 slides from Beach Energy's investor day presentation, Sep 28, 2021
Slide 1: 2021 Investor Update
28 SEPTEMBER 2021 2021 Investor Update Focused Update picture in on delivering the slide Enterprise 1 – Otway Basin
Slide 2: Welcome and Introduction
2 0 2 1 I N V E S TO R U P D AT E Welcome and Introduction
Slide 3: Compliance statements
Compliance statements Disclaimer Reserves disclosure This report contains forward-looking statements, including statements of current intention, opinion and predictions Beach prepares its reserves and resources estimates in accordance with the 2018 update to the Petroleum Resources regarding the Com
Slide 4: Agenda
Agenda Time Duration Subject Presenter (AEST) Session 1 9:00 am Welcome and Introduction 29 minutes Matt Kay – Managing Director and Chief Executive Officer Committed to delivering material growth 9 minutes Safety and Sustainability Brett Doherty – Group Executive – Health, Safety, Environment & Ris
Slide 5: Executive team
Executive team Industry experience and proven track record Executive Role Name Commenced Experience Prior Experience Managing Director and Chief Executive Officer Matt Kay May 2016 ~ 30 years Oil Search, Woodside, Santos InterOil, Lihir Gold (acquired by Chief Financial Officer Morné Engelbrecht Sep
Slide 6: Committed to delivering material growth
2 0 2 1 I N V E S TO R U P D AT E Committed to delivering material growth
Slide 7: Key takeaways
Key takeaways Execution of growth strategy across multiple basins Committed Stable gas Sustainable Low gearing Free cash flow growth revenues delivery Base Business Targeting material steady cash Material 28 MMboe Balance flow from free cash Aspiration to production target sheet 8 gas plants be net
Slide 8: Our strategy
Our strategy Beach investment proposition 1 Growing gas production to supply tightening East Coast gas market 2 LNG growth through NWS infrastructure at opportune time 3 De-risking through project execution while maintaining low gearing 4 Material free cash flow generation options 5 Upside potential
Slide 9: Executing our corporate strategy
Our strategy Executing our corporate strategy Material long term gas revenues being pursued with quality counterparties Optimise Maintain Strengthen Pursue Sustain core producing assets financial strength complimentary gas other compatible growth Scope 1 and Scope 2 business opportunities emissions
Slide 10: Execution of our Corporate Strategy: Diversified base business
Execution of our Corporate Strategy: Diversified base business Our strategy Production growth built on existing facilities and markets Basin Perth Otway Bass Taranaki Cooper Cooper Basin JV Western Flank Ownership 50%*,1 60%* 88.75%*,2 50%* ~35.2%3 ~100%*,4 Prize Petroleum Genesis Energy (46%), Sant
Slide 11: Execution of strategy: Base scenario to FY24 – committed projects only
Execution of strategy: Base scenario to FY24 – committed projects only Our strategy Targeting 27% production increase to 28 MMboe in FY241 – base scenario excludes exploration success2 Base scenario ▪ Targeting 28 MMboe production by FY24 at a CAGR of 13%1 from already committed developments2 ▪ Scen
Slide 12: Execution of strategy: Upside scenario to FY24
Our strategy Execution of strategy: Upside scenario to FY24 – exploration and pre-FID projects Maximising value of infrastructure by reviewing organic opportunities to maintain plateau production through strategic gas plants Upside Scenario ▪ Focus on prioritising high returning projects to maximise
Slide 13: Gas & LNG growth at opportune time
Gas & LNG growth at opportune time Our strategy Delivering into four markets from eight plants in FY24 LNG Material production 19% market to meet East Coast shortfall & tightening international LNG market in FY24 Targeting East Coast ~125 PJ net gas Gas market 68% production in FY24 (~75% total prod
Slide 14: Beach and bp sign Waitsia LNG HOA
Beach and bp sign Waitsia LNG HOA Our markets bp – a global LNG portfolio player with long history as a North West Shelf participant and offtaker LNG HOA signed between Beach and bp SPA to be finalised in H2 FY22 HOA covers all 3.75 million tonnes of Beach’s share of LNG from Waitsia Stage 2, with s
Slide 15: Executing towards fully funded FY24 growth target
Our strategy Executing towards fully funded FY24 growth target Low gearing supportive of delivering FY24 growth target, while trading at a low multiple Peer EV/2P reserves comparison3 ($/boe) Net gearing expected Targeting fully funded to peak in FY22 under production growth to upside scenario at 28
Slide 16: De-risking growth through project execution and low gearing
Our strategy De-risking growth through project execution and low gearing Key risks mitigated to date Otway campaign Waitsia Stage 2 (LNG) Committed development plan to re-fill Reached Final Investment Decision in early 2021 existing gas plant by FY24 Geographe 4 ERD and Geographe 5 horizontal wells
Slide 17: Delivering on emissions reduction aspiration
Delivering on emissions reduction aspiration Our strategy Operated and non-operated emissions reduction focus Progressing Moomba CCS Commitment to offsetting Waitsia On track FEED studies reservoir emissions ▪ Estimated FY21 emissions are ~12% lower than ▪ FEED Assurance Gate reviews underway in ▪ C
Slide 18: Key takeaways recap
Key takeaways recap Execution of growth strategy across multiple basins Committed Stable gas Sustainable Low gearing Free cash flow growth revenues delivery Base Business Targeting material steady cash Material 28 MMboe Balance flow from free cash Aspiration to production target sheet 8 gas plants b
Slide 19: Safety and sustainability
2 0 2 1 I N V E S TO R U P D AT E Safety and sustainability Brett Doherty Group Executive – Health, Safety, Environment & Risk
Slide 20: FY21 HS&E performance
FY21 HS&E performance Safety Safest year on record Safety performance (TRIFR1) Environmental performance 15.6 Crude/hydrocarbon spill volume (kl) 51.9 7.9 2 3.8 3.5 3.5 3.7 18.9 2.1 9.6 0.2 0.1 0.1 1.8 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Safety Process safety events
Slide 21: Health & Safety
Health & Safety Safety Beach achieved its safest year on record in FY21 > 3 million work hours LTI free ▪ Deployed several strategic initiatives TRIFR Reduced by 43% ▪ Execution of our Safety Strategy has facilitated a positive step change in HSE performance from 3.7 in FY20 to 2.1 in FY21 ▪ Increas
Slide 22: Sustainability at Beach
Sustainability Sustainability at Beach Environment, Social and Governance (ESG) Environment Social Governance Reporting ▪ Aspiration to reach net zero ▪ Contributed $1.22 million to ▪ Board committees provide ▪ Released 2021 Sustainability Scope 1 and 2 emissions by 2050 communities, supporting 71 o
Slide 23: Sustainability targets
Sustainability Targets 25% Beach net operated emissions reduction by 2025 Already achieved ▪ ~50% of 25 by 25 emissions reduction target1 Key projects to date 1 ▪ Installation of mercury removal facilities at Otway Gas Plant ▪ Flaring elimination at BassGas on start-up ▪ LDAR program expanded to inc
Slide 24: Moomba Carbon Capture and Storage
Sustainability Moomba Carbon Capture and Storage Material project with potential to significantly reduce Beach’s emissions footprint Focus area ✓ Material abatement project for Beach to reach net zero aspiration (Scope 1 and 2) Strategic fit / ✓ Real and permanent abatement of CO2 alignment ✓ Low ri
Slide 25: Finance and Capital Management
2 0 2 1 I N V E S TO R U P D AT E Finance and Capital Management Morné Engelbrecht Chief Financial Officer
Slide 26: Prioritising capital
Financial overview Prioritising capital Strong base gas business and line of sight to surplus cash flows by FY24 Disciplined capital allocation Building on stable base gas Maintaining conservative balance sheet Capital allocation of surplus cash flows business returns ▪ Executing major growth gas pr
Slide 27: Enviable balance sheet position
Financial overview Enviable balance sheet position Provides support for high-margin, stable gas business growth and optionality >65% underlying EBITDAX revenue margin business Production Free cash flow (before 68% 66% through eight gas major capital plants across investment1) four key breakeven of U
Slide 28: Financial strength
Financial overview Financial strength Building on high returning gas portfolio Cash flows over last five years have been focused High returning portfolio – FY21 EBITDA margin (%) FY22 v FY24 Market exposure to commodity prices on growth ($ millions) Available Cash Dividends Capital raising Other Oil
Slide 29: Facility refinanced and upsized
Financial overview Facility refinanced and upsized Liquidity to support growth and long-term sustainable business Gearing expected to remain below 10% - supporting FY24 growth1 Liquidity as at 31 August 2021 ($ million)2 ~650 150 500 Successful refinancing of facility to $600 million with favourable
Slide 30: Federal Government COVID-19 economic recovery plan tax measure
Financial overview Federal Government COVID-19 economic recovery plan tax measure Supportive of Beach’s investment strategy Estimated benefit of $200 – 300 million1 Key conditions required for each new functional asset: ▪ Held and installed ready for use between 6 October 2020 and 30 June 20223 Supp
Slide 31: Capital expenditure
Financial overview Capital expenditure FY22 capex guidance unchanged at $900 – $1,100 million ~5% $900 – 1,100 $700 – 1,000 million million ▪ Upside includes non-committed projects, Otway Offshore Moomba CCS, Trefoil project, Artisan 15% ~10% Cooper Basin JV completion, Kupe East development well an
Slide 32: Our markets
2 0 2 1 I N V E S TO R U P D AT E Our markets Lee Marshall Corporate Strategy & Commercial
Slide 33: Exposure to four key gas markets
Exposure to four key gas markets Our markets Provides diversification and optionality in our growth and capital allocation decisions Australia’s East Coast Australia’s West Coast New Zealand Gas market Global LNG market Gas market Gas market ▪ Supplying ~12% annual domestic ▪ Supplying ~2% of WA dom
Slide 34: East Coast domestic gas market
East Coast domestic gas market Our markets Beach on track to increase gas sales into tightening East Coast gas market in FY22 Forecast supply issues are well documented, but the risks are Domestic 2P reserves insufficient to meet forecast domestic accelerating East Coast demand by 20251 “If [Port Ke
Slide 35: LNG markets
LNG markets Our markets Beach to enter global LNG market – signing HOA with bp Strengthening LNG price forecast highlights opportune time to market Waitsia LNG and supports Beach’s decision to contract post FID in December 2020 Tightening global LNG market between 2022 and 2026 30 25 JKM Spot LNG Fo
Slide 36: Western Australia domestic gas market
Western Australia domestic gas market Our markets Market is balancing and expected to tighten further from mid-2020s Domestic supply from the North West Shelf Project has declined as contracts rolled off in mid-2020, coinciding with a more finely balanced market Spot domestic gas prices continue to
Slide 37: New Zealand gas market
New Zealand gas market Our markets High demand market for gas critical to the energy mix Coal and gas-fired generation increases when hydro availability is reduced. Limited gas supply means higher-carbon coal is being increasingly used Natural gas accounts for >20% of NZ energy needs with ~33% used
Slide 38: Break
2021 Investor Update Break
Slide 39: Our Assets
2 0 2 1 I N V E S TO R U P D AT E Our Assets
Slide 40: Refreshed Executive Team driving our committed growth strategy
Our assets Refreshed Executive Team driving our committed growth strategy Ian Grant Thomas Nador Sam Algar Chief Operating Officer Group Executive, Development Group Executive, Exploration and Subsurface ▪ Operational performance ▪ Otway Basin development ▪ Otway and Perth Basin exploration ▪ Operat
Slide 41: Our Assets – Ian Grant
2 0 2 1 I N V E S TO R U P D AT E Our Assets Ian Grant Chief Operating Officer
Slide 42: Experienced operational leadership team
Experienced operational leadership team Operations Proven track record in drilling operations, asset management and project commissioning COO >25 years BP Apache Quadrant Energy Santos GM GM GM GM GM GM Drilling & Completions Technical Pre Operations South Australia Victoria New Zealand >35 years >2
Slide 43: Our plants
Our plants Operations Focus on maximising value of our key gas plants Focused on increasing utilisation across our eight gas plants Waitsia Gas Xyris Beharra Springs Otway Gas Plant Kupe Gas Plant Middleton Moomba Lang Lang Plant Beach Interest 50% 50%* 50% 60%* 50%* 100%* 33.4%1 88.75%* Gross plant
Slide 44: Value improvement – Otway Gas Project
Value improvement – Otway Gas Project Operations Maximising value of Otway Basin infrastructure FY21 Otway Gas Plant turnaround in FY20 (every four years) Minimising Covid impact ▪ Excellent safety performance on project schedules ▪ Delivered ahead of schedule, despite State of Disaster declaration
Slide 45: Value improvement – Kupe
Value improvement – Kupe Operations Maximising value of the Kupe infrastructure Kupe Plant turnaround in FY19 (every four years) Successfully delivered inlet compression project Drive high Maximise plant utilisation of reliability using the plant with condition new inlet Maximise monitoring compress
Slide 46: Adding value – Cooper Basin
Adding value – Cooper Basin Operations Optimising production, minimising operating costs on Western Flank Opex reduction focus, operated and non-operated Add perforations in gas wells Pre-lay Maximise flowlines to plant enable faster reliability by connection of Maximise eliminating new wells bad ac
Slide 47: Operations excellence - emissions reduction
Operations excellence - emissions reduction Operations Otway Gas Plant Mercury Removal project – delivering lower emissions and production benefit ▪ Installed mercury removal facilities into the Molecular Sieve Regenerative Gas Circuit at Otway Gas Plant, resulting in: o Reduction of anticipated emi
Slide 48: Our Assets – Development
2 0 2 1 I N V E S TO R U P D AT E Our Assets Thomas Nador Development
Slide 49: Global development expertise
Our Assets - Strategy Global development expertise Proven track record of project execution leadership GM Projects 30 years Woodside NWS Otway Phase 4 Otway Phase 5 Waitsia Kupe Otway Trefoil Sustainability (Geographe) (Thylacine) Stage 2 Compression Nearshore Development Projects >40 years 40 years
Slide 50: Major committed development projects
Our Assets - Strategy Major committed development projects Targeting delivery of >9 MMboe production uplift by FY24 driving base uplift Otway Basin Perth Basin Offshore1 Nearshore2 Waitsia Gas Project Stage 2 Ownership 60%* 50% Anticipated first production3 Mid-FY22 H2 FY23 H2 2023 Target net produc
Slide 51: Priorities to deliver base scenario by FY24
Our Assets - Strategy Our assets Priorities to deliver base scenario by FY24 Objectives by FY24 Timeline FY22 FY23 FY24 ▪ Complete construction of Waitsia Gas Project Stage 2 (LNG) ✓ Commence Waitsia construction Δ Commence ▪ Commence LNG sales Δ Finalise LNG SPA production Perth Basin and LNG sales
Slide 52: Priorities to deliver base scenario by FY24
Our Assets - Strategy Our assets Priorities to deliver base scenario by FY24 Objectives by FY24 Timeline FY22 FY23 FY24 ▪ Deliver in-wellbore intervention programs ✓ Workover three Yolla field wells ▪ Evaluate potential Yolla infield well Bass Basin Δ Acquire 3D seismic over Trefoil, White Ibis and
Slide 53: Victoria Otway
2 0 2 1 I N V E S TO R U P D AT E Victoria Otway
Slide 54: Offshore Otway Basin
Offshore Otway Basin 54 2021 I Investor UPDATE
Slide 55: Victorian Otway Basin
Victorian Otway Basin Our Assets – Otway Basin Delivering strategy to re-fill Otway Gas Plant Asset overview Interest ▪ 60% and operator (JV participant O.G. Energy) Gross 2P reserves ▪ 116 MMboe, including 577 PJ sales gas Net 2P reserves ▪ 70 MMboe, including 346 PJ sales gas FY21 production ▪ 4.6
Slide 56: Victorian Otway offshore development
Victorian Otway offshore development Our Assets – Otway Basin Executing drilling campaign with first gas to commence in FY22 ▪ Geographe drilling, completion and tie-in work ~80% complete Executing offshore ▪ Successfully drilled Geographe 4 and 5 – reservoir in-line with pre-drill expectations1 dri
Slide 57: Mitigating risks of offshore development
Mitigating risks of offshore development Our Assets – Otway Basin Mitigating risks in challenging operating environment Key risks ▪ Major contracts awarded or well advanced - mitigating supply chain pressures during COVID-19 uncertainty Cost ▪ Locked in rates at an opportune time in the activity cyc
Slide 58: Victorian Otway Basin drilling campaign
Victorian Otway Basin drilling campaign Our Assets – Otway Basin W NNE NW Successfully drilled the two most complex wells of the campaign ▪ Six-well offshore development program commenced in May 2021 ▪ Geographe 4 ERD and Geographe 5 horizontal wells successfully drilled o 4.9 km and 4.6 km long wel
Slide 59: Perth Basin
2 0 2 1 I N V E S TO R U P D AT E Perth Basin
Slide 60: Perth Basin
Perth Basin Our Assets – Perth Basin Moving towards global LNG sales from H2 2023 Asset overview ▪ 50% and operator of Beharra Springs (JV participant Mitsui) Interest ▪ 50% of Waitsia (JV participant and operator Mitsui) Gross 2P reserves1 ▪ 200 MMboe, including 1,166 PJ sales gas Net 2P reserves1
Slide 61: Perth Basin strategy during 2020s
Perth Basin strategy during 2020s Our Assets – Perth Basin Maximise gas production through near-term international LNG sales and growing domestic supply 2021 – H1 2023 H2 2023 - 2028 2029+ ~290 TJ per day capacity across three • 50% Waitsia 2P reserves available to supply • ~40 TJ per day capacity •
Slide 62: Waitsia Gas Project Stage 2
Waitsia Gas Project Stage 2 62 2021 I Investor UPDATE
Slide 63: Waitsia Stage 2 development
Waitsia Stage 2 development Our Assets – Perth Basin Construction activities underway ▪ 810 PJ 2P gas reserves (gross)1 ▪ Asset life > 15 years High quality ▪ Low unit technical cost of <US$3.00 per GJ, during LNG export gas resource window, to Free-on-Board (FOB)2 ▪ Committed to offsetting 100% res
Slide 64: Mitigating execution and cost risks
Mitigating execution and cost risks Our Assets – Perth Basin Working closely with operator Mitsui to deliver Waitsia Stage 2 (LNG) on time Key risks Risk mitigation Execution and cost ▪ Design competition run for construction contract ▪ Clough awarded lump sum turn-key EPC contract in early 2021 – c
Slide 65: Taranaki Basin
2 0 2 1 I N V E S TO R U P D AT E Taranaki Basin
Slide 66: Kupe Gas Project
Kupe Gas Project 66 2021 I Investor UPDATE
Slide 67: Taranaki Basin
Taranaki Basin Our Assets – Taranaki Basin Compression project complete – evaluating plateau extension opportunities Asset overview • 50% and operator (JV participants Genesis Energy, New Zealand Interest Oil & Gas) Gross 2P reserves • 53 MMboe, including 226 PJ sales gas Net 2P reserves • 27 MMboe,
Slide 68: Successful delivery of Kupe Inlet Compression Project
Taranaki Basin Our Assets – Taranaki Basin Successful delivery of Kupe Inlet Compression Project Kupe Inlet Compressor upgrade Assessing opportunities to maintain plateau production ▪ ‘First gas’ into the plant two weeks earlier than P50 estimate ▪ Additional development well (Kupe East) is planned
Slide 69: Bass Basin
2 0 2 1 I N V E S TO R U P D AT E Bass Basin
Slide 70: Bass Basin – BassGas and Trefoil development opportunity
Bass Basin – BassGas and Trefoil development opportunity 70 2021 I Investor UPDATE
Slide 71: Bass Basin – BassGas and Trefoil opportunity
Bass Basin – BassGas and Trefoil opportunity Our Assets – Bass Basin Focus on life extension Asset Assetoverview overview ▪ BassGas: 88.75% and operator (JV participant Prize Petroleum) Interest ▪ Trefoil: 90.25% and operator (JV participant Prize Petroleum)1 Gross 2P reserves ▪ 34 MMboe, including
Slide 72: Planning to extend life of the Lang Lang gas plant
Bass Basin Our Assets – Bass Basin Planning to extend life of the Lang Lang gas plant ▪ Planning FY22 Yolla field in-wellbore opportunities to improve production performance: o Not included in base or upside scenarios o Successful workovers would provide upside to production ▪ Seismic reprocessing h
Slide 73: Our Assets – Exploration & Subsurface
2 0 2 1 I N V E S TO R U P D AT E Our Assets Sam Algar Exploration & Subsurface
Slide 74: Otway Basin: Exploration to keep gas plants full
2 0 2 1 I N V E S TO R U P D AT E Otway Basin Exploration to keep gas plants full
Slide 75: Multiple seismic-amplitude supported prospects
Offshore Otway Basin Our Assets – Otway Basin Multiple seismic-amplitude supported prospects Artisan ▪ 100% success rate from seismic amplitude supported wells in Beach acreage1, including: Hercules o La Bella, Geographe, Thylacine, Halladale, Enterprise, Artisan Thistle Up-dip ▪ Multiple amplitude-
Slide 76: Additional follow-on nearshore exploration opportunities
Additional follow-on nearshore exploration opportunities Our Assets – Otway Basin Shortest cycle time opportunities; FY24 drilling as seismic needed ▪ Enterprise 34 MMboe gross (20 MMboe net) 2P reserve discovery drilled from onshore well pad to offshore reservoir Enterprise o 4.9 km directional wel
Slide 77: Perth Basin: Key region for growth
2 0 2 1 I N V E S TO R U P D AT E Perth Basin Key region for growth
Slide 78: Exploring and developing the dominant position in Kingia gas play
Perth Basin Our Assets – Perth Basin Exploring and developing the dominant position in Kingia gas play ▪ Recent discoveries at West Erregulla-2, Beharra Springs Deep-1 and now Lockyer Deep-1 have highlighted the potential of the Kingia play Elegans ▪ Beach / Mitsui 50:50 joint venture controls the m
Slide 79: Beharra Springs expansion
Beharra Springs expansion Our Assets – Perth Basin FY23 Development drilling in Beharra Springs complemented by near-field exploration N S Elegans Synaphea Gynatrix N Tarantula Deep Cable Crusoe Riddell Coronation Redback deep Floreat Trigg S Twilight Mazzoletti Cottesloe 79 2021 I Investor UPDATE
Slide 80: Large-scale upside from exploration
Large-scale upside from exploration Our Assets – Perth Basin Trigg prospect on-trend and up-dip from West Erregulla discovery Elegans Elegans Synaphea Synaphea Gynatrix Gynatrix Tarantula Tarantula Deep Cable Deep Crusoe Cable Crusoe E Redback deep Riddell Coronation Riddell Coronation Redback deep
Slide 81: Western Flank: Refocused exploration activity
2 0 2 1 I N V E S TO R U P D AT E Western Flank Refocused exploration activity
Slide 82: Western Flank oil and gas
Western Flank oil and gas Our Assets – Western Flank Returning to exploration drilling on the Western Flank Asset overview Asset overview 2P reserves split (net Beach) ▪ 100% interest and operator of ex PEL 91, 104/1111 and 106 Interest ▪ 75% interest and operator of ex PEL 92 (JV participant Cooper
Slide 83: Western Flank oil and gas
Western Flank oil and gas Our Assets – Western Flank Multiple reservoirs with significant growth over last 10 years ▪ Three primary producing reservoirs – Namur, McKinlay and Birkhead Historic Western Flank oil production (thousand bopd) ▪ Majority of early success from high deliverability Namur res
Slide 84: Western Flank oil
Western Flank oil Our Assets – Western Flank Maximising value from existing oil fields ▪ Majority of fields fully appraised and producing under natural reservoir decline following extensive development drilling in FY20 and FY21 o 185 wells producing, 115 wells on a level of support o FY22 production
Slide 85: Western Flank oil
Western Flank oil Our Assets – Western Flank Exploration to drive the next phase ▪ No material exploration in Western Flank for over 5 years ▪ 24 prospects matured to drillable status in FY22 ▪ Returning to oil exploration drilling in H2 FY22 with up to 15 oil exploration wells o Focus on proven Nam
Slide 86: Western Flank gas
Western Flank gas Our Assets – Western Flank Extending Middleton Gas Plant production plateau ▪ Commenced drilling the four gas exploration wells planned for FY22 ▪ Historical success rate 50% ▪ Two discoveries from three wells drilled to-date o Rosebay o Lowry South ▪ Plan for wells to be tied in l
Slide 87: Cooper Basin JV
2 0 2 1 I N V E S TO R U P D AT E Cooper Basin JV
Slide 88: Cooper Basin Joint Venture
Our Assets – Cooper Basin JV Cooper Basin Joint Venture Maintain stable gas production levels from Cooper Basin JV assets Asset overview 2P reserves split (net Beach) Interest ▪ Various interests1 (JV participant Santos and operator) ▪ 219 MMboe (22 MMbbls oil, 197 MMboe gas and gas Undev Gross 2P R
Slide 89: Increased FY22 activity targeting increase to Moomba plant utilisation
Our Assets – Cooper Basin JV Cooper Basin JV Increased FY22 activity targeting increase to Moomba plant utilisation ▪ Increasing activity levels in FY22 with Beach planning to participate in up to 90 wells with a four-rig program. ▪ Includes development wells following up previous successful campaig
Slide 90: Closing remarks
2 0 2 1 I N V E S TO R U P D AT E Closing remarks
Slide 91: Key takeaways recap
Key takeaways recap Execution of growth strategy across multiple basins Committed Stable gas Sustainable Low gearing Free cash flow growth revenues delivery Base Business Targeting material steady cash Material 28 MMboe Balance flow from free cash Aspiration to production target sheet 8 gas plants b
Slide 92: Q&A
2 0 2 1 I N V E S TO R U P D AT E Q&A
Slide 93: Thank You
2 0 2 1 I N V E S TO R U P D AT E Thank You
Slide 94: Beach Energy Limited
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 Chris Morbey, Head of Investor Relations T: +61 8 8338 2833