Quarterly Report - Beach Energy

Quarterly Report for the period ended 30 September 2016 Page 1 Page 1

Beach Energy Limited ABN: 20 007 617 969 ASX: BPT 25 Conyngham Street, Glenside SA 5065 GPO Box 175, Adelaide SA 5001

www.beachenergy.com.au [email protected] Investor enquiries: Derek Piper +61 8 8338 2833

Media enquiries: Sylvia Rapo +61 8 8338 2833

27 October 2016 Ref: #074/16

Quarterly Reportfor the period ended 30 September 2016

Key StatisticsSeptember

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

Production (kboe) 2,276.5 2,720.5 2,888.0 6%

Sales Volumes (kboe) 2,589.3 3,097.4 3,289.9 6%

Sales Revenue ($ million) 145.2 166.6 168.9 1%

Oil Price ($/bbl) 67.6 66.1 62.6 (5%)

Cash ($ million) 174.1 199.1 243.5 22%

Drawn debt ($ million) 150.0 150.0 150.0 –

KEY EVENTS• Record quarterly production of 2.9 MMboe, up 6% due to increased operated Western Flank oil and gas production

• Record quarterly sales volumes of 3.3 MMboe, up 6% due to increased production and peak winter gas demand

• Quarterly sales revenue of $169 million, up 1% despite lower realised oil prices

• Capital expenditure of $30 million, up 25% due to commencement of the FY17 operated drilling program

• Cash reserves of $243 million, up $44 million, demonstrating Beach’s low-cost operations and ongoing focus on cost control across the business

• Nine wells completed with a 100% success rate

• Four operated oil wells successfully completed, including the Birkhead Formation oil discovery at Kangaroo-1 in ex PEL 91 (Beach 100%)

• Completion of the sale of Beach Egypt

• Completion of the sale of various operated oil permits in Queensland

COMMENTS FROM CHIEF EXECUTIVE OFFICER, MATT KAY“Beach has produced another strong quarterly result, which continues our momentum from FY16. Record production and record sales volumes were achieved, both up 6% from the prior quarter and underpinned by our core Western Flank oil and gas operations. We also commenced our FY17 operated drilling program and successfully completed the first four oil wells. In total, nine wells were drilled, including non-operated wells, with a 100% success rate.

“Most pleasingly, our first exploration well of the program, Kangaroo-1, discovered stratigraphically trapped oil in the Birkhead Formation in ex PEL 91. This is an exciting discovery as the Birkhead play has potential to redefine prospectivity across the Western Flank. Kangaroo-1 is expected to be producing in Q3 FY17, and we plan to drill two follow-on wells during that quarter.

“Our financial results again demonstrated the low-cost nature of Beach’s operations. We generated net operating cash flow of $67 million, and after capital expenditure, dividend payments and receipts from the sale of Beach Egypt, our cash reserves increased by $44 million.

“These results reinforce Beach’s underlying value proposition. We are a low-cost producer generating material free cash flow. We are re-investing in our high-returning Western Flank acreage and successfully delivering the FY17 drilling and capital program. With close to $600 million of available liquidity, we continue to pursue value accretive growth opportunities in a disciplined manner. We are also divesting non-core assets to improve the overall efficiency of our operations. With this foundation, Beach is well positioned for growth and we are highly leveraged to any future oil price recovery.”

Quarterly Report for the period ended 30 September 2016 Page 2

FINANCIALSALES VOLUMESRecord quarterly sales volumes of 3.3 MMboe were achieved. Volumes increased 6% from the prior quarter and were favourably impacted by higher production and an additional oil shipment. Beach continued to draw down gas volumes from storage to satisfy contractual commitments and peak winter gas demand. No Egypt sales were recognised due to completion of the sale of Beach Egypt.

Sales VolumesSeptember

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

Oil (kbbl)

Cooper and Eromanga Basins – Own Product

1,097.7 1,526.1 1,636.9 7%

Cooper and Eromanga Basins – Third Party

373.3 134.3 147.3 10%

Total Cooper Basin Oil 1,471.0 1,660.4 1,784.2 7%

Egypt 47.3 24.1 – (100%)

Total Oil 1,518.3 1,684.5 1,784.2 6%

Sales Gas (PJ)

Cooper Basin – Own Product 5.1 6.6 7.3 11%

Cooper Basin – Third Party 0.1 0.1 0.1 11%

Egypt 0.1 0.1 – (100%)

Total Gas 5.3 6.8 7.4 10%

LPG (kt)

Cooper Basin – Own Product 13.0 12.7 10.7 (15%)

Cooper Basin – Third Party 0.3 - 0.4 n.a.

Total LPG 13.3 12.7 11.1 (12%)

Condensate (kbbl)

Cooper Basin – Own Product 46.4 139.8 142.0 2%

Cooper Basin – Third Party 1.9 10.9 4.3 (61%)

Total Condensate 48.3 150.7 146.3 (3%)

Total Oil and Gas Sales (kboe) 2,589.3 3,097.4 3,289.9 6%

Total – Own Product (kboe) 2,192.1 2,935.4 3,115.4 6%

Total – Third Party (kboe) 397.2 162.0 174.5 8%


REVENUETotal sales revenue increased 1% to $169 million, with higher sales volumes partially offset by lower realised prices. The average realised Australian dollar oil price decreased 5% to $63/bbl (from $66/bbl). The average realised sales gas price decreased 2% to $5.90/GJ (from $6.01/GJ), partly due to greater ex PEL 106 raw gas in the sales mix.

Sales Revenue ($ million)

September Q1 FY16

June Q4 FY16

September Q1 FY17

Qtr on Qtr Change

Oil 102.7 111.4 111.6 0%

Sales Gas 31.9 40.6 43.9 8%

LPG 7.4 6.0 5.0 (17%)

Condensate 3.2 8.6 8.4 (2%)

Sales Gas and Gas Liquids 42.5 55.2 57.3 4%

Total Oil and Gas 145.2 166.6 168.9 1%

Total – Own Product 118.1 157.0 158.9 1%

Total – Third Party 27.1 9.6 10.0 4%

Average Realised PricesSeptember

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

All Products ($/boe) 56.1 53.8 51.3 (5%)

Oil ($/bbl) 67.6 66.1 62.6 (5%)

Sales Gas ($/GJ) 6.0 6.0 5.9 (2%)

LPG ($/t) 558.5 471.9 446.9 (5%)

Condensate ($/bbl) 67.7 56.9 57.6 1%

CAPITAL EXPENDITURE Capital expenditure of $30 million was 25% higher than the prior quarter, due mainly to commencement of Beach’s FY17 operated drilling campaign. Activity included drilling and completion of three operated oil development wells, spudding and drilling of the Kangaroo-1 oil exploration well, and continuation of the Bauer facility expansion and Middleton compression project.

On 28 July 2016, Beach provided FY17 capital expenditure guidance of $180 – 200 million, which comprises discretionary expenditure of $100 – 115 million and fixed expenditure of $80 – 85 million. Beach continues to review its capital program to ensure that discretionary expenditure is directed to the most attractive expected return on capital projects. Allocation of capital may be altered throughout the year based on exploration drilling results or prevailing economic conditions. Higher risk, longer dated projects continue to be deferred.

Capital ExpenditureSeptember

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

Exploration and Appraisal 8.2 7.4 6.5 (13%)

Development, Plant and Equipment 35.9 17.0 23.9 41%

Total 44.1 24.4 30.4 25%


LIQUIDITY

Cash reserves increased by $44 million during the quarter, reflecting the robust nature of Beach’s operations and ongoing efforts to reduce costs across the business. Beach generated net operating cash flow of $67 million and received $14 million in relation to the sale of Beach Egypt. Cash outflows included capital expenditure of $30 million, and $7 million for payment of the FY16 final dividend. At quarter end, cash reserves were $243 million, with drawn debt of $150 million and undrawn debt facilities of $350 million.

Liquidity ($ million)September

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

Cash Reserves 174.1 199.1 243.5 22.3%

Drawn debt 150.0 150.0 150.0 –

Net Cash 24.1 49.1 93.5 90.2%

Undrawn Facilities 150.0 350.0 350.0 –

CAPITAL STRUCTURE

Approximately 4.3 million shares were issued under the Dividend Reinvestment Plan in relation to the FY16 final dividend. Reduction in unlisted employee rights primarily related to lapsing of rights due to executive departures.

Capital StructureJune

Q4 FY16September

Q1 FY17 Qtr on Qtr

Change

Fully Paid Ordinary Shares 1,860,704,532 1,865,094,804 0.2%

Unlisted Employee Rights 6,814,929 4,774,239 (29.9%)

HEDGINGBeach hedges up to 80% of oil production costs and corporate costs using a range of instruments to protect against downside oil price scenarios while maintaining upside potential. All hedging transactions since June 2016 have been entered into using zero cost collars. The following hedges were in place as at 30 September 2016.

Hedges (Brent)

Floor $45 per bbl

Collar US$60-85

per bbl

Collar $40-111 per bbl

Collar $40-102 per bbl

Total Hedged Volumes (bbl)

FY17 (remaining)

795,000 60,000 915,000 180,000 1,950,000

FY18 - - 517,500 517,500 1,035,000

Total 795,000 60,000 1,432,500 697,500 2,985,000


OPERATIONSPRODUCTION

Record quarterly production of 2,888 kboe was achieved, representing a 6% increase from the prior quarter. Oil production from ex PEL 91 increased by 5% and benefited from two new wells brought online. In ex PEL 106, two new gas wells were brought online and repair works at Middleton were completed early in the quarter, which contributed to a 14% increase in total gas and gas liquids production.

Partially mitigating production was wet weather across the Western Flank, which restricted trucking of oil for most of September (an impact of ~13 kbbl). No Egypt production was recorded due to completion of the sale of Beach Egypt (~33 kboe recorded in Q4 FY16).

ProductionSeptember

Q1 FY16June

Q4 FY16September

Q1 FY17Qtr on Qtr

Change

Oil (kbbl)

Cooper Basin 1,090.7 1,591.5 1,632.0 3%

Egypt 47.5 24.4 – (100%)

Total Oil 1,138.2 1,615.9 1,632.0 1%

Sales Gas and Ethane (PJ)

Cooper Basin 5.5 5.4 5.3 (1%)

Egypt 0.1 0.0 – (100%)

LPG (kt) Cooper Basin 11.0 10.5 14.6 40%

Condensate (kbbl) Cooper Basin 91.2 91.3 108.6 19%

Total Sales Gas and Gas Liquids 1,138.3 1,104.6 1,256.0 14%

Total Oil and Gas (kboe) 2,276.5 2,720.5 2,888.0 6%

NB. Preliminary data for ex PEL 106 and ex PEL 104 / 111

Cooper Basin

Western Flank Oil – ex PEL 91 (Beach 100%)

Oil production of 1,085 kbbl (11,800 bopd) was 5% higher than the prior quarter. The Bauer-23 development well, which initially produced at in excess of 2,000 bopd, and the Hanson-3 development well were brought online early in the quarter.

The Bauer facility expansion progressed, with earthworks complete and all tanks delivered to site. The expansion will increase fluids handling capacity by 60% from 75,000 bfpd to 120,000 bfpd, and is expected to be completed in Q3 FY17.

Western Flank Oil – ex PEL 92 (Beach 75% and operator, Cooper Energy 25%)

Average daily oil production of 2,670 barrels (gross) was approximately 2% lower than the prior quarter, with total net oil production of 185 kbbl. Natural field decline was broadly offset by completion of flowline reconfiguration projects at Christies-7 and Callawonga-3. These activities provided incremental production of 140 bopd.

Western Flank Oil – ex PEL 104 / 111 (Beach 40%, Senex 60% and operator)

Average daily oil production of 2,970 barrels (gross) was approximately 5% lower than the prior quarter, with total net oil production of 110 kbbl. Natural field decline was partially offset by completion of routine workover operations at Growler-3.


Queensland Oil – Kenmore and Bodalla; ATP 299(Kenmore and Bodalla: Beach 100%; ATP 299: Beach 40%, Santos 60% and operator)

Oil production decreased 3% to 68 kbbl (net).

Western Flank Gas and Gas Liquids – ex PEL 106; ex PEL 513(Ex PEL 106: Beach 100%; ex PEL 513: Beach 40%, Santos 60% and operator)

Production from ex PEL 106 benefited from connection and tie-in of the Ralgnal-1 and Udacha-1 wells in early July, with Ralgnal-1 outperforming initial expectations. Sales gas production was 170 kboe (up 485% from the prior quarter, due in part to Middleton maintenance work undertaken during most of Q4 FY16) and gas liquids production was 80 kboe (up 550% from the prior quarter). Despite significant downtime during July from repair works and shut-in requests from the Moomba gas processing plant operator, total daily production for the quarter was 2,680 boe. This represents an approximate increase of 1,000 boepd relative to average daily online gross production in FY16.

Work continued on the Middleton gas compression project, which will enable greater gas throughput as fields decline. Compression is targeting peak production capacity of 3,700 boepd and is expected to be online in Q3 FY17.

Ex PEL 513 contributed 47 kboe (net) of sales gas and gas liquids production, down 19% from the prior quarter due to natural field decline.

SACB and SWQ JVs(Various non-operated interests)

Sales gas and gas liquids production of 960 kboe (net) was 4% lower than the prior quarter due to natural field decline and downtime at the Moomba processing facility for scheduled maintenance works.

Oil production decreased 2% to 185 kbbl (net), with natural field decline broadly offset by continued strong production from recently drilled wells.

DEVELOPMENT

Cooper Basin

Western Flank Oil(Ex PEL 91: Beach 100%)

Beach commenced its FY17 operated drilling program with the Hanson-4 development well. The well is located on the eastern culmination of the Hanson Field, approximately 85 kilometres west-northwest of the Moomba processing facility. Hanson-4 targeted oil bearing reservoirs in the Namur Sandstone and overlaying McKinlay Member, and also assessed potential for reservoir development in the Lower Birkhead Formation. Hanson-4 was cased and suspended as a future oil producer following intersection of approximately three metres of net pay in the Namur Sandstone and three metres of net pay in the McKinlay Member. These results were in-line with pre-drill estimates. The well was brought online subsequent to quarter-end.

Hanson-4 lease

Stunsail-3 was drilled to develop oil bearing reservoirs in the Namur and Mid-Namur Sandstone in the Stunsail Field, which is located approximately 85 kilometres northwest of the Moomba processing facility. The well also assessed potential for reservoir development in the Birkhead Formation. Stunsail-3 was cased and suspended after intersecting two metres of net pay in the Namur Sandstone and four metres of net pay in the Mid-Namur Sandstone. The well also encountered a 15 metre gross interval within the Birkhead Formation with strong oil shows. Stunsail-3 is to be completed as a Birkhead Formation oil producer to provide extended production test information for this reservoir. The well is expected online in Q2 FY17.


Western Flank Oil(Ex PEL 92: Beach 75% and operator, Cooper Energy 25%)

Callawonga-12 was drilled following a comprehensive review of the Callawonga Field, which indicated potential for various development initiatives. The field is located approximately 80 kilometres west-northwest of the Moomba processing facility. Callawonga-12 was drilled to accelerate production from the Namur Sandstone and overlaying McKinlay Member, as well as to appraise the northeast flank of the field. The top Namur Sandstone reservoir was intersected 2.4 metres high to prognosis, with wireline logs indicating two metres of net oil pay in the Namur Sandstone. Callawonga-12 was cased and suspended, and brought online subsequent to quarter-end.

South Australian Gas – SACB JVs(Fixed Factor Area Joint Venture: Beach 20.21%, Santos 66.6% and operator, Origin 13.19%)

A five-well development campaign progressed in the Tirrawarra – Gooranie Field, which is located approximately 50 kilometres north of the Moomba processing facility. The 2011 Patchawarra Study and subsequent drilling campaigns identified potential for further development of this area. The campaign is targeting gas and gas liquids within the Patchawarra Formation and oil within the basal Patchawarra Formation and Tirrawarra Sandstone. Tirrawarra-90, the fourth well of the campaign, was cased and suspended as a future producer. The well intersected net gas pay of 40 metres in the Patchawarra Formation across a 289 metre gross section, and net oil pay of four metres in the Lower Patchawarra Formation across a six metre gross section. The well also intersected 24 metres of net oil pay within a 33 metre gross section in the Tirrawarra Sandstone. Gas pay was in line with pre-drill estimates and oil pay was in excess of pre-drill estimates. The final well of the campaign, Tirrawarra-89, has been deferred due to wet weather and is expected to spud in Q2 FY17.

A five-well appraisal and development campaign commenced on the central flank of the Big Lake Field, which is located approximately 20 kilometres southeast of the Moomba processing facility. The campaign comprises one standalone appraisal well (Big Lake-134 – refer discussion below) and four development wells drilled from a single pad (Big Lake-135 to -138). The campaign aims to expand the central development area and will target the Patchawarra Formation, Tirrawarra Sandstone and Merrimelia Formation, with the Epsilon Formation providing a secondary target. Big Lake-135

intersected 63 metres of net gas pay across a 544 metre gross section in the target zones, which was consistent with a low-side outcome. The well was subsequently cased and suspended as a future Permian gas producer. Subsequent to quarter-end, Big Lake-136 was cased and suspended following intersection of gas pay in line with pre-drill estimates. The well intersected 58 metres of net gas pay across a 507 metre gross section in the target zones. Surface holes for Big Lake-137 and -138 were batched drilled during the quarter, and these wells are expected to be completed during Q2 FY17.

EXPLORATION AND APPRAISAL

Cooper Basin

Western Flank Oil(Ex PEL 91: Beach 100%)

Kangaroo-1 was the first Western Flank exploration well of Beach’s FY17 program. The well targeted stratigraphically trapped oil within the Birkhead Formation, approximately four kilometres northwest of the Spitfire Field, which produces oil from the target reservoir interval. Subsequent to quarter-end, Kangaroo-1 was confirmed as an exploration success following intersection of a 20 metre gross oil column in the Birkhead Formation. A DST over the interval 1,694.5 metres to 1,712.0 metres recovered 41.6 barrels of approximately 52 degree API oil from the drill string following a three hour flow period, with no indications


WELL RESULTS

Area CategoryWells

SpuddedWells

CompletedSuccessful

WellsSuccess

RateSuccessful Wells

Cooper Basin

Oil – Exploration 1 1 1 100% Kangaroo-1

Oil – Development 3 3 3 100%Callawonga-12; Hanson-4; Stunsail-3

Gas – Appraisal 2 2 2 100% Big Lake-134; Coolah-4

Gas – Development 5 3 3 100%Big Lake-135,-136; Tirrawarra-90

Total 11 9 9 100%

All Exploration Wells 1 1 1 100%

All Appraisal Wells 2 2 2 100%

All Development Wells 8 6 6 100%

of formation water. The flow rate was calculated to be 320 bopd and the well was cased and suspended as a future producer.

The results from Kangaroo-1 have the potential to expand the prospectivity across Beach’s operated Western Flank permits through de-risking of Birkhead Formation oil prospects and leads. Based on preliminary review of results, in Q3 FY17 Beach intends to bring Kangaroo-1 into production and drill two further wells.

South Australian Gas – SACB JVs(Fixed Factor Area Joint Venture: Beach 20.21%, Santos 66.6% and operator, Origin 13.19%)

The five-well appraisal and development campaign in the Big Lake Field included one standalone appraisal well, Big Lake-134, which was cased and suspended as a future Permian gas producer. The well intersected net gas pay of 143 metres across a 681 metre gross section in the target zones. Results were in line with pre-drill estimates and confirmed down-flank extension of gas reservoirs.

Queensland Gas (Beach 23.2%, Santos 60.06% and operator, Origin 16.74%)

A three-well gas appraisal campaign was completed in the Coolah Complex, which is located approximately 50 kilometres north of the Ballera processing facility. The campaign aimed to appraise field limits and collect sufficient information to form a development plan for the Coolah Field. Sands within the Toolachee Formation were targeted, with the Patchawarra Formation providing a secondary target. These targets were identified from 3D seismic acquired over the Coolah area in 2015, which complemented past 3D seismic

across the Barrolka Field to the north and Durham Downs Field to the south. Coolah-4, the final well of the campaign, was cased and suspended as a future producer following intersection of gas pay in the Toolachee Formation. The well intersected net gas pay of 4.5 metres within a 71 metre gross section, which Beach assessed as marginally below pre-drill estimates. The campaign was successful with all three wells cased and suspended. Results have de-risked future drilling and will be incorporated in field appraisal and development plans.

CORPORATE AND COMMERCIALCompletion of sale of Beach Egypt

Beach completed the sale of Beach Egypt, whose core asset is a 22% interest in the Abu Sennan Concession, to Rockhopper (AIM: RKH) on 17 August 2016. Transaction terms provide for cash consideration of up to US$20.5 million, comprising upfront and deferred components. To date, Beach has received consideration of US$13.1 million with remaining proceeds expected over the course of FY17, subject to receipt of outstanding receivables. In addition to cash consideration payments, a post completion adjustment was agreed and settled subsequent to quarter-end to account for net cash flow attributable to the assets from 1 January 2016 to completion. Further details are contained in the announcements of 18 April and 17 August 2016.


Commencement of Chief Financial Officer

Beach’s new Chief Financial Officer, Morné Engelbrecht, commenced on 1 September 2016. Morné is a Chartered Accountant with experience in the oil, gas and resource sectors across various jurisdictions, including Australia, South Africa, the United Kingdom, Papua New Guinea and China. Morné previously held the position of Chief Executive Officer of ASX-listed Carbon Energy Limited, having served in this role since 2013. Prior to that he held various financial, commercial and advisory senior management positions at InterOil, Lihir Gold and PwC. Morné brings extensive experience in strategy and planning, debt and equity markets, mergers and acquisitions, joint venture management and operations.

SUBSEQUENT EVENTSCompletion of the sale of Queensland oil assets

Beach entered into a binding Sale and Purchase Agreement with Bridgeport in relation to the sale of various operated oil permit interests within the greater Kenmore-Bodalla area. These mature oil fields represented Beach’s only operated production in the Queensland area of the Cooper Basin and contributed net production of 25 kbbl in Q1 FY17. The transaction was completed on 19 October 2016. Transaction terms remain confidential. Further details are contained in the announcement of 3 August 2016.

Issue of Annual Report, Corporate Governance Statement and AGM notice of meeting

On 7 October 2016, Beach issued its 2016 Annual Report, Corporate Governance Statement and notice of meeting in relation to the AGM, which will be held on Thursday, 10 November 2016. All documents can be found on Beach’s website.


GLOSSARY $ Australian dollars

AGM Annual General Meeting

API American Petroleum Institute gravity measure

ATP Authority to Prospect

bbl Barrels

Beach Beach Energy Ltd

Beach Egypt Beach Petroleum (Egypt) Pty Ltd

Bcf Billion cubic feet

bfpd Barrels of fluid per day

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

bopd Barrels of oil per day

Bridgeport Bridgeport (Cooper Basin) Pty Ltd

Cooper Energy Cooper Energy Ltd

Cooper Basin Includes both Cooper and Eromanga basins

Delhi Delhi Petroleum Pty Ltd

Drillsearch Drillsearch Energy Ltd

DST Drill stem test

EP Exploration permit

Ex PEL 91 PRLs 151 to 172 and various production licences

Ex PEL 92 PRLs 85 to 104 and various production licences

Ex PEL 101 PRLs 173 and 174 and various production licences

Ex PEL 104 / 111 PRLs 136 to 150 and various production licences

Ex PEL 106 PRLs 129 and 130 and various production licences

Ex PEL 107 PRLs 175 to 179

Ex PEL 218 PRLs 33 to 49

Ex PEL 513 / 632 PRLs 191 to 206 and various production licences

FY(17) Financial year (2017)

GJ Gigajoule

H(1) (FY17) (First) half year period (of FY17)

kbbl Thousand barrels of oil

kboe Thousand barrels of oil equivalent

kt Thousand tonnes

LPG Liquefied petroleum gas

MMbbl Million barrels of oil

MMboe Million barrels of oil equivalent

MMscfd Million standard cubic feet of gas per day

Origin Origin Energy Ltd

PEL Petroleum Exploration Licence

PEP Petroleum Exploration Permit

PRL Petroleum Retention Licence

PJ Petajoule

Q(1) (FY17) (First) quarter (FY17)

Qtr Quarter

Rockhopper Rockhopper Exploration plc

SACB JV South Australian Cooper Basin joint Ventures, which include the Fixed Factor Area (Beach 20.21%, Santos 66.6%, Origin 13.19%) and the Patchawarra East Block (Beach 17.14%, Santos 72.32% and Origin 10.54%)

SACB and SWQ JVs

The Delhi operations, which incorporate the SACB JVs and SWQ JVs

Santos Santos Ltd

Senex Senex Energy Ltd

SWQ JV South West Queensland joint ventures, incorporating various equity interests (Beach 20-40%)

Documents

Quarterly Report - Beach Energy