In-principle settlement reached for $43.5 million
In August 2026, the parties agreed to settle the Beach Energy Shareholder Class Action for $43.5 million (AUD) in-principle, inclusive of interest, costs and subject to court approval. In reaching this settlement, Beach Energy Limited makes no admission of liability. The Supreme Court of Victoria will decide whether to approve the settlement at a hearing scheduled at 10:30 am on 18 November 2026.
Group members who have previously registered their claim will be sent a Notice of Proposed Settlement from 4 September 2026. A copy can also be found in the Key Documents section below.
It is important that Group Members read the Notice carefully as it sets out key terms of the proposed settlement, the parties’ intention to seek the Court’s approval of that settlement, and your rights in relation to that process.
If you have further questions, you may contact Slater and Gordon at BPT@slatergordon.com.au or 1800 071 827.
Group Members
The class action is brought on behalf of investors who between 17 August 2020 to 29 April 2021 (inclusive) who:
acquired an interest in, or entered into a contract to acquire an interest in ordinary shares in Beach, including:
fully paid up ordinary shares in Beach traded on the Australian Stock Exchange (ASX: BPT); or
American Depository Receipts that represent ordinary shares in Beach; or
acquired a long exposure to Beach shares by entering into equity swap confirmations in respect of Beach shares.
Background
Slater and Gordon, as instructed by lead plaintiffs John and Gail Nelson, issued a group proceeding (class action) in the Supreme Court of Victoria against Beach Energy Limited (ASX:BPT) (Beach).
Beach is an Australian Stock Exchange (ASX) listed, oil and gas exploration and production company headquartered in Adelaide, South Australia.
The class action alleges that Beach made misleading representations and contravened its continuous disclosure obligations as an ASX-listed company between 17 August 2020 to 29 April 2021, breaching relevant provisions of the Corporations Act 2001 (Cth) and the ASIC Act 2001 (Cth).
Details of the claim
Slater and Gordon issued proceedings against Beach on behalf of persons that acquired Beach securities between 17 August 2020 to 29 April 2021 inclusive (Claim Period) and suffered loss or damage when Beach downgraded its estimate of oil and gas assets in the Western Flank on 30 April 2021.
On 17 August 2020, Beach published its 2020 Annual Report to the ASX. In its Annual Report, Beach made a number of representations to the market with respect to its proven plus probable oil and gas reserves (2P Reserves Estimate), its Guidance for the 2021 financial year (FY21 Guidance) and its 5 Year Outlook. Beach made a number of subsequent announcements to the market in November 2020, January 2021 and February 2021, before downgrading its 2P Reserves Estimate with respect to its Western Flank asset, downgrading its FY21 Guidance and withdrawing its 5 Year Outlook in an announcement on 30 April 2021.
The plaintiffs allege that during the Relevant Period, Beach:
engaged in misleading or deceptive conduct, or conduct that was likely to mislead or deceive, in contravention of s. 1041H of the Corporations Act and s. 12DA(1) of the ASIC Act by making and not correcting its 2P Reserves Estimate, FY21 Guidance and 5 Year Outlook and subsequent representations which lacked reasonable grounds (Misleading or Deceptive Contravention); and
contravened its continuous disclosure obligations under s. 674(2) of the Corporations Act by failing to disclose material information regarding its 2P Reserve Estimate, FY21 Guidance and 5 Year Outlook (Continuous Disclosure Contravention).
Further detail on the plaintiffs’ allegations can be found in the Further Amended Statement of Claim in the Key Documents section below.
Group Costs Order awarded
On 11 August 2022, the Supreme Court of Victoria approved a Group Costs Order (GCO) at a rate of 24.5% (including GST). This rate is subject to review at the end of the proceeding. By awarding the GCO, the Court recognised that the order was appropriate or necessary for justice to be done in the proceeding.
A GCO allows legal costs to be calculated as a percentage of the amount of any award or settlement that may be recovered in the proceeding, on the basis that Slater and Gordon Lawyers accept the risk of paying Beach Energy’s legal costs if the case is unsuccessful. However, we can confirm that you will not be exposed to any out-of-pocket costs as a result of your participation or registration in the claim.
Frequently Asked Questions
If you registered your claim with Slater and Gordon on or before 4pm (AEDT) on 7 November 2025, you are a Registered Group Member.
If you are a Registered Group Member, you will receive a Notice of Proposed Settlement from 4 September 2026 which sets out information about the proposed settlement and its proposed distribution.
Shortly you will also receive an email from Slater and Gordon requesting that you:
- confirm your contact details and verify your trade data;
- provide further information as part of mandatory sanctions checks; and
- provide your nominated bank account details.
Providing these details will enable the Administrator of the Proposed Settlement to assess whether you are eligible to receive a distribution under the Settlement Distribution Scheme, in the event the settlement is approved by the Court. A copy of the proposed Settlement Distribution can be found in the Key Documents section below.
Group members were required to register their claim with Slater and Gordon by or before 4:00pm (AEDT) on 7 November 2025.
If you wish to clarify your registration status, you may contact Slater and Gordon at BPT@slatergordon.com.au or on 1800 071 827.
If you did not register your claim with Slater and Gordon on or before 4pm (AEDT) on 7 November 2025 and wish to participate in the proposed settlement, you must seek permission from the Court before 4 pm (AEDT) on 16 October 2026. To do so you must send an email to BPT@slatergordon.com.au which:
(i) identifies why you think the Court should grant you permission to participate in the proposed settlement;
(ii) provides details of the Beach shares you held as at 17 August 2020, purchased during 17 August 2020 to 29 April 2021, and sold during 17 August 2020 to 29 April 2021;
(iii) attaches evidence in support (in the form of a statutory declaration or affidavit); and
(iv) attaches any written submissions of no more than two (2) pages.
You may attend, or send a legal representative to attend, the Settlement Approval Hearing at the Supreme Court of Victoria at 10:30am on 18 November 2026.
It will be a matter for the Court to decide whether any group members who missed the registration deadline should be able to participate in the proposed settlement.
If you opted out of the Beach class action by lodging an opt out notice with Slater and Gordon or the Supreme Court of Victoria on or before 4:00pm (AEDT) on 7 November 2025, you are no longer a group member of this class action and you should disregard the Notice of Proposed Settlement.
The Court will hold a hearing on 18 November 2026 to determine whether to approve the settlement. The Court must be satisfied that the settlement is fair, reasonable, and in the interests of the group members as a whole.
If you wish to object to the proposed settlement, you must notify the Court on or before 4 pm (AEDT) on 16 October 2026 by submitting a completed Notice of Objection available:
(a) online on the Supreme Court of Victoria’s website: https://www.supremecourt.vic.gov.au/areas/group-proceedings/beach-energy/objection; or
(b) at Annexure A of the Notice of Proposed Settlement which can be found in the Key Documents section below. Post or email your completed form to the addresses set out in Annexure A.
Any Group Member who objects may also (but is not obliged to) appear before the Court at the Settlement Approval Hearing at 10:30am on 18 November 2026.
Any objections received by the Court will be considered by the Court, along with all of the other evidence and submissions filed by the parties, in determining whether or not to approve the proposed settlement.
The proposed Settlement Distribution Scheme establishes the procedure for the distribution of the settlement sum in the event the settlement is approved.
A copy of the proposed Settlement Distribution Scheme can be found in the Key Documents section below. The document is subject to approval by the Supreme Court of Victoria at the Settlement Approval Hearing on 18 November 2026 at 10:30 am.
Group members who chose not to register before 4:00pm (AEDT) on 7 November 2025 could either ‘opt out’ of the proceeding or ‘do nothing’.
Opt Out
The Supreme Court of Victoria ordered that group members who wished to opt out of the proceeding were required to do so by 4:00pm (AEDT) on 7 November 2025. If you chose to opt out of the proceeding, then you:
- are no longer a group member;
- will not be affected by any orders made in the class action and will not receive any money from the class action if it succeeds or settles; and
- will retain any rights which you may have to commence your own claim against Beach.
If you have opted out and wish to bring your own claim against Beach, you should seek independent legal advice as a matter of urgency because there are strict time limits to commence any such claim.
Do Nothing
If you did not register or ‘opt out’ from the proceeding by 4:00pm (AET) on 7 November 2025, you will remain a group member and remain bound by the in-principle settlement in the class action if it is approved by the Court.
This means that you will not be entitled to share in any settlement money if the Court approves the in-principle settlement and you will lose your right to seek any compensation from Beach in relation to the same (or similar) claims alleged in any class action.
Further information regarding the proposed settlement can be found on the Supreme Court of Victoria’s website at: https://www.supremecourt.vic.gov.au/areas/group-proceedings/beach-energy
If you have any questions about the proposed settlement or your status as a group member, you may contact Slater and Gordon at BPT@slatergordon.com.au or on 1800 071 827.
If you have any questions and you do not want to speak with Slater and Gordon (or you want to understand their involvement better), you may get legal advice from another lawyer of your choice.