Macquarie Securities Australian Conference Reg Nelson Managing Director, Beach Petroleum

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1 Beach Petroleum Limited Macquarie Securities Australian Conference Reg Nelson Managing Director, Beach Petroleum May 2007

2 Summary Company profile Five year performance Key projects Growth opportunities and outlook 2

3 Beach Petroleum Limited Company Profile May 2007

4 Company Attributes High quality, balanced portfolio of assets with solid Australian reserves base Strong, long term cash flow potential Reserves:Production ratio of ~ 10 years Proven value manager of assets Stable workforce key people long term employees Diversified portfolio geographic & commodities: Oil, gas, gas liquids, geothermal Offshore & onshore Solid growth profile and expansion strategy: 232% organic three-year reserve replacement ratio 4

5 Corporate Structure & TSR Issued Shares & Options million ordinary shares 8.1 million employee options EX$1.406 Total Shareholder Return 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Shareholder Return 86.00% 64.00% 50.00% 35.00% 1yr 2yr 3yr 4yr Admitted to ASX 200 in September 2006 Market capitalisation of $1.15 $1.30/sh 5

6 Key Revenue Earning Projects Cooper Basin: Oil, gas and liquids over 200 fields Long-term gas contracts Oil production forecast to increase through Cooper Oil Project Moomba hub connects to eastern seaboard pipeline system Liquids pipeline to Port Bonython MT ISA 500 KM Basker-Manta-Gummy (BMG) Project: Oil production commenced Dec 2006 Development planned for gas and condensate resource BALLERA MOOMBA JACKSON ~300 PJ 11 mmb GLADSTONE 70 PJ BRISBANE Tipton West Project: Large coal seam gas resource Phase 1 production commenced Jan 2007 ADELAIDE TAMWORTH LITHGOW SYDNEY MELBOURNE 190 PJ / 9 mmb 20 mmb 6

7 Reserves June 2006 Area Proved and Probable Reserves Oil (mmb) Gas Liquids (mmboe) Sales Gas (PJ) Oil Equivalent (mmboe) 500 KM Cooper MT ISA GLADSTONE Gippsland Surat BALLERA MOOMBA JACKSON ~300 PJ 11 mmb TAMWORTH 70 PJ BRISBANE TOTAL ADELAIDE LITHGOW SYDNEY MELBOURNE 20 mmb 190 PJ / 9 mmb 7

8 Reserves & Upside Potential Oil Search Beach Petroleum OSH AWE ROC Hardman BPT AWE ROC AZA HDR AED IPM TAP AMU ARQ Beach has upside exposure to c.65mmboe of additional reserves in existing projects/developments 0 2P Reserves 8

9 Beach Petroleum Limited Proven Ability to Perform May 2007

10 Historical Growth: 2002 to 2006 $ million $ million Gross Revenue Earnings Before Interest & Tax 0 FY02 FY03 FY04 FY05 FY06 0 FY02 FY03 FY04 FY05 FY06 $ million FY02 FY03 FY04 FY05 FY06 Net Profit After Tax FY02 FY03 FY04 FY05 FY06 Production BMG Onshore 10

11 Beach Petroleum Limited Key Development Projects: BMG (Offshore Gippsland) Oil & Gas Cooper Oil, Gas & Gas Liquids Queensland Coal Seam Gas May 2007

12 Basker-Manta-Gummy (BMG) Beach 50% Significant increase in reserve estimates following development drilling: Oil Reserves (gross) Oil 2P reserves nearly double original estimate Gas-condensate resource nearly quadrupled Estimated field life nearly trebled to 17 years 1P: 13 mmb 2P: 39 mmb 3P: 77 mmb Contingent Resource (gross)* Low 122 PJ & 6 mmb ~ 26 mmboe Best 380 PJ & 19 mmb ~ 82 mmboe High 820 PJ & 47 mmb~ 184 mmboe * Based on latest certification by Gaffney Cline and Associates (August 2006) 12

13 BMG: Increase in Reserves Basker Field appears to be much larger than first prognosed Implications are more oil & much more gas-condensate than expected Wells drilled to date tend to be nearer the crest of the field than intended Oil-water contact inferred prior to drilling of Basker wells 3 to 5 13

14 BMG: Current Status Current Status Production Commenced 17 December. Higher than expected GOR (~2,000 actual vs 1,200 expected) probably due to wells located higher on a much larger structure. Operational issues, primarily with compression facilities have largely been addressed. Conditional Gas Sales Agreement with Alinta executed 14

15 BMG: Current Status Status at 19 April 2007 Producing from Manta-2A, Basker 2, 3 & 5. Gas being injected into Basker-4 (~32 mmcfd) Medium term target 15-20,000 bopd 15

16 BMG: Further Oil Development Up to 3 further Basker Wells addressing ~15mmb of undeveloped 2P reserves Cost $250 to $300 million* Drilling.. Basker-6 Late 2007 (remainder mid 2008) Online early 2008 Gas development program will help maximise oil production All numbers are for 100% of project 16

17 BMG: Gas Development Plans Conditional Gas Sales Agreement with Alinta for Tasmanian power generation (225 PJ over 15 years) Aiming for Project sanction 2 nd Quarter 07 - startup 2009 Drill up to 3 wells in Manta & Gummy Fields in 2008 Gas Pipeline to Shore +Gas Processing Facility (prob offshore) Cost estimate ~$500 million* Possible new (leased) FPSO *All numbers are for 100% of project 17

18 Cooper-Eromanga Projects Bodalla Block Beach 100% Christies/Sellicks Beach 75% CB JVs Beach ~21% Naccowlah Block Beach 38.5% Oil to Brisbane 18

19 Cooper-Eromanga Basin: Strong Profitability High Netback Oil Production Production for the first half year of FY07 was 0.9 mmbbl (approx. 50% from Beach-operated and 50% from Santos-operated) Chart shows netback per barrel sensitivity for various oil prices Average netback of AUD53.73/bbl at oil price of AUD86.90/bbl Average realised price for 1H FY07 was AUD 86.90/bbl 19

20 Cooper-Eromanga Basin: Highlights FY07 to Date Callawonga Oil Discovery Online in 1,000 bopd (net) Reserves ~1 mmb (net to Beach) Cooper Oil Project Success (18 wells drilled, 16 successful - ~89% success rate) 20

21 Cooper Oil Program (COP) Development & Appraisal Program operated by Santos in existing oil fields Average Beach equity is ~25% (but 38.5% of Naccowlah Block) Targeting reserves replacement (net to Beach) of ~ 13 mmb over 3 to 5 years 21

22 COP NETBACK SENSITIVITY ANALYSIS COP economics are robust with prevailing oil prices AUD/bbl Oil Price Finding & Development Production Costs Royalties* Netback * Includes Delhi royalties 22

23 COP Rationale ~700 mmb Original Oil In Place (OOIP) in existing Cooper Basin fields Ultimate recovery expected from existing wells ~200 mmb (28% recovery factor) Aim to increase recovery factor by 5-15% >> additional mmb Low risk/high success rate (~75 to 80% to date) Requires many wells to be drilled in a 3 to 5 year project 23

24 COP Projections for 2007 Beach participating in drilling 130+ wells at an average interest of ~25% Potential to yield reserves increase of 3-6 mmb p.a. from: Naccowlah Block-(Beach 38.5%) 24 wells (13 exploration, 11 dev & appraisal) Programme commenced March 2007 Cost $21 million (net) Expected Reserves ~1 mmb (net) Expected Initial Production 1,000 BOPD (net) Expected Value $15-25 million (net) Rest of Cooper Basin J.V. (Beach ~ 21%) ~100 Wells in other tenements in 2007 Expected net reserves 2-5 mmb Expected initial production net to Beach of 3500 BOPD (1.25 million bbls per year) 24

25 Tipton West Coal Seam Gas Beach 40% Proved & Probable (2P) reserves: 174 PJ Very large resource: Upside potential of 2,300 PJ Close to markets & pipelines High Exploration Potential 25

26 Tipton West Coal Seam Gas 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 Taroom Coal Measures Dalby South Block Corehole Program 26

27 Beach Petroleum Limited High Impact Exploration Projects May 2007

28 High Reward Exploration Carnarvon (BPT 10%) Hurricane-2, Q2 07 Offshore Otway Basin (BPT 50%) Hurricane-2 Production Testing Champagne Creek (Surat) Offshore New Zealand 3D Seismic Barque-1 28

29 Present Drilling Targets FY07-08 Project Area Targets BPT % Comments Timing Offshore Carnarvon Hurricane-2 10 % Target mmbbl oil potential May 2007 Offshore Otway Fermat-1 50% Target >1 TCF gas potential 3D Seismic Q1 FY07 Drill FY 08 Offshore NZ Barque-1 20% 6 TCF of gas million barrels of condensate Drill FY 08 Geothermal Paralana Project (South Australia) 21% Demonstrate commercial hot rock energy resource Drill FY07 29

30 Offshore Carnarvon Basin - Oil Beach 10% Hurricane-2 Hurricane-1 30

31 Offshore Otway Basin - Gas Beach 50% Target size: approx. 1 TCF gas Casino Gas Field Approx. same scale Fermat Prospect 31

32 Large Gas Liquids Potential New Zealand Beach 20% Lightly explored Sub-commercial gas/condensate discovery (Galleon-1) Significant upside potential Barque Barque Prospect potential for 6 TCF of gas million barrels of condensate 32

33 Large Gas Liquids Potential Browse Beach 10% Close to Brecknock, Scott Reef and Brewster discoveries 33

34 Geothermal Exploration 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 to supply power to Beverley Uranium Mine 34

35 Beach Petroleum Limited Growth Opportunities & Outlook May 2007

36 Strategies Build gas portfolio around eastern seaboard pipeline network Entry into projects with LNG potential at ground floor Greater exposure to high reward exploration Australia and international Geothermal project assessment both for long term revenue potential and for carbon credits LNG Potential LNG Potential Build gas portfolio around eastern seaboard pipeline network LNG Potential 36

37 Production Cooper Oil Program expected to build oil production significantly from Beach-operated Cooper oil expected to continue to produce at ~ 1mmbbl p.a. or better over the next 3-5 years - with good likelihood of continued reserves replacement BMG oil production ~15,000-20,000 bopd (gross) pending oil develoipment program in late 2007 Cooper gas expected to continue to decline over the next decade, but tight gas resources offer longer term potential Substantial coal seam gas potential beside pipelines at Tipton West for future contracts BMG gas development plan ~

38 Exploration Good medium to long term potential for low risk exploration in Cooper region Potential discoveries at Glenaire (onshore Otway) and Champagne Creek (Surat) Offshore Carnarvon Hurricane play could have significant follow-up potential Large gas prospects offshore from Portland, Victoria Large gas-condensate plays offshore South Island, NZ New geothermal potential Experienced professionals dedicated to searching for and evaluating new opportunities both in Australia and internationally 38

39 What Sets Beach Apart? Reserves Base At top of mid caps Stable mix of oil, gas & liquids Geographic spread offshore & onshore Long life production potential (10 years reserves:production ratio) Attitude Commitment to reward shareholders (consistent record of TSR) Commercially astute management aggressive expansion strategy Long term view of emerging trends and opportunities Good, stable professional workforce Funded Robust operational cash flow and finance facilities to fund projects Highly active Strong exploration & development program Potential for high impact discoveries 39

40 Important Notice & Disclaimer 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 contained in this presentation. To the maximum extent permitted by law, neither Beach Petroleum or its related or affiliated companies (together the Beach Group ) nor their respective directors, employees, agents or advisers (together the Officers ), accepts any liability (including, without limitation, any liability arising from fault or negligence) on the part of any of them or on the part of any other person (whether referred to in this presentation or not), for any direct or indirect loss or damage arising from the use of, or reliance on, this presentation or any discussion or commentary in respect of it, by the Beach Group or any of the Officers (together the Presentation ). The Presentation is not an advertisement, inducement, offer, invitation, solicitation or other recommendation to subscribe for or purchase any securities of any member of the Beach Group. The Presentation will not form the basis of any contract or commitment to subscribe for or purchase any securities of any member of the Beach Group. Any offer or invitation to subscribe for or purchase any announced or pending security issue by any member of the Beach Group which requires the issue of a disclosure document under the Corporations Act 2001, will only be made under and in accordance with the terms set out in the disclosure document issued at the time the offer or invitation is formally made. Anyone who is entitled to, and wishes to, subscribe for or purchase such securities will need to complete the application form for the securities that will be in or will accompany the disclosure document. The Presentation may contain forward looking statements that are subject to risk factors associated with oil and gas businesses. While it is believed that the expectations reflected in these statements are reasonable, there can be no guarantee that actual results and trends will be in accordance with the forward looking statements. Actual results or trends may be affected by a variety of variables as well as changes in underlying assumptions which could cause actual results or trends to differ materially for those in the Presentation. The variables include, but are not limited to, resource and commodity price fluctuations, actual demand fluctuations, currency and interest rate fluctuations, drilling and production results and their impact on reserve estimations, loss of markets, industry competition, environmental risks, physical risks, legislative and any related fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, ability to obtain or delays in obtaining approvals from regulatory authorities and other third parties, and changes in cost estimates as a result of changes in other variable factors. This list is not exhaustive. All references to dollars, cents or $ in this presentation are to Australian currency unless otherwise stated. The distribution of this presentation outside Australia may be restricted by law and it is the responsibility of the recipient to observe any and all such restrictions. NOT FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 40

41 41

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