Elixir Energy (EXR) M&A announcement summary

Deal rationale and strategic fit

• Beach’s entry was described as third-party validation of the Taroom Trough portfolio, bringing gas production and east coast market expertise to accelerate appraisal and the path to development.

• The farmout reduces funding needs and dilution while retaining exposure to the broader portfolio and an operated Diona JV position.

• The transaction followed a competitive process involving multiple offers.

Financial terms and conditions

• Transaction value is $205m: $25m upfront cash plus $180m gross carried exploration, appraisal and operating expenditure over four years.

• The carried program includes $90m attributable to the retained interest; work outside the agreed program requires mutual agreement and proportional funding.

• The transaction values acquired 2C contingent resources at A$118,669 per BCFe, stated as ~3x their current trading and see-through value.

• The farmout covers half of specified Taroom Trough interests and operatorship, excluding the Diona JV sub-block; no securities will be issued and shareholder approval is not required.

Integration plans and timeline

• Completion is expected in 2HFY27, subject to conditions; the effective date is 22 October 2026.

• The four-year program may include exploration and appraisal drilling, lateral well completion and testing, seismic work, technical studies, operating activities and development preparation.

• Lorelle-4H and Daydream-3/3H are planned to leverage new 3D seismic; well locations, designs and targets remain subject to Beach’s discretion and engagement.

• On completion, Beach will join the ATP2056 and ATP2057 JVs with Santos, and new JVs will be formed at ATP2044 and ATP2077-A/B.