ANNOUNCEMENT TO THE ASX QUARTERLY REPORT FOR THE QUARTER ENDED 30 JUNE 2008

F 31 July 2008 Ref: #089-08 The Manager, Companies ASX Ltd Electronic Announcement System Dear Sir ANNOUNCEMENT TO THE ASX QUARTERLY REPORT FOR THE QUARTER ENDED 30 JUNE 2008 Beach Petroleum Limited (ASX Code: BPT) is pleased to report on its June Quarter 2008 activities as follows: Yours faithfully, Reg Nelson Managing Director, FAusIMM 25 Conyngham Street, Glenside South Australia 5065 GPO Box 175 Adelaide 5001 Telephone (618) 8338 2833 Facsimile (618) 8338 2336 Beach Petroleum Ltd ABN 20 007 617 969 www.beachpetroleum.com.au

- 2 - BEACH PETROLEUM LIMITED (ABN 20 007 617 969) ASX Code: BPT Quarterly Report for the Quarter ended 30 June 2008 Highlights Record sales revenue of $A167 million, up 13% from the previous quarter reflecting increased gas and condensate sales along with record oil prices. Oversubscribed placement to institutional and sophisticated investors which raised A$191 million. A significant portion of oil hedges have been closed out, notably for the period July to December 2008, allowing greater exposure to potentially higher oil prices in global spot price markets during that period, particularly noting the increasing trend for Tapis benchmark prices to rise above WTI prices. During the quarter the Company entered into agreements to acquire interests in Egypt. The North Shadwan concession contains three oil discoveries, with Proved and Probable recoverable reserves of approximately 40 million barrels (8 mmb, net to Beach) and development expected in 2009, while the South East July concession contains several attractive oil prospects, one of which will be evaluated by the July South-1 exploration well in the fourth quarter of 2008. With a view to establishing a ground floor, early entry into a region emerging as very prospective for oil, Beach has won exclusive rights through a contested process to negotiate a Production Sharing Agreement with the Tanzanian Government to explore the southern half of Lake Tanganyika, where oil seeps and surface slicks are well documented.

- 3 - Quarterly Report For the quarter ended 30 June 2008 1. Corporate The sale of a 10% interest in the BMG project to Sojitz Energy Australia Pty Ltd was completed on 24 April with the payment of A$123 million for the sale received on this day. In June 2008, the Company completed a placement of approximately 134 million shares to institutional and sophisticated investors. The placement which was made at A$1.43 per share was well oversubscribed and raised A$191 million before costs. 2. Production, Sales & Revenue Beach s share of Production, Sales and Revenue for the quarter ending 30 June 2008 and a comparison with previous quarters, is summarised below: Quarterly Production Oil (kbbl) Cooper & Eromanga Basins June March* June % Total 2007 2008 2008 Change FY 08 395 525 529 1% 1,953 Gippsland Basin 358 242 206-15% 805 Total Oil 753 767 736-4% 2,758 Sales Gas (PJ) Surat Basin 0.3 0.8 0.8 5% 3 Sales Gas & Ethane (PJ) Cooper Basin 8.4 7.1 7.7 9% 30 LPG (kt) Cooper Basin 13.8 12.5 14.2 13% 55 Condensate (kbbl) Cooper Basin 127 108 109 1% 448 TOTAL OIL & GAS (kboe) 2,449 2,327 2,423 4% 9,323 * Final reconciled figures Quarterly Sales Oil (kbbl) Cooper & Eromanga Basins (1) June March June % Total 2007 2008 2008 Change FY 08 403 597 503-16% 2,158 Gippsland Basin 285 281 171-39% 742 Total Oil 687 878 674-23% 2,900 Sales Gas (PJ) Surat Basin 0.3 0.8 0.6-23% 2.4 Sales Gas & Ethane (PJ) Cooper Basin (1) 9.2 6.3 11.1 75% 32.0 LPG (kt) Cooper Basin 9.9 12.7 12.8 1% 54.8 Condensate (kbbl) Cooper Basin 139 126 129 3% 487 TOTAL OIL & GAS (kboe) 2,540 2,329 2,911 25% 9,729 (1) Includes sales of oil and gas purchased from third parties for the June quarter of 59 kbbls and 3.0 PJ respectively. YTD volumes of purchased oil and gas volumes sold are 391 kbbls and 3.5 PJ respectively.

- 4 - Production Oil production for the quarter (736 kbbls) was down by 4%, arising from a decreased contribution from the BMG Project primarily due to planned downtime for maintenance. Gas production volumes were up by 8%, with higher liquid yields resulting in a 13% increase in LPG production. Total production during the quarter was 2,423 kboe, an increase of 4% on the previous quarter. Full year production was 9.3 mmboe, down by 1% on the previous year. Sales Total sales volumes for the June quarter increased by 25%, to 2,911 kboe. This is mainly due to higher gas and condensate sales made during the quarter including the sale of gas previously loaned under a borrow and loan arrangement with other parties. Oil sales volumes were lower reflecting the timing of shipments with three oil shipments being made in July which will be reflected in the September 2008 quarterly report. Full year sales were 9.7 mmboe, down by 8% on the previous year. Revenue Sales revenue was a record $167.4 million, a 13% increase from the previous quarter. The increase was driven by higher volumes and prices achieved for gas and gas liquids. Oil revenue was down for the quarter due to lower shipments although this was partly offset by higher realised prices. Total sales revenue for the financial year ended 30 June 2008 was a record $564 million, an increase of 20% on the previous financial year ($472 million). The average realised oil price for the financial year ended 30 June 2008 was A$111/bbl (before taking into account hedging adjustments for the period), an increase of 30% on the previous financial year (A$86/bbl). Quarterly Revenue Oil Cooper & Eromanga Basins (1) June March June % YTD 2007 2008 2008 Change FY 08 A$000 A$000 A$000 A$000 37,877 64,994 69,420 7% 242,761 Gippsland Basin 26,045 29,664 21,577-27% 80,383 Total Oil 63,922 94,658 90,997-4% 323,144 Gas & Gas Liquids Surat & Cooper Basins(1) 61,394 53,086 76,403 44% 241,223 TOTAL OIL & GAS 125,316 147,744 167,400 13% 564,367 Average Realised Price (A$/boe) 49.33 63.45 57.50-9% 58.01 Average Realised Oil Price (A$/bbl) 93.03 107.77 135.04 25% 111.45 (1) Includes sales of oil and gas purchased from third parties for the June quarter of $7.8 million and $11.9 million respectively. YTD amounts of purchased oil and gas sold are $42.8 million and $14.1 million respectively.

- 5 - The company achieved a record oil sales price of A$135/bbl during the quarter driven by the high proportion of oil sales aligned with Tapis pricing. On average the company has received in excess of US$4/bbl above WTI prices over the course of the 2007/08 financial year as can be seen on the graph below. 14.00 Historical WTI - Tapis Spread (US$/bbl) 12.00 10.00 8.00 6.00 4.00 2.00 0.00-2.00 2/11/2007 2/10/2007 2/09/2007 2/08/2007 2/07/2007 2/03/2008 2/02/2008 2/01/2008 2/12/2007 2/06/2008 2/05/2008 2/04/2008-4.00-6.00 WTI - Tapis Spread Moving Average (WTI - Tapis Spread) Hedging As part of the financing package for the acquisition of the Delhi assets in late 2006, the Company entered into oil hedge contracts with the Commonwealth Bank of Australia ( CBA ) to secure the debt and also inherited hedges already existing within the Delhi group of companies. In this quarter, Beach closed out all of these oil hedges for the period July to December 2008 and increased its exposure to potentially higher oil prices in global spot price markets. In particular, this move has unlocked the Company s ability to capture value from the predominance of its sales at Tapis prices, noting the trend for Tapis prices to move increasingly higher than WTI prices and that a large proportion of Beach s oil sales attract a premium to Tapis. Up to 90% of Beach s oil sales are now available immediately to be sold into the spot price oil market in the opening half of the 2008/09 financial year at prices considerably higher than what the Company would have otherwise realised. This now only leaves a residual tail over the next 18 months to December 2009 of 954,000 bbls of oil at an average capped price of US$79/bbl, which represents less than 15% of the company s forecast sales revenue during this period.

- 6 - Remaining Oil Price Hedges as at 30 June 2008 Oil Price Swap in Tapis monthly for the period Jan 2009 Mar 2009 28,000bbls per month Swap at US$21.04. Oil Price Collar in WTI monthly for the period Jan 2009 Sep 2009 25,000bbls per month Put at US$60 and Call at US$69.60. Oil Price Collar in WTI monthly for the period Jan 2009 Sep 2009 25,000bbls per month Put at US$60 and Call at US$69.50 Oil Price Collar in WTI Monthly for the periods, Jul 2008 Dec 2008 30,000bbls per month Put at US$60 and Call at US$100 and Jan 2009 Dec 2009 20,000bbls per month Put at US$60 and Call at US$100 Oil Price Fixed Floor (Put) in WTI Monthly for the period July 2008 June 2009-8,333bbls per month Put at AUD$35 Oil Price Floor in WTI monthly for the periods, Jul 2008 Dec 2008 125,000 bbls per month Put at US$60 and Jan 2009 Sep 2009 50,000bbls per month Put at US$60 Oil Price Floor in Tapis monthly for the periods Jul 2008 Dec 2008 33,000 bbls per month Put at US$25.49 and Jan 2009 Mar 2009 28,000bbls per month Put at US$25.04 Oil Price Floor in Tapis monthly for the period Apr 2009 June 2010 50,000 bbls per month Put at US$80 Whilst sales revenue has been boosted by the significant increase in the oil price, the mark-to-market adjustments for the hedge book for the 12 months to June 2008 (as required by Accounting Standards) will result in an expected A$130 million hedge book expense in the Company s 2007 / 2008 Income Statement. This is expected to comprise A$73 million for additional losses on maturing oil hedges paid out during the year and the net expense to close out the forward hedge book relating to the Delhi acquisition and financing for the period July to December 2008, and an additional A$57 million non cash expense on the mark to market of the remaining oil hedging based on the high oil spot price prevailing at year end. The unrealised portion of the hedge contracts are only required to be recognised due to Accounting standard revaluation requirements at year end. Removal of the bulk of the hedge book is expected to mitigate much of the distortion induced by the accounting treatment of mark-to-market adjustments for the present financial year ending 30 June 2009.

3. Development and Exploration - 7 - Quarterly Capital Expenditure June March June % YTD 2007 2008 2008 Change FY 08 A$ million A$ million A$ million A$ million Exploration & Appraisal 4.4 15.1 12.3-18% 72.5 Development, Plant & Equipment 59.9 34.7 55.4 59% 187.0 TOTAL 64.3 49.8 67.7 36% 259.5 Cooper/Eromanga Basin (onshore South Australia & Queensland) Beach Operated Construction of the Parsons oil field facility (PEL 92, Beach 75%) was completed and oil production from the field commenced in June at an average rate of approximately 1,600 bopd. Design work and approvals for the end of line facilities on the Callawonga to Tantanna Pipeline experienced further delays, which have resulted in commissioning being delayed to July. Two successful oil development wells were drilled in the Bodalla South Field (Beach 100%). Both wells were completed for production from the Birkhead Formation and commenced production in July at a combined rate of about 150 bopd. Two unsuccessful exploration wells were drilled in ATP 633P (Beach 85%). Acquisition of a 199 sq km 3D seismic program in PEL 92 commenced in June. This survey will delineate further prospects for drilling in the Callawonga/Parsons vicinity. Santos Operated Oil Exploration & Development During the quarter Beach participated in 10 wells in areas operated by Santos Ltd., with 8 successes (80% success rate). o o o 2 exploration wells were drilled, resulting in 1 oil discovery (Mama-1) 5 oil appraisal wells were drilled, of which 4 were successful 3 oil development wells were drilled, all of which were successful

- 8 - Gas Exploration & Development One successful gas development well was drilled by the South Australian Cooper Basin Patchawarra East Joint Venture (Beach 17.14%). Six gas development wells were drilled by the South Australian Cooper Basin Fixed Factor Joint Venture (Beach 20.21%), all of which were successful. Gippsland Basin offshore Victoria BMG Project (Beach 30%) The Basker 6ST-1 well was completed as a three zone multiple packer completion during May. Subsequent to the end of quarter, the deep sea installation vessel, Rem Etive, mobilised to site and will soon commence installing a 6 inch, 5.5 km, subsea flowline to connect the well to the existing Basker production manifold. The well is scheduled to commence production by early September at an expected initial rate of approximately 1,500 to 3,000 bopd. Technical work progressed on reserves estimates, following the Basker-6 and -6ST1 results. Although Basker oil reserve estimates may be affected, other technical work during the quarter such as the revised 3D seismic mapping has identified some significant opportunities for an increase in Manta reserves and delineated other opportunities, including the Chimaraea prospect north of Manta. The Operator is currently finalising the updated project reserves and has engaged RISC (Resource Investment Strategy Consultants) to conduct an audit on this work. The findings are anticipated to be complete and issued to the market by mid August. During the quarter the Joint Venture progressed plans to procure a purpose built Floating Production Storage and Offloading (FPSO) vessel for the ongoing expansion of the BMG development. Subsequently on the 4 th of July a letter of intent was executed with BW Offshore to supply, install and operate a single Suezmax FPSO capable of allowing the Basker-Manta oil project to produce at higher rates than the current installation. The contract is expected to be finalised by the end of September 2008 and the vessel is expected to be operating in the 2 nd quarter of 2010. Concurrently the Joint Venture engaged an additional semi-submersible drilling unit, the Songa Venus, for a period of 120 to 150 days to commence drilling in December 2008. This drilling program is in addition to the 135 day Kan Tan IV program now scheduled to commence in May 2009. The combination of these rig programs provides up to 285 days in which to expand the BMG project through the drilling of additional exploration, delineation and development wells as well as optimise the completion configuration of existing wells, if desired. The securing of the above FPSO and rig days puts in place the backbone of a solid activity program to substantially explore, appraise and further develop the significant potential of the BMG Project. The FPSO vessel itself, while at this stage allowing the expansion of the oil project, will be capable of expanding the BMG Project to include the processing and export of gas to an onshore facility. The upcoming drilling appraisal program is designed to develop this gas project.

- 9 - Anzon Australia Limited (the Operator) has suggested that the capital costs associated with proposed future developments could be of the order of $1230 million (gross). In Beach s view, the actual capital costs associated with potential appraisal and development activities will be dependent upon the outcomes of the upcoming drilling campaigns and the impact on potential reserves increases of both oil and gas reserves. Regardless of the range of possible outcomes and the potential to increase and accelerate revenue growth from production, Beach expects to fund that investment via cashflow and existing debt facilities over the foreseeable future Surat Basin onshore Queensland Tipton West Field (Beach 40%) Gas production from the Tipton field continued to ramp-up during the quarter with gas production levels reaching 22 mmcfd and water production stable at around 36,000 bwpd. During the quarter 18 development wells were drilled. Exploration / Appraisal Two additional 2 well pilots were drilled and completed during the quarter. These Long Swamp and River Road area pilots were producing by the end of the current quarter. As of the end of the quarter gas production in small quantities had commenced from both pilots. Reserves During the quarter reserves auditors, Netherland Sewell and Associates, progressed certification of additional reserves within the Tipton West field and surrounding licences. A substantial increase in reserves is foreshadowed within the next month. ATP 768P Cased hole testing of the upper sand interval within Champagne Creek-2A (ATP 768P) failed to produce significant hydrocarbons. As a result Beach has withdrawn from the project and will not earn any equity in ATP 768P. Otway Basin onshore Victoria PEP 160 (Beach 50%) was surrendered as a result of the testing of Glenaire-1 failing to produce economically significant hydrocarbons. Otway Basin offshore Victoria VIC/P46 Beach 50% Planning for the drilling of Fermat-1 in the fourth quarter of 2008 is in progress.

- 10 - Bass Basin offshore Tasmania T/38P (Beach 85%) and T/39P (Beach 50%) Planning for the drilling of Peejay-1 and Spikey Beach-1 in the third/fourth quarter of 2008 is in progress. Browse Basin offshore Western Australia WA-411-P (Beach 9.76%) WA-411-P has been granted to a Browse Basin bidding consortium consisting of Santos, Inpex and Beach. The new permit is adjacent to WA-281-P and the grant of the permit secures more acreage within a developing gas province. Geothermal exploration onshore South Australia Negotiations are progressing on sourcing a suitable rig for drilling the Paralana Deep geothermal well in the first quarter of 2009. Spain Interpretation of seismic data acquired in the Ebro Basin tenements in February is in progress. Egypt During the quarter the Company entered into agreements under which, subject to waiver of pre-emptive rights by the Egyptian General Petroleum Corporation and the approval of the Government of the Arab Republic of Egypt, it will acquire interests in a 20% interest in each of the North Shadwan and South East July concessions, in the Gulf of Suez, Egypt. The Company continues to make progress with other opportunities in the region. North Shadwan Concession Subject to government approval, Beach will acquire a 20% interest in this concession from Tri-Ocean Energy Company at a cost of US$110 million. The concession contains three undeveloped oil discoveries with Proved and Probable recoverable reserves of approximately 40 million barrels (8 mmb, net to Beach). Several attractive oil exploration prospects are also identified. An oil appraisal well on the Burtocal oil discovery is scheduled to be drilled in August. Planning to develop all three fields for production in the near future is progressing at a pleasing rate Following completion of the transaction interest holders in the North Shadwan Concession will be: BP Egypt (Operator) 50% Tri-Ocean Energy 30% Beach Petroleum 20% Note: BP waived its pre-emptive right over this transaction in late June.

- 11 - South East July Concession Subject to government approval, Beach will acquire a 20% interest in this concession via a farmin arrangement with Santos Egypt Pty Ltd. This concession contains several attractive oil prospects, one of which will be evaluated by the July South-1 exploration well in the fourth quarter of 2008. Following completion of the transaction interest holders in the South East July Concession will be: North Qarun Santos Egypt (Operator) 40% Dana Petroleum 40% Beach Petroleum 20% An offer by Beach to acquire Santos Egypt s 25% interest in the onshore North Qarun concession was pre-empted by a Joint Venture participant and will not proceed.

- 12 - Tanzania Beach has been granted exclusive rights following a contested tender process to negotiate with the Tanzanian Government to explore onshore and the waters of the southern half of Lake Tanganyika, in western Tanzania. The final terms of a Production Sharing Agreement (PSA) will be negotiated between Beach and the Tanzanian government before work commences.oil seeps and surface slicks are well known on the surface of Lake Tanganyika. It forms part of the western arm of the 6,400-kilometre long East African Rift system which also includes Lakes Albert and Edward to the north of Lake Tanganyika. Exploration in Uganda in the Lake Albert portion of the rift system by Hardman Resources Limited (taken over by Tullow Oil plc in 2007) and Heritage Oil Corporation has produced significant oil discoveries with prospective reserves of up to 1000 million barrels reported.

- 13-4. Drilling Program Twenty one (21) conventional wells were drilled in the Cooper/Eromanga Basin during the quarter. Number of Wells Number of Successes Success Rate Exploration-Oil 4 1 25% Appraisal-Oil 5 4 80% Development-Oil 5 5 100% Development-Gas 7 7 100% Total 21 17 81% The full program for FY08 comprised 110 wells, of which 108 were drilled in the Cooper Basin, with one well being drilled in each of the Gippsland and Taranaki Basins. The Cooper Basin oil exploration program achieved a 33% success rate, with 8 new oil fields discovered during the financial year. The most significant discovery was the Parsons Oil Field in PEL 92 (Beach 75%) containing 2P recoverable reserves of approximately 1.4 million barrels. Number of Wells Number of Successes Success Rate Cooper Basin Expn & Devl t -Oil 81 53 65% Expn & Devl t -Gas 27 25 93% Subtotal Cooper 108 78 72% Taranaki Basin Exploration-Oil 1 0 - Gippsland Basin Development-Oil 1 1 100% TOTAL 110 79 72%

- 14 - Drilling Activity April - June 2008 Category Area Well Beach Equity Result Exploration Oil Cooper/Eromanga - SA/QLD Mia 1 20.21% P&A Mama 1 20.21% Successful - Oil Currumbin 1 85.00% P&A Coolangatta 1 85.00% P&A Appraisal Oil Cooper/Eromanga - SA/QLD McKinlay 7 20.21% Successful - Oil McKinlay 9 20.21% Successful - Oil Granchio 3 20.21% Successful - Oil Deparanie 2 20.21% Successful - Oil Big Lake 88 20.21% P&A Development - Oil Cooper/Eromanga - SA/QLD Cook 13 20.00% Successful - Oil Cook 14 20.00% Successful - Oil Big Lake 87 20.21% Successful - Oil Bodalla South 19 100.00% Successful - Oil Bodalla South 20 100.00% Successful - Oil Development - Gas Cooper/Eromanga - SA/QLD Cooba 3 20.21% Successful - oil & gas Mudera 13 20.21% Successful - gas Coonatie 12 17.14% Successful - gas Mudera 14 20.21% Successful - gas Bindah 2 20.21% Successful - oil & gas Mitchie 2 20.21% Successful - oil & gas Cowralli 9 20.21% Successful - gas Coal Seam Gas Surat QLD Tipton West Dev t 40.00% 17 Wells

- 15-5. Financial & Corporate Cash and Debt Cash/Debt Cash Reserves ($million) Debt ($million) March 2008 June 2008 % Change 77.5 376.5 384% 253.9 234.7 (8%) The cash reserves balance includes the funds from the sale of 10% of BMG to Sojitz Energy Australia Pty Ltd of $123 million and net proceeds from the institutional placement of $191 million. Capital Structure Capital Structure March 2008 June 2008 % Change Fully paid Ordinary Shares on Issue 890,916,496 1,024,553,970 15.0% Unlisted Employee Options 12,531,510 12,531,510 0.0% 6. Subsequent Events Share Purchase Plan A Share Purchase Plan (SPP) was offered to Australian, New Zealand and Hong Kong shareholders registered as at close of business on 18 June 2008. This offering, to all eligible shareholders to acquire shares at A$1.43, closed on 18 July 2008 with 540 shareholders taking up the offer to raise $1.764 million. The issue of shares under the terms and conditions of the SPP were made on Wednesday 30 July 2008. Bonus Option Issue As a reward for loyalty and support, eligible shareholders registered at close of business on 31 July 2008 will be issued a 1 for 10 listed bonus option expiring 30 June 2010 (ASX Code: BPTO)

- 16 - Tenement Schedule Basin State/Country Tenement % Cooper/Eromanga Queensland ATP 259P (Naccowlah Block and PLs) 1 38.50% ATP 259P (Alkina Block) 28.00% ATP 259P (Aquitaine A Block) 2 22.50% ATP 259P (Aquitaine B Block) 3 20.00% ATP 259P (Aquitaine C Block) 4 25.20% ATP 259P (Innamincka Block) 5 30.00% ATP 259P (Total 66 Block) 6 30.00% ATP 259P (Wareena Block) 7 28.80% PL 55 (50/40/10) 40.00% Jackson Load-Out Facility 95% Jackson Moonie Pipeline 16% PL 31 (Bodalla South Oil Field) 100% PL 32 (Kenmore Oil Field) 100% PL 47 (Black Stump Oil Field) 100% PL 184 (Thylungra Gas Discovery) 75.40% ATP 269P (Glenvale / Bargie JV) 93.9% ATP 269P (Coolum / Byrock JV) 46.95% SWQ Gas Unit 23.20% ATP 633P 15 85.00% South Australia PPL 203 (Acrasia Oil Field) 25.00% PPL 204 (Sellicks Oil Field) 75.00% PPL 205 (Christies Oil Field) 75.00% PPL 209 (Harpoono Oil Field) 33.33% PPL 210 (Aldinga Oil Field) 50.00% PPL 211 (Reg Sprigg West Field) 25.00% PPL 212 (Kiana Oil Field) 40.00% PPL 220 (Callawonga Oil Field) 75.00% PEL 90 (Candra Block) 25.00% PEL 91 40.00% PEL 92 75.00% PEL 94 50.00% PEL 95 50.00% PEL 106 (Middleton Gas Field) 50.00% PEL 107 40.00% PEL 110 37.50% PEL 113 (Saintly) 33.3% PEL 113 (Harpoono/Dunoon) 33.3% Reg Sprigg West Unit 6.25% Udacha Unit 15.00% Patchawarra East 8 17.14% Fixed Factor Agreement 9 20.21% SA Unit 20.21% Arrowie South Australia GEL 156 12 21.00% GEL 178 12 21.00% GEL 180 12 21.00% GEL 254 12 21.00% GEL 336 16 21.00%

- 17 - Basin State/Country Tenement % Surat Queensland ATP 683P (Dalby / Dalby South Block) 40.00% PL 198 40.00% Otway Victoria PPL 6 (McIntee Gas Field) 10.00% PPL 9 (Lavers Gas Field) 10.00% PRL 1 (Buttress North) 10.00% PEP 150 11 50.00% VIC/P46 50.00% Otway South Australia PRL 13 (Killanoola Field) 30.00% Gippsland Victoria VIC L26 (Basker, Manta, Gummy) 30.00% VIC L27 (Basker, Manta, Gummy) 30.00% VIC L28 (Basker, Manta, Gummy) 30.00% Browse Western Australia WA-281-P 7.3394% WA-411-P 9.7637% Carnarvon Western Australia WA-208-P 10.00% WA-264-P 16.67% Papuan Papua New Guinea PRL 1 6.36% Canterbury New Zealand PEP 38259 20.00% Taranaki New Zealand PEP 38482 20.00% Bass Tasmania T/38P (Part) 80.00% T/39P 50.00% Spain H22007 (Abiego) 25.00% H22008 (Peraltilla) 25.00% H22009 (Barbastro) 25.00% H22010 (Binefar) 25.00% Albania Durresi Block 17 25.00% Egypt South East July 13 20.00% North Shadwan 14 20.00% 1 The Naccowlah Block consists of ATP 259P (Naccowlah) and PLs 23-26, 35, 36, 62, 76-79, 82, 87, 105, 107, 109, 133, 149, 175, 181, 182 and 189. Note sub-leases of PLs (gas) to SWQ Unit. 2 The Aquitaine A Block consists of ATP 259P (Aquitaine A) and PLs 86, 131, 146, 177 and 208. 3 The Aquitaine B Block consists of ATP 259P (Aquitaine B) and PLs 59 61, 81, 83, 85, 97, 106, 108, 111, 112, 132, 135, 139, 147, 151, 152, 155, 205 and 207. 4 The Aquitaine C Block consists of ATP 259P (Aquitaine C) and PLs 138 and 154. 5 The Innamincka Block consists of ATP 259P (Innamincka) and PLs 58, 80, 136, 137, 156 and 159. 6 The Total 66 Block consists of ATP 259P (Total 66) and PLs 34, 37, 63, 68, 75, 84, 88, 110, 129, 130, 134, 140, 142 144, 150, 168, 178, 186, 193, 241, PPL8 & PPL14 7 The Wareena Block consists of ATP 259P (Wareena) and PLs 113, 114, 141, 145, 148, 153, 157, 158, 187 and 188. 8 The Patchawarra East consists of PPLs 26, 76, 77, 118, 121-123, 125, 131, 136, 142, 147, 152, 156, 158, 167, 182, 187, 191, 194, 197, 200 and 201. 9 The Fixed Factor Agreement consists of PPLs 6 20, 21 61, 63-75, 78 117, 119, 120, 124, 126 130, 132 135, 137 141, 143 146, 148 151, 153 155, 157, 159 166, 169 181, 183 186, 188 190, 192, 193, 195, 196, 198 and 199. 11 PEP 150 application area the subject of Native Title RTN Negotiations. 12 GEL s 156, 178, 180 and 254 assignment subject to completion of farmin obligations and regulatory authority approval. 13 South East July subject to regulatory authority approval. 14 North Shadwan subject to regulatory authority approval. 15 Strike Oil has exercised an option to acquire from Beach a 15% interest in ATP 633P. Transfer pending. 16 GEL 336 assignment to Beach subject to formal documentation. 17 Duressi Block assignment subject to regulatory approval.

- 18 - Glossary $ Australian dollars 1P 2P 3P bbl BCF Boe bopd boepd bwpd BMG C&S CSG DST EPT FPSO FSO GJ kbbl kboe ktonne mmb mmboe mmcfd P&A PJ TJ TVT Proved Proved and Probable Proved, Probable and Possible barrels billion cubic feet barrels of oil equivalent -- the volume of hydrocarbons expressed in terms of the volume of oil which would contain an equivalent volume of energy. (For example, 1 BCF of gas equals approximately 0.18 million boe, the exact conversion being dependent on the gas composition) barrels of oil per day barrels of oil equivalent per day barrels of water per day Basker-Manta-Gummy oil and gas fields in the Gippsland Basin, offshore Victoria Cased and Suspended Coal Seam Gas Drill Stem Test Extended Production Test Floating Production, Storage and Offtake vessel Floating Storage and Offtake vessel gigajoule thousand barrels of oil thousand barrels of oil equivalent thousand tonne million barrels of oil million barrels of oil equivalent million standard cubic feet of gas per day Plugged and abandoned petajoule terajoule true vertical thickness