Earnings release
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STRIKE ENERGY QUARTERLY REPORT 30th July 2026 Q4 FY26 Strong Operational Execution Positions Strike for FY27 Q4 FY26 Highlights South Erregulla Power Station achieved mechanical completion during the quarter, with Western Power commencing commissioning of the network connection infrastructure on 21 July 2026. Strong safety performance, with no major HSE incidents recorded during a period of intense operational activities across South Erregulla and Walyering sites. 1 PJe of gas and condensate produced at Walyering, generating $13.1 million in gas sales revenue (including the on sale of third-party gas) at an average realised price of ~$7.09/GJ. Walyering West-1 was safely and successfully drilled, evaluated and tested, confirming a new conventional gas accumulation within the primary target of the Cattamarra Formation sandstones. Assessment continues on viability of well tie-back into the Walyering facility. 2026 WEM ESOO released during the quarter reaffirmed the long-term need for firm, flexible generation, supporting the strategic positioning of the South Erregulla Power Project. Progress continues to be made in selecting the preferred gas processing solution for West Erregulla with a more fulsome update to be made once the terms of arrangements are sufficiently progressed. ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement
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Strike Energy | Quarterly Report Q4 FY26 2 Comments from Managing Director and CEO, Shelley Roberston Strike enters FY27 having made material progress across both its producing and development assets. At South Erregulla, we have materially de-risked the project with the mechanical completion of the upstream facilities. Construction works are well progressed across the switchyards and tie-in connection, with Western Power now conducting commissioning works as part of the grid connection process. The project continues to make good progress toward commercial operations. At Walyering, the successful drilling and flow testing of Walyering West-1 has provided valuable technical information that will be incorporated into our ongoing evaluation of the field. The results provide a strong foundation as we assess the commerciality of the accumulation. Alongside our near-term operational priorities, West Erregulla remains a key strategic focus for Strike. We are actively progressing constructive discussions with potential counterparties to identify the optimal development pathway and deliver long-term value for shareholders. During FY27, our focus remains on safe and disciplined execution across the portfolio, progressing our key strategic priorities and delivering long-term value for shareholders. Shelley Robertson Managing Director and CEO
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Strike Energy | Quarterly Report Q4 FY26 3 Key Performance Metrics A$ million unless indicated Mar Q3 FY26 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Production (PJe) 1.12 0.99 -12% 9.22 5.90 -36% Sales volume1 (PJe) 1.86 1.72 -8% 9.34 8.28 -10% Sales revenue 13.72 13.08 -5% 72.72 62.79 -14% Cash and cash equivalents 37.13 46.28 25% 41.10 46.28 13% Undrawn debt 0.00 0.30 >100% 35.10 0.30 -99% Total Liquidity 37.13 46.58 25% 76.20 46.58 -39% Sales Volumes Sales by product (net to Strike) Mar Q3 FY26 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales gas PJ 1.81 1.68 -7% 8.87 8.06 -9% Condensate kbbl 8.55 6.55 -23% 59.93 37.98 -38% Total Sales Volumes PJe 1.86 1.72 -8% 9.22 8.28 -10% Total Own Product PJe 1.12 0.99 -11% 9.22 5.91 -36% Total Third Party PJ 0.75 0.73 -3% 0.00 2.37 >100% Production Metrics Production by product (net to Strike) Mar Q3 FY26 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales gas PJ 1.07 0.96 -10% 8.87 5.69 -36% Condensate kbbl 8.78 5.46 -38% 59.93 35.32 -41% Total Production PJe 1.12 0.99 -12% 9.24 5.90 -36% Total Production MMboe 0.18 0.16 -12% 1.51 0.96 -36%
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Strike Energy | Quarterly Report Q4 FY26 4 Production, Exploration and Development Walyering (L23 & EP447, 100% and operator) • Production of 0.99 PJe of gas and condensate at ~15 TJ/d of sales gas and 85 bbls/d of condensate whilst in operation. • Lower production volume due to 27 days of downtime related to compression installation and commissioning. • A total of 0.73 PJ (~40% of total sales) was purchased on market from third parties and sold via current firm offtake agreements. • Commissioning activities for the two gas compression packages progressed during the quarter. During commissioning, a number of routine start-up and rectification items were identified, resulting in an extension of the planned shutdown to enable additional works to be completed. • Post quarter end, the majority of commissioning activities have now been completed, with final equipment rectification and Site Acceptance Testing remaining prior to first gas through the compression facilities. • Walyering West-1 was safely and successfully drilled, evaluated and tested, confirming a new conventional gas accumulation within the primary target of the Cattamarra Formation sandstones. Flow testing demonstrated: • Cattamarra C1 Sand stabilised flow at 11 MMscf/day. • Low CO2 content (~1-2%). • Higher condensate yield than existing Walyering production. • Strike is now completing post-test interpretation, pressure analysis and updated Reserves and Resources estimates to determine commerciality of the accumulation.
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Strike Energy | Quarterly Report Q4 FY26 5 South Erregulla 85MW Peaking Gas Power Project (L24, STX 100% and operator) • The South Erregulla 85 MW Peaking Gas Power Project made significant progress during the quarter, transitioning from construction into commissioning; overall project progress as of 30 June 2026 at 94% against baseline. • Strong HSE performance maintained during a sustained period of construction activity, with no major health, safety or environmental incidents recorded. • Major milestones achieved include: • Mechanical completion of the power station package and the upstream gas facilities. • Successful introduction of South Erregulla gas into the system used to commission all 20 generating units. • Upstream gas facilities and power station package placed into preservation mode pending Generator Performance Standard testing. • Foundations completed for the 1.5 kilometer dual-circuit transmission line. • Post quarter end, Western Power commenced commissioning of the downstream switchyards on 21 July 2026. West Erregulla & Erregulla Deep (L25 & L26, STX 50% and operator) • Strike continued evaluating commercial development pathways following the reserves upgrade completed during Q3. • West Erregulla remains a key strategic focus and commercial discussions are being actively progressed to identify the most appropriate development solution and unlock long-term value for shareholders. • Strike will provide the market with a more fulsome update on its progress in selecting the preferred gas processing solution for West Erregulla once the terms of arrangements are sufficiently progressed.
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Strike Energy | Quarterly Report Q4 FY26 6 Western Australia Energy Market • Weighted average price for electricity in the WEM was $118/MWh (up 33% quarter on quarter), with an average peak electricity price (4pm – 9pm) of $131/MWh (up 21% quarter on quarter). • During the quarter, AEMO released the 2026 Wholesale Electricity Market Electricity Statement of Opportunities (ESOO), reaffirming the long-term need for new firm, flexible generation to support reliability as renewable penetration across the South West Interconnected System (SWIS) continues to increase. • The ESOO forecasts continued growth in electricity demand driven by electrification, mining and industrial expansion, alongside ongoing retirement of thermal generation over the medium term. • Increasing levels of renewable generation are expected to drive greater demand for dispatchable generation capable of supporting the system during periods of low wind and solar output, reinforcing the role of fast-start gas generation. • The 2028/29 Benchmark Reserve Capacity Price was determined at $488,500/MW , with AEMO forecasting a modest capacity surplus for the 2028/29 Capacity Year. Based on current forecasts, the Reserve Capacity Price is expected to remain close to the benchmark, although the final price will be determined through the Reserve Capacity Mechanism process later in 2026. • Strike considers the 2026 ESOO to be supportive of the long-term fundamentals for the South Erregulla Power Project, with the project well positioned to provide firm, flexible generation within an increasingly renewable-based electricity market. Corporate & Finance • Shelley Robertson appointed Managing Director and Chief Executive Officer effective 1 June 2026, and Nev Power appointed Non-Executive Chair effective 1 July 2026 following the retirement of John Poynton AO and Mary Hackett from the Board. • Chief Financial Officer Tim Cooper to step down from the role effective 29 September 2026, with a transition and executive search process underway. • Gas sales revenues totalled $13.08 million as a result of selling into current firm gas offtake arrangements. This included on-selling purchased third party gas which totalled 0.73 GJ. Average realised gas prices remained steady at ~$7.09 per GJ. • Capital expenditure totalled ~$51 million. ~$49 million in development costs included ~$25 million at South Erregulla and ~$16 million at Walyering (~$1.3 million relating to compression, ~$14.6 million relating to Walyering West-1). • Exploration expenditure totalled ~$2.1 million, primarily relating to G&A on non-development areas. • During the quarter, $204,000 in payments were made to related parties for director fees.
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Strike Energy | Quarterly Report Q4 FY26 7 Revenue A$ million Mar Q3 FY26 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Sales Revenue (Net to Strike) Gas2 12.78 11.92 -7% 65.87 58.33 -11% Condensate 0.94 1.16 24% 6.84 4.46 -35% Total Sales Revenue 13.72 13.08 -5% 72.72 62.79 -14% Average Realised Prices Gas ($/GJ) 7.05 7.09 1% 7.32 7.24 -1% Condensate ($/bbl) 109.59 176.94 61% 116.78 117.39 2% Capital Expenditure A$ million Mar Q3 FY263 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Exploration and Appraisal 0.90 2.09 133% 32.12 4.77 -85% Development 35.80 48.51 36% 50.23 180.63 260% Total Capital Expenditure 36.69 50.60 38% 82.35 185.39 125% Liquidity A$ million Mar Q3 FY26 Jun Q4 FY26 Qtr on Qtr change FY25 YTD FY26 YTD Change Cash & Cash Equivalents 37.13 46.28 25% 41.10 46.28 13% Available Undrawn Debt 0.00 0.30 >100% 35.10 0.30 -99% Total Liquidity 37.13 46.58 25% 76.20 46.58 -39% Drawn Debt 113.32 158.01 39% 79.91 158.01 98% 2 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. 3 FY26 March Q3 Walyering West drilling costs reclassified from Exploration to Development.
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Strike Energy | Quarterly Report Q4 FY26 8 Petroleum Tenements at the End of the Quarter *Notice of withdrawal given to Operator Figure 1: Strike Energy Permit Map 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 This report is authorised for release by the Board of Directors. Further information Shelley Robertson Managing Director & Chief Executive Officer Strike Energy Limited shelley.robertson@strikeenergy.com.au Follow us on: About Strike Energy Strike Energy (ASX: STX) is a Western Australian independent energy explorer and producer, developing gas from the Perth Basin and Mid- West region. Our primary object is to provide reliable energy to support Western Australia’s energy transition away from coal. Strike holds one of the most strategically significant positions in the onshore Perth Basin, spanning both the Permian gas play in the north and the Jurassic wet- gas play in the south. This unique footprint underpins our integrated portfolio of gas and gas-to-power developments. To learn more, visit www.strikeenergy.com.au.
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Strike Energy | Quarterly Report Q4 FY26 9 Important Notices FORWARD LOOKING STATEMENTS Statements contained in this Quarterly Activities 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 growth, 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 expressed or implied by the forward- looking statements in this Quarterly Activities 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 Quarterly Activities 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 completeness 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 Quarterly Activities 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. Strike Energy | ASX: STX
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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 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 14,140 64,335 1.2 Payments for (a) exploration & evaluation (25) (10,114) (b) development - - (c) production (6,981) (26,920) (d) staff costs (1,234) (4,960) (e) administration and corporate costs (544) (9,485) 1.3 Dividends received (see note 3) - - 1.4 Interest received 267 1,381 1.5 Interest and other costs of finance paid (1,560) (9,710) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (cost recoveries from JVs & FX contracts) 560 2,796 1.9 Net cash from / (used in) operating activities 4,623 7,323 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment (31,447) (151,799) (d) exploration & evaluation (2,248) (4,794) (e) investments - - (f) other non-current assets - -
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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 (12 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 (payment of deposits & advances to JV partners) (5,805) (7,268) 2.6 Net cash from / (used in) investing activities (39,500) (163,861) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 87,665 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 - (1,503) 3.5 Proceeds from borrowings 44,714 78,118 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings (196) (1,702) 3.8 Dividends paid - - 3.9 Other (179) 127 3.10 Net cash from / (used in) financing activities 44,339 162,705 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 37,134 41,095 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4,623 7,323 4.3 Net cash from / (used in) investing activities (item 2.6 above) (39,500) (163,861) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 44,339 162,705
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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 (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held (313) (979) 4.6 Cash and cash equivalents at end of period 46,283 46,283 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 45,859 36,359 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (share of JV bank accounts) 424 775 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 46,283 37,134 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 1 204 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.
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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 158,317 158,006 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 158,317 158,006 7.5 Unused financing facilities available at quarter end 311 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. Total financing facilities at 30 June 2026 include: Macquarie Bank Limited: • Tranche A1 – $60 million secured facility with an interest rate of 6% margin + BBSW and maturing 31 March 2029. • Tranche A2 – $13 million secured facility with an interest rate of 6% margin + BBSW and maturing 31 March 2029. • Tranche B1 – $17 million secured facility with an interest rate of 6% margin + BBSW and maturing 31 March 2029. • Asset Finance Facility – $62.0 million drawn with an interest rate of 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. $311 thousand committed and undrawn at 30 June 2026. Rabobank facility • $6 million secured facility with an interest rate of 3.25% + BBSW and maturing 31 December 2028.
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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. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 4,623 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (2,248) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 2,375 8.4 Cash and cash equivalents at quarter end (item 4.6) 46,283 8.5 Unused finance facilities available at quarter end (item 7.5) 311 8.6 Total available funding (item 8.4 + item 8.5) 46,594 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? 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.
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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 6 + See chapter 19 of the ASX Listing Rules for defined terms. 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: 30 July 2026 Authorised by: By the Board 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, t he 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 the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively .