Slides
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Corporate presentation October 2026 ASX: ATS
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Important Notice and Disclaimer 2 This presentation has been prepared by Australis Oil & Gas Limited ACN 609 262 937 (ASX: ATS) ( Australis ). Summary of information: This presentation contains general and background information about Australis’ activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. The information in this presentation remains subject to change without notice. Australis is not responsible for providing updated information and assumes no responsibility to do so. Not financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire Australis securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Australis is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Australis securities. Australis assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation. Disclaimer: Australis and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Australis. Future performance: This presentation contains certain forward-looking statements and opinion. Generally, words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements, opinion and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Australis. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Not an offer: This presentation is for information purposes only. This presentation is not, and should not be considered as, an offer or an invitation to acquire securities in Australis or any other financial products and neither this document nor any of its contents will form the basis of any contract or commitment. This presentation is not a prospectus and does not contain all the information which would be required to be contained in a prospectus. Offers of securities in Australis will only be made in places in which, or to persons to whom it would be lawful to make such offers. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Australis. No Distribution in the US: This presentation is not an offer of securities for sale in the United States. Securities of Australis are not registered under the US Securities Act of 1933, as amended (the " US Securities Act ") and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offer of the securities is being made in the United States and the information contained herein does not constitute an offer of securities for sale in the United States. Monetary values: Unless otherwise stated, all dollar values are in United States Dollars (US$). The information in this presentation remains subject to change without notice.
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Corporate Overview An integral position in one of the last remaining high-quality, but undeveloped shale plays in the US 3 1. See announcement “TMS Development Partnering & Fi nancing Transactions” – 26 November 2025 2. As at 30 June 2026 Australis holds ~48,700 net acres (end Sept 2026) in the Tuscaloosa Marine Shale (TMS) of which 40,800 is Held by Production (HBP) – 160 net future well locations and a net 2C contingent oil resource estimate of 62 mmbbls A Executed farmout agreement 1 with our Development Partner Development Partner is a US listed independent oil and gas company with a multi billion-dollar enterprise value and an active development and exploration program in multiple onshore US unconventional basins Australis is carried for a 20% working interest - US$46.25 million work program which, if completed, earns Development Partner an 80% interest in ~46,100 net acres First carried well (Willson 1H) is approved and planned for Q4 2026, subject to rig availability, with long lead items ordered Willson 1H permitted for a 10,000 ft lateral and will include a data acquisition program Permit received for two further TMS wells the Mathieu 1H and Baker 1H In addition to the carried work programs, Australis has a cash balance of US$11.2 million 2, no debt and retains a modest non operated production interest in 48 producing wells A. See final slide #12
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Brief History of the TMS Early activity delineated a TMS Core area with consistent high-quality results TMS is a Cretaceous shallow marine deposition located on the shelf margin which is similar in age to the Eagle Ford Shale − Covers 20.4 million acres in central Louisiana/Mississippi with a USGS mean estimated recoverable resource of 1.5 billion bbls and 4.6 tcf 1 Pre-2000 development of the underlying Lower Tuscaloosa Sands provided excellent TMS well control and defined its areal extent and gross thickness Early entrants EOG and DVN followed the Eagle Ford trend in 2010 to build acreage positions located in what is now understood as non-Core areas, with variable results In 2010 the TMS was relatively deep and hot with variable results compared to other emerging plays such as the Eagle Ford 4 1. Source US Geological Services (Hackley et al., 201 8) 2. See map of ATS defined TMS Core on slide 9 However, from 2011-2014 Encana’s 27 well program delineated the TMS Core 2, shown in red on map, with improved drilling performance and consistent well results which were not publicised to allow acreage capture at low cost
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Why TMS Remains an Undeveloped Tier 1 Shale Basin 5 Activity halted in 2015 with precipitous oil price drop and remained suppressed during pandemic and subsequent industry shift to low-growth models TMS activity plummets after oil price collapse Oil price drop from ~ $100/bbl in 2014 to <$40/bbl in early 2016 resulted in slashed budgets and forced operators to divest assets All meaningful TMS development activity ground to a halt by mid-2015, having only reached late appraisal / early-stage development During 2019 – 2023 the industry focus on low-risk, established plays and shareholder returns left early-stage opportunities like the TMS overlooked As established plays became increasingly mature attention slowly shifted to the alternatives
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WC A,B 69% L. Spra 22% Jo Mill 9% A.Chalk 8% Lower EF 92% Bakken 66% Thr Forks 34% BS 2,3 62% WC A,B 33% Harkey 5% Nio A,B,C 74% Codell 26% Performance Trajectories in Established Major Shale Basins 2014 2021 2024 Gas (15:1) Avg 26% uplift in 2014-2021 led by technology followed by decline due to Tier 1 inventory consumption Delaware DJ Midland Eagle Ford Williston +19% +6% +41% +21% +45% -14% -18% -7% -17% -8% Note: Analysis was limited to the primary active reservoir intervals shown in pie charts Source: Enverus 12 Month Average BOE/1,000’ (15:1), Top 3 Public Drillers in major oil basins 6 Impact of Technology vs Inventory All basins improved between 2014 and 2021 ( green ), with an average of 26% Technology (+ve) High Grading – best locations first (+ve) All basins declined between 2021 and 2024 ( blue ) by an average of 13% Further Technology (+ve) Declining inventory quality (-ve) High-quality Inventory is Essential for Long-Term Viability To sustain production without additional capex, companies are looking to new basins and plays, some less mature or more technically complex for quality inventory
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WC A,B 69% L. Spra 22% Jo Mill 9% A.Chalk 8% Lower EF 92% Bakken 66% Thr Forks 34% BS 2,3 62% WC A,B 33% Harkey 5% Nio A,B,C 74% Codell 26% TMS Core Wells Outperform Major Shale Basins 2014 2021 2024 Gas (15:1) 2014 TMS 2014 vintage TMS performance vs established major shale basins TMS Delaware DJ Midland Eagle Ford Williston All TMS Core Wells TMS TC Wells Note: Analysis was limited to the primary active reservoir intervals shown in pie charts Source: Enverus 12 Month Average BOE/1,000’ (15:1), Major basins vs 2014 TMS TMS Core Well performance Average of all TMS Core wells competed with major basins in 2014 on oil productivity despite discrepancy in well count and design optimisation TMS Basin is yet to have technology premium applied (avg. +26%) TMS Type Curve (TC) wells are those with the 2014 optimised design are comparable to 2021 major basin oil productivity performance 7
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Background to Australis A quick recap on the Company and its history With previous company, Aurora Oil and Gas , ATS team successfully participated in the full life cycle of an unconventional E&P company, generating significant shareholder value on exit in 2014 2014 - ATS founded and privately funded with a corporate strategy to secure a material position with a low-cost entry into an oil weighted, high quality, unconventional play Between 2016-2018, built a TMS Core focused position In 2018 & 2019 ATS drilled six wells which further confirmed productivity and economics 2021 – 2024 Following the recovery from COVID, ATS embarked on a targeted marketing process to raise awareness of the TMS and secure a development partner for further operations in the play ATS listed on ASX with initial Tuscaloosa Marine Shale “TMS” position 2006 2014 2016 2018 2020 2022 2024 Nov 25 – Transactions announced Corporate Timeline 2026 Jul 26 – First Carried well approved and planned for Q4 2026
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Transaction Summaries 9 Australis has announced two separate but strategically-linked transactions 1 each dealing one of the two components of the Australis TMS asset, the existing producing wellbores and the undeveloped acreage. Development Transaction − An established US public unconventional oil and gas company agreed to invest in the TMS and carry ATS for a 20% interest on a development program of up to US$46.25 million 2 . If completed, the Development Partner will earn an 80% interest in substantially all of the Company’s existing undeveloped acreage − Australis is carried on a US$1 million leasing program for a 20% working interest and if the Development Partner does not complete its farmin obligations 100% of these leases revert to Australis − The Development Partner paid US$1 million on execution of the transaction documents and will pay an additional US$1 million if the first well under the farmout agreement is not drilled and completed by 31 October 2026 − Area of Mutual Interest (“AMI”) formed with the Development Partner, covering a substantial part of the TMS Core as currently delineated. ATS has the right to participate at a 20% interest in additional leases secured allowing for an aligned expansion of the existing footprint Financing Transaction − ATS sold 90% of its wellbore-only interests in existing PDP well inventory for US$16.9 million, with an effective date of 1 July 2025, to an affiliate of the EQV Group (“EQV”) − Enabled Australis to pay off its Macquarie Credit Facilities in full at YE 2025 and provide funds for TMS development following carry TMS transactions achieve strategic objectives 1 - See announcement “TMS Development Partnering & Financing Transactions” – 26 November 2025 2 - This is the approximate total capex of a drilling program, based on carry value threshold of US$9.25 million and a 100% working interest
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Development Status – October 2026 Australis moving forward with the drilling and completion of the first carried well 10 Rig availability in the spot market has moved to very short notice as operators retain extension options for as long as contracts allow in the prevailing high oil price environment Australis and our Development Partner continue to prepare for and target a Q4 2026 spud and will commit to the first available high spec rig Australis has ordered and where required made deposit payments for long lead items including casing, production equipment and storage tanks to ensure availability for a Q4 2026 spud Following tender processes contractors are now being selected for all key services Carried land leasing program is nearing completion, thereafter any leases taken will fall under the AMI provisions Three new TMS wells have been permitted, each with 10,000 ft laterals, as shown on the map Our Development Partner has approved the first carried well – Willson 1H Australis, as operator, is working with providers to secure a suitable rig for the planned operations.
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Next Steps/Looking Forward 11 Together with a committed and capable Development Partner, Australis is again preparing to kickstart TMS development activity by drilling the first wells since 2022 Farmin obligations ensures that Australis is carried for the initial phases of that development activity The right to participate in an active leasing program within the AMI will provide Australis with increased leverage to the play beyond the farmed down position Australis continues to investigate and evaluate additional business development opportunities outside the AMI but within the TMS Core Australis has a strong balance sheet ahead of the next phase of development enabling the delivery of shareholder value when the TMS is re-rated due to new activity and increased industry interest Australis remains a key participant in the future development of the TMS
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Notes 12 A. Estimates from the independent Ryder Scott report, effective 31 December 2025 and dated 29 January 2026, which was initially disclosed in the announcement titled “Quarterly Activities and Annual Reserve Report’ issued on 30 January 2026 The report was prepared in accordance with the definitions and disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June 2018. Ryder Scott generated their independent reserve and contingent resource estimates using deterministic methods. The achieved price and NPV(10) values quoted are for the project only, they do not include any impact from any oil price hedges that Australis had entered into at that time. Australis is not aware of any new information or data that materially affects the information included in the referenced announcement and all the material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Net Oil Reserves (Mbbls) C ontingent Oil Resources (Mbbls) 1P 128 1C 19,709 2P 165 2C 62,156 3P 213 3C 112,498 The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location. The 1C, 2C and 3C figures provided are the arithmetic summation by category.