BPT_Beach_Energy_FY25_half_year_results_presentation.pdf
- 1. FY25 Half Year Results 6 February 2025 Waitsia Gas Plant, Western Australia
- 2. 2 Disclaimer This presentation contains forward-looking statements, including statements of current intention, opinion and predictions regarding the Company’s present and future operations, possible future events and future financial prospects, and new energy initiatives and emissions intensity reduction targets. While these statements reflect expectations at the date of this presentation, they are, by their nature, not certain and are susceptible to change. Beach makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilling of such forward looking statements (whether expressed or implied), and except as required by applicable law or the ASX Listing Rules, disclaims any obligation or undertaking to publicly update such forward-looking statements. It should be noted that no universally accepted framework (legal, regulatory, or otherwise) currently exists in relation to ESG reporting. The inclusion or absence of information in Beach’s ESG statements should not be construed to represent any belief regarding the materiality or financial impact of that information. ESG statements may be based on expectations and assumptions that are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. Furthermore, no assurance can be given that such a universally accepted measurement framework or consensus will develop over time. Although there are regulatory efforts to define such concepts, the legal and regulatory framework governing sustainability is still under development. Calculations and statistics included in ESG statements may be based on historical estimates, assumptions and projections as well as assumed technology changes and therefore subject to change. Beach’s ESG statements have not been externally assured or verified by independent third parties. 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 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 or reviewed financial statements. Free cash flow is defined as net cash flow before debt repayments, dividends, transaction adjustments and foreign exchange movements. Pre-growth free cash flow defined as operating cash flows, less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. It has not been subject to audit or review by Beach’s external auditors. The information has been extracted from the audited or reviewed financial statements. The Board will have the discretion to adjust free cash flow for individually material items. 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. References to planned activities in FY25 and beyond FY25 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. Assumptions Guidance is uncertain and subject to change. Guidance has been estimated on the basis of the following assumptions: 1. various economic and corporate assumptions; 2. assumptions regarding drilling results; and 3. expected future development, appraisal and exploration projects being delivered in accordance with their current expected project schedules. Production and capital expenditure forecasts are subject to change and have been estimated on the basis of the following economic assumptions: 1. Brent oil price of US$75.5 per barrel for the remainder of FY25, US$75 per barrel for FY26 and US$73.5 per barrel for FY27, 2. AUD/USD exchange rate of 0.62 for the remainder of FY25, 0.62 for FY26 and 0.63 for FY27, 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. Reserves disclosure Reserves and resources estimates are prepared in accordance with the 2018 update to the Petroleum Resources Management System (SPE-PRMS). Storage resources are prepared in accordance with the 2017 CO2 Storage Resources Management System (SPE-SRMS). Both systems are sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers, Society of Exploration Geophysicists, Society of Petrophysicists and Well Log Analysts and the European Association of Geoscientists & Engineers. The statement presents Beach’s net economic interest estimated at 30 June 2024 using a combination of probabilistic and deterministic methods. Each category is aggregated by arithmetic summation. Note that the aggregated 1P category may be a conservative estimate due to the portfolio effects of arithmetic summation. Reserves are stated net of fuel, flare and vent at reference points generally defined by the custody transfer point of each product. Conversion factors used to evaluate oil equivalent quantities are oil - 1 boe per bbl, condensate - 0.935 boe per bbl, sales gas and ethane - 171,940 boe per PJ, LPG - 8.458 boe per tonne, and LNG - 9.531 boe per tonne. Reserves are stated net of fuel, flare and vent at reference points defined by the custody transfer point of each product. The estimates are based on, and fairly represent, information and supporting documentation prepared by, or under the supervision of, Qualified Petroleum Reserves and Resources Evaluators (QPRRE) employed by Beach. The QPRRE are Scott Delaney and Mark Sales, who are both members of SPE. Authorisation This presentation has been authorised for release by the Beach Energy Board of Directors. Compliance statements
- 3. 3 H1 FY25 milestones Key projects completed and strategic objectives progressed New executive leadership team Thylacine West 1 and 2 connected 30% headcount reduction exceeded Waitsia Phase 2 development drilling complete Two Waitsia LNG swap cargoes Waitsia Gas Plant in commissioning Otway Gas Plant capacity restored Bass Basin well interventions Moomba CCS project complete Injection ramp-up exceeded expectations
- 4. 4 Improved financial results support an increased interim dividend $587 million Underlying EBITDA $990 million Sales revenue 10.2 MMboe Production 10% net gearing2 $10.5 /GJ Average realised gas and ethane price 18% 3.0 cps Fully franked interim dividend declared 5% H1 FY25 headline results 50% 20% 15% 1. Pre-growth free cash flow defined as operating cash flows less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. The Board will have the discretion to adjust free cash flow for individually material items 2. Net gearing defined as Net Debt / (Net Debt + Equity) $431 million Pre-growth free cash flow1 >10x
- 5. 2 2 2 1 4 12 4 8 2.1 4.4 2.4 3.4 0.6 0 1 2 3 4 5 0 4 8 12 16 FY21 FY22 FY23 FY24 H1 FY25 Total Recordable Injuries Employees Contractors TRIFR 1 2 1 0 20 24 19 16 8 0 10 20 0 1 2 3 FY21 FY22 FY23 FY24 H1 FY25 Process Safety Tier 1 Tier 2 All LOC 5 Health, safety and environment Ongoing focus on safety and wellbeing culture Personal safety performance Process safety performance 2 ▪ Safety programs delivering improved outcomes ▪ One recordable injury in last 12 months ▪ Zero Tier 1 / 2 process safety events ▪ Zero consequential environmental spills FY25 focus Key highlights ▪ Refreshing the Operational Excellence Management System ▪ Delivering asset HSE improvement plans ▪ Delivering focused programs supporting safety and wellbeing ▪ Collaborating with industry partners to share best practices and innovations 1 1. Total Recordable Injury Frequency Rate is the frequency of recordable injuries for each one million hours worked (12 month rolling) 2. Loss of containment comprises all Tier 1, 2 and 3 events per Australian Petroleum Industry Recommended Practice 754 guidelines
- 6. 6 Completion of major projects Delivering new gas and reducing emissions Otway Basin drilling and development program Moomba Carbon Capture and Storage project 57 82 99 130 159 148 Q1 FY24 Q2 Q3 Q4 Q1 FY25 Q2 Otway Gas Plant production (TJ/d, gross) Oct-24 Nov-24 Dec-24 Largest ever campaign in the offshore Otway Basin Six new wells providing critical gas for the East Coast market Otway Gas Plant well deliverability returned to nameplate capacity Safe delivery of first multi-well offshore development campaign Strong commissioning and ramp-up performance Capacity to inject up to 1.7 Mt (gross) of CO2 annually Safely storing all produced reservoir CO2 from Moomba Gas Plant Delivering Beach’s Scope 1 & 2 emissions intensity reduction target Nameplate capacity (~4.6 Kt/d) CO2 injection (kt/d, gross) Planned maintenance, TW connections
- 7. 7 Waitsia Stage 2 Targeting first sales gas in Q4 FY25 ▪ Waitsia Gas Plant transitioned from construction phase to commissioning phase ▪ 20 senior Beach personnel seconded to support commissioning ▪ Four Beach LNG swap cargoes lifted to 31 December 2024 ▪ $293 million total revenue; A$18.2/MMBtu average price ▪ Fifth Beach LNG swap cargo lifted in January 2025 ▪ Beach and Mitsui pursuing further swap cargoes prior to start-up ▪ Feed gas supplied to North West Shelf has comprised Xyris Gas Plant production (~35%) and gas time swaps (~65%) ▪ Swaps are with WA market participants ▪ Existing swap volumes to be returned across the Waitsia LNG export licence period
- 8. Second half focus Active work programs across core East and West Coast acreage 8 Supporting Operator for Waitsia Gas Plant commissioning and first gas target Arenaria gas exploration well and Beharra Springs Deep 3 development well in the Perth Basin Hercules gas exploration well in the offshore Otway Basin1 Plug and abandonment of two offshore Otway Basin wells1 Planning for FY26 Equinox rig campaign activities1 Commence 10-well oil development and appraisal campaign in the Western Flank2 1. All Beach activities subject to various regulatory approvals including environmental approvals 2. Subject to signing rig contract
- 9. Financial results F Y 2 5 H A L F Y E A R R E S U L T S Perth Basin, Western Australia
- 10. Strong Otway production and Waitsia LNG swap cargoes underpin 37% earnings growth Headline financial metrics $ million (unless otherwise indicated) H1 FY24 H1 FY25 Change Production (MMboe) 8.9 10.2 15% Sales volumes (MMboe) 11.0 12.3 12% Sales revenue 941 990 5% Average realised price – all products ($ per boe) 86 80 (7%) Average realised price – gas/ethane ($ per GJ) 8.9 10.5 18% Underlying EBITDA 488 587 20% Underlying NPAT 173 237 37% Statutory NPAT (345) 222 164% Operating cash flow 350 659 88% Pre-growth free cash flow1 37 431 >10x Dividends declared (cps) 2.0 3.0 50% Net debt / (cash)2 474 389 (18%) 10 H1 FY25 sales revenue: $990 million 1. Pre-growth free cash flow defined as operating cash flows less investing cash flows excluding acquisitions, divestments and major growth capital expenditure, less lease liability payments. The Board will have the discretion to adjust free cash flow for individually material items 2. Net cash / (debt) defined as cash and cash equivalents less interest bearing liabilities 21% 34% 33% 7% $990 million NZ gas 3% West Coast gas 2% LPG, LNG and condensate Gas 45% East Coast gas (oil-linked prices) Liquids 55% East Coast gas (fixed prices) Oil
- 11. 237 28 5 3 4 173 62 42 H1 FY24 Revenue Cash costs Tax DD&A Net financing Other H1 FY25 Underlying Net Profit After Tax1 Material growth in underlying earnings 11 1. 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, however, have been extracted from the audited or reviewed financial statements 2. Cash costs include field operating costs, tariffs and tolls, royalties and third-party purchases $ million 2 ▪ Higher Otway production and Waitsia LNG swap cargoes underpinned revenue growth ▪ Lower liquids pricing offset an 18% increase in the average realised gas price ▪ Lower cash costs ▪ Outcomes from cost reduction initiatives ongoing ▪ Lower third-party purchases with LNG cargoes facilitated through time swaps ▪ Partially offset by higher Waitsia LNG tolling ▪ ‘Other’ includes foreign exchange movements, exploration expensed and other income and expenses
- 12. Cash reserves movements Higher operating cash flow and lower capital expenditure 12 251 (222) (115) (46) (6) 172 659 (191) 30-Jun-24 Operating Capital expenditure Debt Dividends Leases 31-Dec-24 Growth capital expenditure Sustaining capital expenditure: - Cooper Basin JV drilling - Stay in business capex $ million ▪ 88% increase in operating cash flow to $659 million ▪ Net operating receipts up 59% to $753 million ▪ Income tax down 26% to $60 million ▪ Financing costs up 42% to $23 million ▪ Restoration down 46% to $15 million ▪ 31% decrease in cash capital expenditure to $413 million ▪ Reduced spend following major project completions and sustaining capital cost out ▪ Growth capital predominantly Waitsia Stage 2 and Moomba CCS ▪ $115 million in debt repayments from free cash flow generation ▪ FY24 final dividend paid in September 2024 (2.0 cents per share)
- 13. 13 226 172 251 220 265 380 (700) (755) (640) 31-Dec-23 30-Jun-24 31-Dec-24 Available Liquidity ($ million) Cash reserves Undrawn debt Drawn debt 446 437 Financial position Strengthened liquidity position from higher free cash flow generation 631 ▪ Material growth in free cash flow generation from higher production and Waitsia LNG swap cargoes ▪ Strong free cash flow enabling $115 million in debt repayments ▪ $631 million available liquidity at 31 December 2024 o 10% net gearing1 down from 15% at 30 June 2024 o $389 million net debt down from $583 million at 30 June 2024 ▪ Fully franked interim dividend of 3.0 cents per share o 50% increase from prior period ▪ Robust financial position to support disciplined growth 1. Net gearing defined as Net Debt / (Net Debt + Equity)
- 14. Outlook F Y 2 5 H A L F Y E A R R E S U L T S Thylacine Platform, Victoria
- 15. 12.5% 75% 12.5% 15 FY25 full year guidance update Production guidance narrowed; capital expenditure guidance unchanged Production: 18.5 – 20.5 MMboe (from 17.5 – 21.5 MMboe) Oil Gas Gas liquids 32.5% 12.5% 30% 10% 15% Capital expenditure2: $700 – 800 million (no change) Cooper Basin JV Otway Basin Perth Basin Bass Basin & NZ Western Flank 1. For gas supply from the Geographe, Thylacine, Halladale, Black Watch and Speculant fields 2. Does not include restoration spend 3. Growth capital expenditure: Spend on major infrastructure projects and development projects, offshore drilling and exploration drilling in the Perth Basin. FY25 includes Waitsia Stage 2, Moomba CCS and Offshore Gas Victoria activities 4. Sustaining capital expenditure: Spend to sustain production levels (mainly Cooper Basin drilling and development activity and Perth Basin development drilling, excluding Waitsia Stage 2) plus stay-in-business expenditure (production optimisation activities and maintaining or improving performance from existing production facilities) ~45% ~55% ~40% ~10% ~15% ~30% ~5% Growth3 Sustaining4 Cooper Basin JV Otway Basin Perth Basin Bass Basin & NZ Western Flank Cooper Basin JV: Flat production Western Flank: Natural field decline of up to 35% while drilling inventory is refreshed Otway Basin: ~150 TJ/day (gross) take-or-pay from existing GSA1 and Enterprise GSA assumed throughout FY25 Perth Basin: Targeting first sales gas from the Waitsia Gas Plant in Q4 FY25; minimal production contribution assumed in Q4 FY25 Bass Basin: Targeting ~70% production increase through well capacity restoration from successful intervention campaign New Zealand: 35-45 TJ/day (gross) Kupe field capacity Cooper Basin JV: Four rigs targeting ~90 oil and gas wells (mix of development, appraisal and exploration); Moomba CCS project completion in H1 FY25 Western Flank: Commencement of a 10-well oil development and appraisal campaign in Q4 FY25 (Bauer, Callawonga, Kalladeina and Snatcher fields) Otway Basin: Offshore Gas Victoria planning and commencement of activities in Q4 FY25; guidance does not include restoration spend in H2 FY25 Perth Basin: Waitsia Gas Plant commissioning; three Waitsia development wells, one Waitsia appraisal well, one L1 exploration well and one Beharra Springs development well Bass Basin: Stay in business expenditure; nominal spend for well intervention activities New Zealand: Stay in business expenditure
- 16. 16 FY25 targets Delivering financial targets through strong momentum in first half Field operating costs: ~$14/boe1 Free cash flow breakeven oil price: ~US$30/bbl 1. Based on mid-point of FY25 production guidance 2. Adjusted to reflect new accounting treatment from 1 July 2024 for Cooper Basin JV third party processing 3. One-off expense item of up to $59 million may be incurred in FY25 in relation to potential unavoidable costs for transportation, processing and sale of LNG prior to completion of the Waitsia Stage 2 project. Beach and Mitsui continue to explore mutually beneficial swap opportunities with Western Australia gas market participants prior to completion of the Waitsia Gas Plant, in exchange for returning these volumes when needed 4. Excludes corporate D&A FY24 FY25 (T) H1 FY25 ➢ Operated plus non-operated field operating costs ➢ Excludes tariffs, royalties and third-party purchases ➢ Targeting <$11/boe in FY26 ~$14/boe $15.5/boe Sustaining Capital expenditure (incurred): <$450 million Other expenditure targets FY24 FY25 (T) H1 FY25 ~US$30 /bbl US$54 /bbl $ million FY24 FY25 (T) H1 FY25 One-off expense items3 51 Up to 59 20.9 D&A4 419 400 – 450 223 FY24 FY25 (T) H1 FY25 <$450 million $522 million ➢ Stay-in business expenditure ➢ Cooper Basin drilling ➢ Seismic studies and other non- growth expenditure ➢ Average annual oil price at which cash flows from operating activities (before hedging) equal cash flows from investing activities (pre-growth expenditure) ~10% ~44% $12.5/boe On track $195 million 2 ~20%
- 17. 17 Equinox rig campaign Offshore Gas Victoria activities to commence in Q4 FY25 • Consortium rig contract1 • 380 firm days • Beach: 241 days • Option rig days available for follow-on activity • Rig mobilisation in Q3 FY25 • Otway Basin plug and abandonment • Thylacine 1 and Geographe 1 • 30-35 rig days • $40-45 million restoration expense2 (net) • Hercules gas exploration well • Drill and suspend • 30-35 rig days • $40-45 million capital expenditure (net) • Included in FY25 guidance • Activity expected to commence in Q4 FY25 and continue into FY26 • Campaign expected to include: • Bass Basin plug and abandonment (Trefoil 1, Yolla 1 and White Ibis 1) • Artisan completion • La Bella 2 drill and completion • Well intervention(s) • Hercules completion (in success case) • Capital expenditure guidance and work program details to be provided with Beach FY26 guidance in August 2025 • Activity expected to commence in mid-FY26 Equinox rig contract FY25 activity FY26 activity NB. All Beach activities subject to various regulatory approvals including environmental approvals 1. Consortium comprises Amplitude Energy, Beach, ConocoPhillips and Woodside Energy 2. Restoration expenditure not included in Beach capital expenditure guidance Equinox rig campaign to be followed by subsea development and well connections; targeting first gas in CY2028
- 18. 18 1. 60% operated interest; O.G.Energy 40% joint venture partner Equinox rig campaign Exploration to test material new gas volumes and derisk nearby prospects ▪ Prospect located 5 km south of Artisan in VIC/P431 ▪ Waare C primary target ▪ Large three-way fault bound structure ▪ Seismic amplitude support ▪ Mean prospect size >100 Bcf ▪ Exploration success may de-risk nearby prospects ▪ Thylacine 1 and Geographe 1 ▪ Subsea well abandonments Plug and abandonments Hercules gas exploration prospect
- 19. Wrap-up and Q&A F Y 2 5 H A L F Y E A R R E S U L T S Beharra Springs, Western Australia
- 20. 20 Disciplined focus to progress strategic objectives Waitsia commissioning and further LNG swap cargoes ✓ Rig mobilisations to Otway Basin and Western Flank ✓ Mature Western Flank exploration inventory ✓ Mature Perth Basin development pathways ✓ Ongoing cost out progress, including Cooper Basin JV ✓ Strict focus on safety and wellbeing culture ✓
- 21. Appendix F Y 2 5 H A L F Y E A R R E S U L T S Otway Gas Plant, Victoria
- 22. 22 Other financial statement impacts Reconciliation of EBITDA and NPAT $ million H1 FY24 H1 FY25 Change Underlying EBITDA 488 587 20% Impairment of non-current assets (721) - Tariff and tolls related to unutilised NWS capacity (21) (21) Insurance recoveries 16 2 Loss on disposal of non-current assets (12) - Legal costs related to shareholder class action (1) (2) EBITDA (252) 566 325% Depreciation and amortisation (223) (228) Finance expenses (17) (20) Tax 147 (96) Statutory NPAT (345) 222 164% Impairment of non-current assets 721 - Tariff and tolls related to unutilised NWS capacity 21 21 Insurance recoveries (16) (2) Loss on disposal of non-current assets 12 - Legal costs related to shareholder class action 1 2 Tax impact of the above (222) (6) Underlying NPAT 173 237 37%
- 23. 23 Asset overview H1 FY25 milestones Second half priorities ▪ Interests: 50% interest and operator of L11 and L22 (Mitsui 50%); 50% interest in L1 and L2 (Mitsui 50% and operator) ▪ Assets: Waitsia Gas Plant (250 TJ/day capacity, under construction); Beharra Springs Gas Plant (25 TJ/day capacity); Xyris Gas Plant (30 TJ/day capacity); Beharra Springs and Waitsia gas fields; Redback Deep and Tarantula Deep gas discoveries ▪ H1 FY25 production: 0.8 MMboe Perth Basin ▪ Waitsia Gas Plant transitioned from the construction phase to the commissioning phase ▪ 20 senior Beach personnel seconded to support commissioning ▪ Two Waitsia LNG swap cargoes lifted; $139 million sales revenue received ▪ Waitsia Phase 2 development drilling completed ▪ Waitsia Gas Plant commissioning and targeting first gas ▪ Continue to pursue opportunities for further LNG swap cargoes prior to Waitsia Gas Plant start-up ▪ Drill the Arenaria 1 gas exploration well and the Beharra Springs Deep 3 development well ▪ Progress development studies for future connection of discoveries Mechanical completion achieved for the Waitsia Gas Plant
- 24. 24 ▪ Interest: 60% interest and operator (O.G. Energy 40%) ▪ Assets: Otway Gas Plant (205 TJ/day capacity); Black Watch, Enterprise, Geographe, Halladale, Speculant and Thylacine gas fields; Artisan and La Bella gas discoveries ▪ H1 FY25 production: 3.4 MMboe Well deliverability for the Otway Gas Plant restored to nameplate capacity Otway Basin Asset overview H1 FY25 milestones Second half priorities ▪ Production increase of 118% due to new wells online and higher take-or-pay arrangements ▪ Thylacine West 1 and 2 development wells connected to the Otway Gas Plant ▪ Well deliverability for the Otway Gas Plant restored to nameplate capacity ▪ Completion of the largest ever offshore drilling and development campaign in the Otway Basin ▪ Planning and preparation continued for the offshore Otway Gas Victoria project ▪ Drill the Hercules gas exploration well ▪ Plug and abandon Thylacine 1 and Geographe 1 ▪ Planning and preparation for Offshore Gas Victoria activities in FY26 ▪ Safe and reliable delivery of volumes from the Otway Gas Plant
- 25. 25 ▪ Interests: 100% interest and operator of PEL 91, PEL 104/111 and PEL 106; 75% interest and operator of PEL 92 (Amplitude Energy 25%) ▪ Assets: Middleton Gas Plant (22 TJ/day capacity); 29 producing oil fields and 10 producing gas fields ▪ H1 FY25 production: 1.3 MMboe Asset overview Preparing for next oil development and appraisal campaign Western Flank H1 FY25 milestones Second half priorities ▪ Strong reservoir performance and high facility uptime ▪ Planning and preparation for oil development and appraisal campaign ▪ Reworking existing data sets to refresh prospect inventory for potential exploration campaigns in FY26 and beyond ▪ Secure rig and commence 10-well oil development and appraisal campaign ▪ Prepare for potential exploration campaigns in FY26 and beyond ▪ Ongoing optimisation initiatives for sustainable cost savings
- 26. 26 ▪ Interest: Various non-operated interests (Santos operator)1 ▪ Assets: Moomba Gas Plant (310 TJ/day capacity); Moomba CCS (up to 1.7 Mtpa CO2 injection capacity); ~200 producing oil and gas fields ▪ H1 FY25 production: 3.2 MMboe ▪ H1 FY25 CO2 injection: 338 ktCO2e Moomba CCS project successfully commissioned Cooper Basin JV 1. Beach owns non-operated interest in the South Australian Cooper Basin joint ventures (collectively 33.40% in SA Unit and 27.68% in Patchawarra East), the South West Queensland joint ventures (various interests of 30% to 52.5%) and ATP 299 (Tintaburra) (Beach 40%) 2. Excludes CO2 injector well Asset overview H1 FY25 milestones Second half priorities ▪ Moomba CCS successfully commissioned ▪ Ramp-up to capacity injection rates achieved ahead of expectations ▪ Participation in 58 wells with an overall success rate of 84%2 ▪ Gas discoveries at Gloss, Malrus and Snowball ▪ Oil discovery at Raffle ▪ Ongoing oil and gas exploration, appraisal and development drilling ▪ Support the operator to deliver optimisation initiatives and sustainable cost savings ▪ Safely inject and store produced reservoir CO2 from the Moomba Gas Plant
- 27. 27 Interests: 100% interest and operator of T/L1, T/L5, T/RL4 and T/RL5 Assets: Lang Malus Gas Plant (67 TJ/day capacity); Yolla gas field H1 FY25 production: 0.7 MMboe Bass Basin Taranaki Basin Interest: 50% interest and operator (Genesis Energy 46%, NZOG 4%) Assets: Kupe Gas Plant (77 TJ/day capacity); Kupe gas field H1 FY25 production: 0.8 MMboe Non-core asset operating philosophy ▪ Safety takes precedence ▪ Small, focused operational teams ▪ Target self-sustaining / self-funding operations ▪ Compliant with strict operating principles ▪ Selective capital investment only
- 28. 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 Derek Piper, General Manager Investor Relations & Treasury T: +61 8 8338 2833