Earnings release
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Strike Energy Limited ABN 59 078 012 745 P: +61 8 7099 7400 Level 1, 40 Kings Park Road www.strikeenergy.com.au E: strike@strikeenergy.com.au West Perth WA 6005 Highlights • South Erregulla-1 well workover completed in preparation for production. • First Jenbacher engines arrived in Fremantle. Post quarter, 15 engines were delivered to site and installation is ongoing, with remaining 5 engines expected to be delivered and installed by end November 2025. • Construction advancing at 85 MW South Erregulla Peaking Gas Power Station, with completion targeted for 1 October 2026 and overall total project progress of 56% against baseline. • Final Reserve Capacity Price of $360,700 per MW for the 2027/28 Capacity Y ear announced, which will generate approximately $31 million in capacity revenue in the second year of operations in addition to any independent energy sales. • Independent certification of 180 PJ of 2C Contingent Resource at Ocean Hill1. • Material additional Prospective Resources certified at Ocean Hill and Ocean Hill South following acquisition, processing and interpretation of the Ocean Hill 3D seismic survey. • Walyering West-1 well location p eer reviewed and confirmed with anticipated spud date mid-February 20262. • Carnarvon Energy’s strategic investment of $86 million via a two -tranche placement completed and ~$1.7 million raised via the accompanying Share Purchase Plan. Key Performance Metrics A$ million unless indicated Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Production (PJe) 2.26 2.13 (6%) 2.31 2.13 (8%) Sales volume3 (PJe) 2.35 2.41 2% 2.40 2.41 0% Sales revenue 18.32 18.81 3% 18.28 18.81 3% Cash and cash equivalents 41.10 105.10 156% 44.52 105.10 136% Undrawn debt 35.10 35.10 0% 17.00 35.10 106% Total Liquidity 76.20 140.20 84% 61.52 140.20 128% 1 Refer Important Notices at the end of this Report for information relating to Reserves and Resources. 2 Subject to finalising rig procurement. 3 Includes volumes purchased via third party gas purchase agreements and on sold to meet current contractual arrangements. Refer to Sales Volumes table below. Jenbacher engines in place at South Erregulla Q1 FY26 Quarterly Report 29th October 2025 For personal use only
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2 Sales Volumes Sales by product (net to Strike) Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales gas PJ 2.26 2.31 2% 2.31 2.31 0% Condensate kbbl 15.95 16.54 4% 16.83 16.54 (2%) Total Sales Volumes PJe 2.35 2.41 2% 2.40 2.41 0% Total Own Product PJe 2.34 2.23 (6%) 0.39 0.36 (8%) Total Third Party PJe 0 0.18 n.a. 0 0.18 n.a. Production Metrics Production by product (net to Strike) Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales gas PJ 2.26 2.13 (6%) 2.31 2.13 (8%) Condensate kbbl 14.11 12.51 (11%) 16.78 12.51 (25%) Total production PJe 2.34 2.21 (6%) 2.40 2.21 (8%) Total production MMboe 0.38 0.36 (6%) 0.39 0.36 (8%) Western Australia Energy Market • WA spot gas market conditions continued to soften with maximum spot prices over the quarter at an average of $6.61 per gigajoule4 (down 4% quarter on quarter). Near-term softness in the WA domestic gas market reflects temporary supply increases, yet medium to long -term fundamentals remain robust, with demand growth and coal retirements expected to drive a pronounced tightening from 2027 onwards. 4 Prices sourced from Gas Trading Australia Pty Ltd: https://www.gastrading.com.au/spot-market/historical-prices-and-volume/price-history-table. Comments from Managing Director and CEO, Peter Stokes: “Strike has continued to deliver against its integrated gas -to-power strategy, progressing both upstream and downstream developments. The South Erregulla Peaking Power Station is advancing, with major equipment now on site and installation underway as we target completion by October 2026. The project is expected to deliver strong revenues further underpinned by the recently announced $360,700/MW Reserve Capacity Price for the 2027/28 capacity year. The Company has also strengthened its gas portfolio with certified resources at Ocean Hill and advanced planning for the Walyering West -1 well, while completing an $86 million strategic investment from Carnarvon Energy to fund ongoing growth.” For personal use only
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3 • Average price for electricity in WA was $102/MWh (up 13% quarter on quarter), with average peak electricity price (4pm – 9pm) of $1 41/MWh (up 15% quarter on quarter ). While additional battery capacity has smoothed extreme price spikes, lower solar generation during winter evenings increased reliance on dispatchable generation, lifting both average and peak prices. • Post quarter end, AEMO has confirmed the final Reserve Capacity Price (RCP) of $360,700/MW for the 2027/28 Capacity Year. With Certified Reserve Capacity of 85 MW awarded to the South Erregulla Peaking Power Plant, Strike expects to generate approximately $31 million in capacity revenue in the second year of operations, before energy sales which are independent and incremental to Capacity Credits. Production, Exploration & Development Walyering (L23 & EP447, 100% and operator) • Production of ~2.21 PJe of gas and condensate or ~23 TJ/d of sales gas and 136 bbls/d of condensate. • Managing compression delays via third party gas purchasing agreements. • A total of 0.18 PJ was purchased on market from third parties and sold via current offtake agreements. • Strike expects to purchase ~0.46 PJ in Q2 FY26. • Compressor packages have been shipped and are due to arrive in country by end October 2025. • Compression on track to be online end of January 2026. • Progressed rig contract for one firm well (Walyering West -1) and two option wells (earmarked for West Erregulla-6 and Ocean Hill- 2), with long lead items procured for Walyering West-1. Ocean Hill (EP495, STX 100% and operator) • Independent certification by RISC Advisory following acquisition, processing and interpretation of the Ocean Hill 3D seismic survey, which improved subsurface definition, enhancing confidence in the resource base. Note to map: Notice of withdrawal for permits L7 & EP437 given to Operator. For personal use only
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4 • 2C Contingent Resources of 180 PJ of conventional gas, with a further 190 PJ of unrisked 2U Prospective Resource, at Ocean Hill.5 • A second large structure, Ocean Hill South, has been confirmed on the 3D seismic with an unrisked 2U Prospective Resource of 678 PJ.6 Prospective Resource estimate cautionary statement: The above estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. These estimates are un -risked, probabilistically determined, and have both an associated chance of discovery and a chance of development. Refer Important Notices at the end of this Report for information relating to Reserves and Resources. South Erregulla 85MW Peaking Gas Power Project (L24, STX 100% and operator) • Construction is advancing on track and in line with the targeted completion date of 1 October 2026 with overall total project progress of 56% against baseline. • All Jenbacher engines have been shipped, with 15 of 20 now being installed on site. • Engine hall construction complete. • Kingia South Switchyard civil works complete. • Workover of the South Erregulla-1 well completed in preparation for production. • Earthworks for transmission and connection switchyards to commence in Q4 CY 2025. West Erregulla & Erregulla Deep (L25 & L26, STX 50% and operator) • Long lead items have been procured for the following activities: o West Erregulla-6 (drill, complete & test) o Workover to re-complete and test at West Erregulla-4 and West Erregulla-2 5 Refer Important Notices at the end of this Report for information relating to Reserves and Resources. 6 Refer Important Notices at the end of this Report for information relating to Reserves and Resources. South Erregulla Engine Hall & Fl ow Test Flare , September 2025 For personal use only
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5 • The Joint Venture is in the process of finalising inputs for an independently certified resource update over the L25 and L26 production licenses to incorporate the results of the Erregulla Deep-1 well and the Natta 3D seismic survey. This work is on track for delivery by end CY25. Corporate & Finance • Gas sales revenues totalled $17 .04 million as a result of selling into current firm gas offtake arrangements. This included on- selling purchased third part y gas which totalled 0.18 GJ. Average realised gas prices remained steady at ~$7.38 per GJ. • Capital expenditure totalled $31.75 million, which included ~$31 million in development costs at South Erregulla (~$30 million), and Walyering (~$1 million, related to compression). • Exploration expenditure totalled ~$0.6 million, primarily relating to the Natta 3D seismic survey interpretation. • Of the total $217 million in Macquarie financing facilities, $74 million has been drawn, $88 million is undrawn and committed, and $55 million is uncommitted. Revenue A$ million Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales Revenue (net to Strike) Gas 7 16.64 17.04 2% 16.23 17.04 5% Condensate 1.68 1.76 5% 2.04 1.76 (14%) Total Sales Revenue 18.32 18.81 3% 18.28 18.81 3% Average Realised Prices Gas ($/GJ) 7.38 7.38 0% 7.04 7.38 5% Condensate ($/bbl) 105.48 104.46 (1%) 121.49 104.46 (14%) Capital Expenditure A$ million Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Exploration & Appraisal 3.27 0.61 (82%) 7.92 0.61 (92%) Development 22.99 31.14 35% 4.71 31.14 562% Total Capital Expenditure 26.27 31.75 21% 12.63 31.75 151% Liquidity A$ million Jun Q4 FY25 Sep Q1 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Cash & Cash Equivalents 41.10 105.10 156% 44.52 105.10 136% Undrawn Debt 35.10 35.10 0% 17.00 35.10 106% Total Liquidity 76.20 140.20 84% 61.52 140.20 (11%) Drawn Debt 79.91 79.91 0% 59.00 79.91 60% 7 Sales gas revenue includes on-sale of third party gas to meet contractual agreements and gas banked not taken or produced pursuant to the ‘Take or Pay’ contract with Santos WA Ltd. Refer to Sales Volumes table on page 2. For personal use only
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6 Amendment to FY25 Annual Report Strike provides the following additional information as at 30 June 2025, which should be read in conjunction with the Annual Report released to the ASX on 29 September 2025, to address a minor omission relating to Listing Rule 4.10.8 regarding the number of shareholders holding less than a marketable parcel of shares. Th is information has been included in the printed version of our FY25 Annual Report, as well as being available in the online version of the Annual Report available at www.strikeenergy.com.au. Holdings Ranges Holders Total Units % Unmarketable Parcels (less than $500) 2,336 6,765,671 0.186 Petroleum Tenements Held at the End of the Quarter *Notice of withdrawal given to Operator This report is authorised for release by the Board of Directors. Company & Media Contact Emma Alexander Investor Relations & Corporate Manager Strike Energy Limited +61 419 877 137 emma.alexander@strikeenergy.com.au Permit Type Basin Play Operator (parent) STX Interest Gross Area (acres) STX Net Area (acres) L23 (Walyering) Production Perth Basin Jurassic Wet Gas Strike 100% 18,222 18,222 L24 (South Erregulla) Production Perth Basin Permian Gas Strike 100% 18,409 18,409 L25 (West Erregulla) Production Perth Basin Permian Gas Strike 50% 36,914 18,457 L26 (Erregulla Deep) Production Perth Basin Permian Gas Strike 50% 36,911 18,456 L7 (Mount Horner)* Production Perth Basin Permian Gas/Oil Triangle 25% 37,021 9,255 EP503 (Arr-Kadathinni) Exploration Perth Basin Permian Gas Strike 100% 120,217 120,217 EP504 (Arr-Kadathinni) Exploration Perth Basin Permian Gas Strike 100% 92,170 92,170 EP505 Exploration Perth Basin Permian Gas Strike 100% 18,533 18,533 EP506 Exploration Perth Basin Permian Gas Strike 100% 37,066 37,066 EP447 (Wal-East) Exploration Perth Basin Jurassic Wet Gas Strike 100% 127,849 127,849 EP488 Exploration Perth Basin Jurassic Wet Gas Strike 100% 73,390 73,390 EP489 Exploration Perth Basin Jurassic Wet Gas Strike 100% 36,572 36,572 EP495 (Ocean Hill) Exploration Perth Basin Jurassic Wet Gas Strike 100% 73,637 73,637 EP437 * Exploration Perth Basin Permian Gas/Oil Triangle 25% 176,861 44,215 PPL210 (Aldinga) Production Cooper Basin Shallow Oil Beach 50% 988 494 PEL 96 Exploration Cooper Basin Deep Coal Strike 67% 668,098 444,953 For personal use only
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7 Important Notices Information regarding Reserve and Resource Estimates Unless otherwise stated, references in this report to the Ocean Hill 2C Contingent Resource and 2U Prospective Resource and the Ocean Hill South 2U Prospective Resource is set out in ASX announcement dated 27 August 2025 entitled “Ocean Hill Resource Update”. The above announcement is available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms it is not aware of any new information or data that materially affects the information included in the referenced announcements and that all the material assumptions and technical parameters underpinning the estimates in those announcements continue to apply. Forward looking Statements Statements contained in this Interim Financial Report, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike, industry g rowth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘budget’, ‘outlook’, ‘schedule’, ‘estimate’, ‘target’, ‘guidance’ ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this document regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike. Actual results, performance, actions and developments of Strike may differ materially from those e xpressed or implied by the forward-looking statements in this Interim Financial Report. Such forward-looking statements speak only as of the date of this document. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy . There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this Interim Financial Report in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completene ss of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward -looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this Interim Financial Report will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity STRIKE ENERGY LIMITED ABN Quarter ended (“current quarter”) 59 078 012 745 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 18,146 18,146 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (5,966) (5,966) (d) staff costs (1,792) (1,792) (e) administration and corporate costs (3,602) (3,602) 1.3 Dividends received (see note 3) - - 1.4 Interest received 303 303 1.5 Interest and other costs of finance paid (1,217) (1,217) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (cost recoveries from JVs) 240 240 1.9 Net cash from / (used in) operating activities 6,112 6,112 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (112) (112) (d) exploration & evaluation (1,597) (1,597) (e) investments - - (f) oil & gas assets (25,897) (25,897) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (Security deposit) - - 2.6 Net cash from / (used in) investing activities (27,606) (27,606) 3. Cash flows from financing activities 87,665 87,665 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (1,504) (1,504) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings (648) (648) 3.8 Dividends paid - - 3.9 Other (security deposit) 449 449 3.10 Net cash from / (used in) financing activities 85,962 85,962 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 41,095 41,095 4.2 Net cash from / (used in) operating activities (item 1.9 above) 6,112 6,112 4.3 Net cash from / (used in) investing activities (item 2.6 above) (27,606) (27,606) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 85,962 85,962 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held (461) (461) 4.6 Cash and cash equivalents at end of period 105,102 105,102 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 102,627 38,051 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (share of JV bank accounts and bank deposits) 2,475 3,044 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 105,102 41,095 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 250 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 115,000 79,911 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 115,000 79,911 7.5 Unused financing facilities available at quarter end 35,089 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Macquarie Bank Limited: Tranche A1 - $60 million secured facility with interest rate of 6% margin + BBSW and maturing 31 March 2029. Asset Finance Facility - $49 million committed asset finance facility with $13.9 million drawn to date with interest rate at 7.6% + BBSY (escrow period) or 6.0% + BBSY (lease period). The expected lease commencement date is October 2026 with expiry date 60 months from lease commencement date. Rabobank facility – secured facility - $6 million Interest rate – 3.25% plus BBSW Maturity date – 31 August 2027 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 6,112 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,597) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 4,515 8.4 Cash and cash equivalents at quarter end (item 4.6) 105,102 8.5 Unused finance facilities available at quarter end (item 7.5) 35,089 8.6 Total available funding (item 8.4 + item 8.5) 140,191 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ...29 October 2025..................................................... Authorised by: ...Tim Cooper (CFO & Company Secretary)............. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only
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1 Quarterly Activities & Financials Q1-FY26 Flow testing at South Erregulla-1 & engine hall, kiosks and switchyard foundations For personal use only
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2 Summary information This presentation contains summary information and statements about Strike Energy Limited (ASX:STX) (Strike), its subsidiaries and their respective activities, which is current as at the date of this presentation (unless otherwise indicated). The information in this presentation is general in nature and does not purport to be exhaustive. For example, this presentation does not purport to contain all of the information that investors may require in evaluating a possible investment in Strike . It has been prepared by Strike with due care but no representation or warranty, express or implied, is provided by Strike in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation. This presentation should be read in conjunction with Strike’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the ASX website (at www.asx.com.au) and the Strike website (at www.strikeenergy.com.au). No person other than Strike has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. Strike, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it. Strike does not make any representations or warranties (express or implied) to you about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). Not an offer, and not investment or financial product advice This presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This presentation has not been lodged with the Australian Securities and Investments Commission. This presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Strike, or any other financial products or securities, in any place or jurisdiction. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this document have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice) or a recommendation to acquire any securities of Strike. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Any investment decision, should be made based solely upon appropriate due diligence and other inquiries. Before making any investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Strike is not licensed to provide financial product advice in respect of an investment in securities, and do not purport to give advice of any nature. An investment in any listed company, including Strike, is subject to risks of loss of income and capital. Past performance Past performance metrics and figures, as well as pro forma financial information, included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Strike’s views on Strike's future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Strike, including in relation to the historical trading price of shares, production, reserves and resources, costs and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Investment risk As noted above, an investment in shares in Strike is subject to investment and other known and unknown risks, some of which are beyond the control of Strike. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Strike in the future. Strike does not guarantee any particular rate of return or the performance of Strike, nor guarantee the repayment of capital from Strike, or any particular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Strike, and the impact that different future outcomes may have on Strike. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. Cautionary note and disclaimer For personal use only
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3 Highlights for Q1-FY26 Ocean Hill resources certified 180 PJ 2C Contingent Resource1 $86 million strategic placement completed alongside $1.7 million raised via Share Purchase Plan First Jenbacher engines arrived on site at South Erregulla South Erregulla-1 workover complete 1. Refer Important Notices at the end of this presentation for information relating to Reserves and Resources. For personal use only
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4 $31.1m (+35%) Development Expenditure $0.6m (-92%) Exploration & App. Expenditure Q1 FY26 Financial Results Development expenditure includes: ~$30m at South Erregulla Peaking Power Plant ~$1m at Walyering relating to compression installation Exploration expenditure primarily relates to West Erregulla G&G Commentary As at 30 September 2025, Available Liquidity includes $105.1m cash and $35.1m of available undrawn debt No debt was drawn during the quarter A total of 2.1 PJ of sales gas was produced at ~23 TJ per day 180 TJ of gas purchased via 3rd parties and sold through existing contracts Average realised price remains stable $18.8m (+2%) Total Sales Revenue $104.46 (-1%) Avg. Realised Condensate Price (per bbl) $7.38 (-) Avg. Realised Gas Price (per GJ) $140.2m (+84%) Available Liquidity Key Highlights for Quarter ending 30 September 2025 For personal use only
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5 A proven WA gas developer, positioned at the intersection of a surging energy-demand cycle and tightening firm-capacity supply Reasons to Invest The AI and data-centre boom is driving unprecedented electricity demand globally. IEA expects data-centre consumption to double by 2030 (S&P Global, 2024 summary of IEA data) AI runs on compute. Compute runs on power WA’s exit from coal fired power generation by 2030 will remove >1 GW of dispatchable capacity AEMO’s 2025 WEM ESOO forecasts firm-capacity deficits emerging mid-decade, requiring new gas and storage builds Strike owns ~3,000 km² of Perth Basin acreage, close to the SWIS load centre, uniquely placed to supply and firm WA’s grid Perth Basin gas provides reliable firming capacity for AI-driven data centers and industry electrification. With gas and power integration, Strike is one of few ASX names providing direct exposure to the “Infrastructure of Intelligence” theme in Western Australia Strike Energy (ASX:STX) “The AI revolution is creating a global race for reliable power, and Australia is part of it.” (International Energy Agency, Data Centres & AI Brief, 2024) “The growth of data centers and the adoption of AI rely on the availability of electric power. Opportunities for investors in power infrastructure and adjacent sectors are quickly emerging.” (McKinsey & Co., How data centers and the energy sector can sate AI’s hunger for power, 2024) For personal use only
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6 Strike Portfolio Overview L25 50% Walyering East (STX 100%) Waitsia Lockyer & North Erregulla Beharra EP469 50% EP503 100% EP505 100% EP506 100% EP495 100% EP488 100% EP447 100% EP489 100% Walyering (STX 100%) Woodada Ocean Hill (STX 100%) South Erregulla (STX 100%) West Erregulla (STX 50%) PGP The Precinct (STX 100%) Operator in all permits Erregulla Deep (STX 50%) L23 100% L24 100% DBNGP Kadathinni (STX 100%) EP504 100% STX 50%, Operator Pre-FID status Recent near-field gas discovery at Erregulla Deep and 3D seismic acquired to inform a resource update on track to be independently certified by end of 2025 Multiple attractive midstream development options West Erregulla & Erregulla Deep STX 100%, Operator 85 MW integrated peaking gas power Under construction On target for online 1 October 2026 Engine hall construction complete with 15 of 20 engines on site and being installed Remaining 5 engines shipped, expected to arrive in November Transmission civils to commence in Nov 2025 STX 100%, Operator Online Producing at current rate of 20 TJ/day and filling 5 TJ/day via 3 rd party gas purchases Purchasing gas on market whilst prices are soft to mitigate shortfall Field extension projects including compression and near-field exploration drilling being advanced Walyering STX 100%, Operator Highly prospective exploration targets inc. Ocean Hill & Kadathinni Newly acquired 3D & 2D seismic shows significant prospectivity with drill targets identified Ocean Hill independent certification complete Exploration South Erregulla For personal use only
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7 On the Ground at South Erregulla Construction on track for targeted completion date of 1 October 2026 Overall total project progress of 56% against baseline. All Jenbacher engines have been shipped, with 15 of 20 now being installed on site. Engine hall construction complete. Kingia South Switchyard civil works complete. Workover of the South Erregulla-1 well completed in preparation for production. Earthworks for transmission and connection switchyards to commence in Q4 CY2025. For personal use only
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8 Central to WA’s energy transition For personal use only
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9 Information regarding Reserve and Resource Estimates Unless otherwise stated, references in this report to the Ocean Hill 2C Contingent Resource and 2U Prospective Resource and the Ocean Hill South 2U Prospective Resource is set out in ASX announcement dated 27 August 2025 entitled “Ocean Hill Resource Update”. The above announcement is available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms it is not aware of any new information or data that materially affects the information included in the referenced announcements and that all the material assumptions and technical parameters underpinning the estimates in those announcements continue to apply. Forward looking statements This presentation contains forward looking statements about Strike. Often, but not always, forward looking statements can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements in this presentation regarding intent, belief, expectations, plans, strategies and objectives of management, indications of and guidance on synergies, future earnings or financial position or performance, future acquisitions, anticipated production rates or construction commencement dates, costs or production outputs for each of Strike and the future operation of Strike. Strike does not make any representation or warranty as to the currency, accuracy, reliability or completeness of any forward-looking statements contained in this presentation. To the extent that this presentation materials contains forward looking information, the forward-looking information is subject to a number of risks, including those generally associated with the gas industry more broadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework within which Strike operate or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and other environmental issues, the recruitment and retention of key personnel, industrial relations issues, litigation and outbreaks of disease or pandemics (including the continuation or escalation of the global COVID-19 pandemic). Any such forward looking statements are based on assumptions, qualifications and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider any forward-looking statements contained in this presentation in light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward looking statements are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Strike. Any forward-looking statements are based on information available to Strike as at the date of this presentation. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this presentation in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and its directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide any additional or updated information, whether as a result of new information, future events or results or otherwise (including to reflect any change in expectations or assumptions). Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Strike or any other matter the subject matter of this presentation), create an implication that there has been no change in the affairs of Strike since the date of this presentation. Effect of rounding and Financial data A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All dollar values are in Australian dollars ($ or A$ or AUD) unless stated otherwise. All references to USD or US$ or USD are to the currency of the United States of America. For personal use only