Beach Energy to confirm finalisation and signing of the LNG Sale and Purchase Agreement ("SPA") with BP Singapore Pte. Limited, a subsidiary of BP plc ("bp"). The LNG SPA will see bp purchase all 3.75 million tonnes of Beach's expected LNG volumes from the Waitsia Stage 2 project.

Supply is targeted to commence in the second half of 2023 and will continue for approximately five years. Terms include flexibility around the commencement of supply, ensuring alignment with Waitsia Stage 2 construction and commissioning activities. The LNG SPA contains a hybrid pricing structure linked to both Brent and Japan Korea Marker ("JKM") indices.

Pricing parameters agreed support Beach's exposure to the current commodity cycle prices and do not restrict upside price participation. The SPA also includes a downside price protection mechanism. Supply will be delivered on a Free on Board basis from the North West Shelf ("NWS") facilities in Karratha, Western Australia to leverage bp's leading LNG trading and shipping capabilities.

bp is an existing participant in the NWS Joint Venture and has a long history of lifting LNG from the NWS facilities.