Ann: Appendix 3Y - Black, page-16

https://www.ig.com/en-ch/news-and-trade-ideas/sandstone-insights--beach-energy-set-for-major-shake-up-at-strat-240619

Future catalysts

Once the business parameters are reset (and by implication, market expectations), we think there are multiple catalysts in the 2025 financial year that could drive the share price upwards.

In addition to the cost-out program, BPT will ramp up Otway and Waitsia that will de-risk those projects. After that, BPT could consider exploration opportunities by drill bit or pursue acquisitions. On the latter, there may be some cast-offs from Santos that might suit BPT’s portfolio, or perhaps BPT would think about rival businesses like Carnarvon Energy, Cooper Energy, or Strike Energy.