Australian oil and gas company Beach Energy has appointed a new Managing Director and Chief Executive
Officer (CEO), which will take over the reins from 21 February 2024. In the meantime, the company picked an
interim CEO, as its current CEO's tenure has come to an end.

According to Beach Energy, Morné Engelbrecht ended his tenure as CEO on 9 August 2023. Beach chairman,
Glenn Davis, expressed gratitude to Engelbrecht for his leadership and contribution to the company both as CEO
and before that as CFO.

“Morné excelled in his role as CFO and stepped into the CEO role at an uncertain time and has since guided the
company through a number of operational challenges. Despite those challenges, our project delivery continues
to advance and Morné should be proud of his contribution to Beach. He leaves the company in good shape as
evidenced by the strong recent quarterly results. On behalf of the board, I thank him for his commitment and hard
work,” outlined Davis.

Engelbrecht, who assumed the role of Acting Chief Executive Officer in November 2021, stepped into the
permanent CEO role in May 2022, after what Beach described as an “extensive international recruitment
process” led by the firm's board of directors and external advisors. He has over 20 years of oil, gas, and resource
sector experience, including the last seven years with Beach Energy.

“I am proud of what we achieved over the last seven years, especially my involvement as a leader, including as
CEO, in the transformation of Beach from a single basin operator to a diversified growing business and safely
delivering the biggest offshore development in the company's history. I want to thank the entire Beach team for
their efforts and wish them all the best as I look forward to pursuing new opportunities,” stated Engelbrecht.

New CEO
Duo to the end of Engelbrecht's tenure, Beach Energy appointed Brett Woods as its new Managing Director and
CEO, starting from 21 February 2024 or such other date as mutually agreed. Woods has over 25 years of
experience in upstream oil and gas, including most recently ten years at Santos where he undertook a number of
executive roles including Chief Operating Officer (COO), Vice President Developments and Vice President
Eastern Australia business unit.

“Brett is an experienced oil and gas executive with a track record in strong leadership, delivering operational
excellence, project delivery, and value creation for shareholders. He is a very experienced technical oil and gas
leader with the skills and background to continue to strengthen our performance culture and operational
delivery,” added Davis.

Woods began his career with Woodside Energy in the graduate programme and held senior technical roles in
Australia and Africa. In 2007, he became Managing Director and CEO of African start-up Rialto Energy. Woods
was responsible for growing Rialto's business through acquiring new exploration licences in Ghana and Cote
d'Ivoire, raising capital and commencing two large drilling campaigns in the highly prospective Transform Margin.

“Beach is in a great position with a strong portfolio of assets and a great balance sheet. I am excited to join at a
time where I can help the team deliver the current projects, drive operational excellence and grow the business,”
said Woods.

Interim CEO
In the intervening period current non-executive director, Bruce Clement, has been appointed interim CEO and
will continue as an executive director. Commenting on the interim CEO role, Davis underlined the board's
confidence in Clement's ability to continue to deliver the company's growth projects and drive operational
performance.

“Bruce is a very seasoned oil and gas executive with over 40 years of domestic and international experience
including as a CEO. He is very familiar with our Perth Basin assets having discovered Waitsia when managing
director at AWE. The board is confident Bruce can fulfil the role in the interim period and deliver value whilst in
the chair,” concluded Davis.

Previously, Clement held engineering, senior management, and board positions with several companies
including Santos, Norwest Energy, AWE, ExxonMobil, and Roc Oil. He is the former Managing Director & CEO of
AWE and Roc Oil and is currently a non-executive director of Horizon Oil.

Beach Energy is working on various growth projects. The firm is now targeting the start of drilling operations at its
development well off Taranaki towards the end of the first quarter of 2024. These activities will be carried out with
one of Valaris' heavy-duty modern jack-up rigs.