Announcement PDF ANNUAL REPORT 2024 Strike is a leading Western Australian energy business, integrating the substantial natural gas resources and the world class renewable energy potential of the Perth Basin region, to pave the way to a lower carbon future. ABOUT STRIKE MANAGING DIRECTOR’S REPORT CHAIRMAN’S LETTER OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Contents About Strike Key Statistics FY24 Highlights 2 3 3 Chairman’s Letter 4 Managing Director’s Report 6 Operations and Project Overview 10 Directors’ Report Reserves and Resources Operating and Financial Review Remuneration Report Auditor’s Independence Declaration Directors’ Declaration 26 30 32 37 53 54 Financial Report Financial Statements Notes to Financial Statements Independent Auditors Report 55 56 60 101 Additional Securities Exchange Information Corporate Directory 107 109 Important Notices Power Project The development of the Power Project is contingent on, among other things, the award of Network Access Quantity (NAQ) in support of the Certified Reserve Capacity awarded in August 2024, execution of definitive documentation and satisfaction of the conditions precedent to and financial close under the Macquarie Bank project finance facility for the Power Project (details of which were released to ASX on 21 June 2024), execution of all required procurement contracts, and obtaining all requisite regulatory and stakeholder permits, approvals, licences and authorisations. The forecast capital and operating expenditures and revenue for the Power Plant have been modelled based on the assumptions and information set out or referred to in this report, are to the level of accuracy as specified or referenced in this report, and are subject to change. These forecasts are, by their nature, forward looking statements and subject to the same risks as other forward looking statements (see below). Future Statements Statements contained in this report are or may be forward looking statements. All statements in this report regarding the outcomes of preliminary and definitive feasibility studies, projections 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 Energy may differ materially from those expressed or implied by the forward-looking statements in this report. Such forward-looking statements speak only as of the date of this report. Refer to the risk factors set out in Talon Energy Limited’s Scheme Booklet dated 3 November 2023 in relation to the acquisition by Strike Energy (through its wholly owned subsidiary) of all of the issued shares in Talon Energy by way of scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) and to page 32 of this report for a summary of certain general, Strike Energy specific and acquisition specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including the risk factors set out in the aforementioned document. Investors should consider the forward looking statements contained in this 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 document will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this report. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 1 ABOUT STRIKE MANAGING DIRECTOR’S REPORT CHAIRMAN’S LETTER OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT About Strike Strike Energy Limited (ASX:STX) is a leading ASX listed Australian energy business aspiring to be Australia’s lowest cost onshore energy producer. Strike is an independent gas producer, developer and explorer focused on its high-quality conventional gas resources in the Perth Basin. Our primary objective is to provide sustainable, low-cost, and reliable gas to the domestic market in order to support the Western Australian energy transition away from coal fired power and to enable the growth of the State’s mining and minerals industry. Strike was incorporated in 1997 and listed on the ASX in 2004. Strike has recently evolved into a trailblazer in the Australian energy landscape, focused on creating value for our shareholders and the community through our Perth Basin assets. Through strategic partnerships, cutting-edge technology, and a dedicated team of industry experts, we aim to achieve remarkable outcomes in even the most challenging geological and logistical settings. About this Report This 2024 Annual Report is a summary of Strike’s operations, activities and financial position for the 12-month period ended 30 June 2024. In this report, unless otherwise stated, references to ‘Strike’, the ‘company’, ‘we’, ‘us’ and ‘our’ refer to Strike Energy Limited and its subsidiaries. The Glossary defines terms used in this report. This report contains forward-looking statements. Please refer to page 1, which contains a notice in respect of these statements. All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated. Due to rounding, figures and ratios in tables and charts throughout this report may not reconcile to totals. An electronic version of this report is available on Strike’s website www.strikeenergy.com.au. The 2024 Corporate Governance Statement can be viewed on our website on the Corporate Governance page. An electronic version of this report is available on Strike’s website www.strikeenergy.com.au. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 2 ABOUT STRIKE MANAGING DIRECTOR’S REPORT CHAIRMAN’S LETTER OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Key Statistics1 2P RESERVES 316 PJe 391 PJe 15 45 FY24 GROSS PRODUCTION 2C RESOURCES 211 7 PJe 16 37 41 306 West Erregulla Walyering South Erregulla Ocean Hill FY24 Highlights WELLS DRILLED WALYERING CONSTRUCTED AND COMMISSIONED Plant Reliability >98% 256km 484km ² TERMS FOR OF 3D AND $153m OF 2D FUNDING PACK AGE AGREED WITH MACQUARIE BANK* SEISMIC ACQUIRED TOTAL SALES REVENUE ~$46m 5 REALISED GAS PRICE $7.45/GJ 1. Current as at 1 July 2024 for Walyering and for all other fields as at 30 June 2024. * Financing package remains subject to definitive documentation. Refer to ASX announcement “Terms Agreed for $153 million Development Funding Package” dated 21 June 2024. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 3 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Chairman’s Letter Dear Shareholders, The 2024 Financial Year was one of successes and frustrations for Strike. Pleasingly, we brought the Walyering gas discovery safely online in a record 22 months, transitioning the company from explorer to producer. The Walyering asset has been transformational for Strike and during the reporting period we acquired our joint venture partner, Talon Energy, to own 100% of Walyering and the surrounding EP 447 exploration acreage. The healthy cash flows from the 100% owned Walyering field are enabling us to build both balance sheet strength and the capacity to secure attractive debt funding. Together, this will finance the exploration and development of our highly attractive portfolio of Perth Basin assets without the need for additional equity. On the other side of the ledger, we were extremely disappointed with the non-commercial flow tests from the South Erregulla 2 and 3 appraisal wells. The resultant substantial downgrade in our market value was brutal and, in our view, overdone. Strike’s board and executives take full responsibility for this significant setback and are fully committed to restoring the lost value to the Company, as evidenced by the recently announced proposed peaking power plant to be constructed adjacent to the successful South Erregulla 1 well. The Company’s strategic choice to take South Erregulla in a unique direction via the development of Australia’s first fully integrated peaking gas power station shows the innovation, risk tolerance and creativity that has driven some of our historic exploration successes. The power project aims to generate a higher dollar-per-gigajoule return from the field than would otherwise have been achieved through gas production alone. only looks to restore value to the South Erregulla field and, in turn, the Company, but also reaffirms Strike’s commitment to a lower carbon future for Western Australia. Strike remains steadfast in its commitment to sustainability and our vision to be Carbon Neutral by 2030. Our Walyering facility, powered 100% by solar and batteries, has achieved a reliability of 98% uptime since being brought online, demonstrating why we continue to strive to minimise the carbon intensity of our projects. The Federal Government’s Future Gas Strategy, released earlier this year, underscores the vital role natural gas plays in securing our energy future. As a cornerstone of Australia’s energy mix, natural gas not only fuels economic growth and innovation but also supports our transition to a cleaner, more sustainable energy environment. This stance reinforces our strategic approach to leveraging Australia’s huge natural gas resources to meet the energy demands of today while building the low-emissions solutions of tomorrow. The proposed peaking power plant will provide a flexible, lower carbon-intensity source of electricity that will complement renewables, as Western Australia continues to commit to retiring coal fired power generation by the end of the decade. This project not STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 4 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT During the reporting period, Strike participated in the Parliamentary Inquiry into the Western Australian Domestic Gas Policy. Prior to the publishing of this annual report, Strike welcomed a change in policy from the WA Government, which will allow Strike to export 20% of its total gas production until the end of 2030. This change in policy represents a potentially lucrative monetisation option that will complement our existing gas marketing arrangements. We continue to work collaboratively with the Western Australian Government with the aim of ensuring that we have a domestic gas market satisfying the needs of consumers without negating the investment case for Strike and others to bring on new supply. OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT I want to express my deep appreciation to our dedicated and passionate team, who continue to achieve outstanding results. Despite our Company’s modest size, our team continues to deliver outcomes that rival, and often surpass, those of our peers. I have full confidence that we have the right team to continue to deliver on our stretch targets. On behalf of the board and management of Strike, my thanks again to our loyal shareholders, many of whom have supported Strike over an extended period. We appreciate this year has been tough for our investors and extend our deep gratitude to those who continue to back us. Yours sincerely, Following the reporting period Strike, together with its joint venture partner, Warrego Energy, made a significant gas discovery at Erregulla Deep (“ED”). ED-1 was the deepest well ever drilled in onshore Australia and we are delighted to have discovered a high quality, low impurity conventional gas accumulation next to West Erregulla. As it moves towards its Final Investment Decision, this sets the West Erregulla project up nicely with potential additional Reserves and Resources, pending a successful flow test. John Poynton AO Chair – Strike Energy Limited STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 5 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Managing Director's Report Dear Shareholders, The past year has been transformative for Strike as we graduated from an explorer to a producer and solidified our position as a major player in the Western Australian energy market. Our continued investment into the high-profile Perth Basin has seen us become a trailblazer in the Australian energy industry. Our achievement in bringing Walyering online, our first gas production facility and the first in Western Australian for over 10 years, and completing our transformation from explorer to producer is one that we are incredibly proud of. Over the year we saw a continued focus on the energy security of Western Australia and the country as a whole. Gas market conditions have remained steady at all-time highs whilst the Australian Energy Market Operator (AEMO), along with research houses Rystad and Wood Mackenzie, continue to forecast a volatile road ahead for gas supply in the coming decade. Whilst supply and demand look finely balanced over the next 5 years, the supply gap drastically opens towards the end of the decade when the Western Australian government plans to retire its two aging, state-owned, coal power plants. This market dynamic has provided us with an excellent opportunity to leverage our substantial reserves position in the Perth Basin and create near-term value for our shareholders and the community through both the sale of natural gas and the pivot into gas-fired power generation. We remain committed to our WA government endorsed Gas Acceleration Strategy, which looks to fast track the exploitation of our discovered reserve base and the proving up of additional reserves across our Perth Basin assets, which include Greater Erregulla, Walyering and Ocean Hill. With Walyering now online, and two near-term, large-scale projects tracking towards Final Investment Decisions, this strategy, if executed, will see Strike become a major contributor to the Western Australian energy system with the potential to create substantial value for shareholders. We also welcomed the changes to the WA domestic gas policy post the reporting period. Strike will now augment its Gas Acceleration Strategy to seek to incorporate the opportunity to export 20% of its production until the end of 2030. I would like to reiterate that the Board of Directors and I are committed to restoring the value that has been lost post the recent South Erregulla appraisal campaign. The pivot to integrated power at South Erregulla capitalises on the incremental value that gas to power projects can generate from the sparkspread during peak power prices and Western Australia’s capacity credit mechanism. Upon receiving confirmation of our minimum network access quantity, we look forward to taking a Final Investment Decision on the project and adding a new leg to our energy strategy and decarbonisation agenda. Strike continued to demonstrate its Basin leading exploration success with discoveries at Walyering-7 and Erregulla Deep. The Walyering-7 discovery is scheduled to commence production prior to the end of the year and, on successful testing, Erregulla Deep has the opportunity to add additional Reserves and Resources to our portfolio. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 6 ABOUT STRIKE MANAGING DIRECTOR’S REPORT CHAIRMAN’S LETTER Health, Safety, Environment, Community and People During what has been an exceptionally busy year of operations, the Strike team constructed and commissioned the Walyering Gas Processing Facility, drilled five wells, and carried out two flow tests and two seismic surveys, with a total of 300,901 exposure hours and one reportable injury. This represents a 93% increase in exposure hours from FY23 and, whilst we regret to report our first lost time injury in 8 years of management, thankfully the individual will make a full recovery and has been able to return to work. This incident is a timely reminder to our team and reiterates the need to continue our focus on the integrity of our safety systems. This past year we continued to build sustainability into our core business. The Walyering gas facility, which is powered 100% by solar and battery, has been a fantastic demonstration of the ability to integrate the Perth Basin’s world-class renewable energy into our projects to deliver natural gas with a lower carbon intensity compared to industry standards. We plan to continue using an emissions design-out methodology for all of our projects, which will help us to achieve our goal of being carbon neutral by 2030. Strike’s proposal to integrate the South Erregulla gas field into a dedicated peaking gas power station to firm local renewable power generation, is a clear demonstration of how Strike is using its gas endowment for a positive impact in Western Australia’s energy transition. Strike takes great pride in and remains dedicated to fostering strong partnerships with the communities and Traditional Owners in the Mid West region of Western Australia where we operate. Our community consultation, engagement, and investment initiatives offer valuable opportunities for us to connect with those most affected by our activities. We appreciate everyone who takes the time to collaborate with us as we strive toward a reliable and cleaner energy future. OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Asset and Project Overview FY24 saw significant progress and major milestones achieved across our Perth Basin assets. At Walyering, we: • completed construction of the 33 TJ/d gas processing plant in mid-September 2023; • commenced firm gas sales of 20 TJ/ day into the Santos WA Energy Ltd contract on 1 October 2024; • expanded our marketing activities with a 100% take or pay agreement for 5 TJ/day to Alinta Energy WA Pty Ltd, increasing our total firm offtake to 25 TJ/ day; • executed a Gas Transportation Agreement with APA Group to mitigate marketing constraints by allowing up to 10 TJ/d of sales gas to be delivered from the Parmelia Gas Pipeline into the Dampier to Bunbury Natural Gas Pipeline expected from late 2024; • achieved remarkable reliability with online time >98%; • drilled the Walyering 7 appraisal well post the reporting period, where the presence of a conventional gas and condensate accumulation was confirmed with 23m of net pay in the primary objectives within the Cattamarra Formation. Reserves methodologies have changed since we commenced production which have narrowed the range of outcomes. Whilst we have seen a downward revision of independently certified Reserves at Walyering after the first year of production, this has partially been offset by the Walyering-7 additions and Strike retains 2P reserve coverage for its contractual volumes. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 7 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT MANAGING DIRECTOR’S REPORT • At South Erregulla, we: • conducted a significant appraisal program in the South Erregulla field, and whilst the results weren’t what we were hoping for, the program was conducted safely, on time and within budget; • engaged independent reserves auditors, Netherland Sewell & Associates Inc. (NSAI) to recertify the field following the results from the South Erregulla appraisal campaign, with a combined 82 PJ of 2P plus 2C Reserves and Contingent Resources net to Strike2; • strategically pivoted into a gas to peaking power project to optimise the South Erregulla recertified reserves and to capitalise on several key opportunities, including: • 2. the incremental value generated by integrated gas-to-power projects, particularly from the spark-spread during periods of short-term power price spikes coinciding with lower renewable generation; • • • the capacity credit mechanism now in effect in Western Australia, which provides a high degree of confidence in the project’s return profile through payments from the WA Government; Strike’s geographical competitive advantage over traditional WA domestic gas market incumbents in the Carnarvon Basin and other non-integrated generators; and the extensive planning and existing approvals already secured for the previous South Erregulla domestic gas project; and submitted an application to the Australian Electricity Market Operator (AEMO) for the award of capacity credits and network access for the proposed 85 MW fully integrated peaking gas power plant on Strike’s Precinct, which has been subsequently awarded post the reporting period and paves the way for South Erregulla’s path to market with a proposed Final Investment Decision by the end of this calendar year. 2P Reserve: 45 PJ, 2C Resource: 37 PJ, net to Strike. Refer to page 31 for important information regarding oil and gas reserve and resource estimation. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 8 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT MANAGING DIRECTOR’S REPORT At West Erregulla: • we continued to work with our Joint Venture partners, Warrego Energy EP 469 Pty Ltd, as we move towards taking a Final Investment Decision with Australian Gas Infrastructure Group (AGIG) for the construction and tolled gas processing services for the proposed 87 TJ/ day gas plant; • we received the Part IV environmental EPA approval for the upstream infrastructure and, post the reporting period, also received Production Licence L25 over the West Erregulla field. These two major milestones further de-risk the path for the development of the West Erregulla gas field, which, as Strike’s flagship asset, will be a timely and major source of new gas in Western Australia. • the legacy fixed price firm gas supply agreement with CSBP Limited expired at the conclusion of the financial year and reverted to the original option for gas supply under the Gas Sales Option Agreement announced on 29 May 2019 for up to 25TJ/day and a total of 100 PJ. Strike is actively working with CSBP in respect to the exercise of that option supported by the initial development at West Erregulla. • post the reporting period, we drilled the high impact Erregulla Deep-1 exploration well to the east of the West Erregulla field within EP469 where we made a significant, low impurity conventional gas discovery across 28m of net gas pay in the Kingia and High Cliff Sandstones; Other exploration activities included successfully acquiring 256 km2 of 3D seismic over the large, Jurassic aged Ocean Hill gas discovery in EP495, which, subject to results, will allow us to mature an appraisal well location. Further, 484km of new 2D seismic over the large Arrino-Kadathinni complex on the Tathra Terrace (EP503, EP504 and EP505), where our recent discovery at Erregulla Deep has been exceptionally encouraging for the prospectivity of this corridor. of the Walyering gas field in L23 and adjoining exploration acreage in EP447, as well as providing us with 25% equity in L7 and EP437. Strike agreed terms, subject to completion of definitive documentation, for a $153 million financing package with Macquarie Bank Limited to refinance its existing facility on revised and improved terms. Currently, the Company has a strong liquidity position of ~$86 million ($39 million of cash and $47 million of committed, based on existing undrawn debt facilities) at the end of the financial year and a pathway to further committed funding as we approach our two major development projects in the coming year. Conclusion At the conclusion of another busy year at Strike we are poised for the commencement of what we see as a growing cashflow over the coming decade. Whilst never a straight line to success, Strike continues to adapt, learn and apply its resources and capabilities where it can see strong and long term returns to its shareholders. We continue to demonstrate that we are best in class explorationists, and we expect that, with every incremental project, we will deliver faster outcomes and better returns as Strike matures into a significant supplier of domestic energy. I would like to offer my sincere thanks and appreciation to our entire team, with special thanks to my fellow Executives, and also a strong acknowledgement to our Chair John Poynton AO and the Board for the ongoing support and direction. Lastly, I would also like to thank you, our shareholders, for continuing to support our evolving company and its exciting prospects now, and over the coming years. We have a very bright future at Strike, and I look forward to continuing to deliver these critical energy projects and the prosperity that our communities, shareholders and economy will enjoy as a result. Yours sincerely, Corporate During the reporting period, we completed the acquisition of Talon Energy Limited by Scheme of Arrangement, whereby Talon shareholders received 0.4828 new Strike shares for each Talon share held. This transaction consolidated 100% Strike ownership Stuart Nicholls Managing Director and Chief Executive Officer STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 9 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Operations and Project Overview 1 West Erregulla Discovered by Strike in 2019, West Erregulla is Strike’s flagship project, with 50% equity and operatorship of production licence L25 and exploration permit EP469. West Erregulla holds an independently certified gross 2P Reserve of 422 PJ and gross 2C Resource of 30 PJ (50% net to Strike).3 Strike also recently made the significant Erregulla Deep discovery immediately to the East of West Erregulla which, subject to flow test results, may generate a material increase in Reserves. 2 South Erregulla Discovered by Strike in 2022, South Erregulla is 100% owned and operated within production licence L24 and exploration permit EP503. South Erregulla holds an independently certified net 2P Reserve of 45 PJ and net 2C Resource of 37 PJ4, which will provide more than 25 years of reserves coverage for Strike’s proposed 85 MW peaking gas power plant5 to be constructed on the Strike owned Precinct. 3 Ocean Hill Ocean Hill is 100% owned and operated by Strike. Discovered in 1991, Ocean Hill was drilled to test the Jurassic play that has since been proven at Walyering. Since the success at Walyering, RISC have independently certified net 306 PJ of 2C Resources within the Ocean Hill structure6. 4 Walyering Originally discovered in 1971, Strike appraised the field in 2021, making a significant discovery with the Walyering-5 well. Within 22 months, Walyering became Strike’s maiden producing asset. Brought online in September 2023, the field is currently supplying 25 TJ/d to Western Australia’s domestic gas market. The field has been certified to contain net 41 PJe of 2P Reserves plus 16 PJe of 2C Resources.7 Walyering is 100% owned and operated by Strike. 5 Perth Situated on Kings Park Road, West Perth is home to Strike’s corporate headquarters and remote operations centre. 3. Refer to page 31 for important information regarding oil and gas reserve and resource estimation. 4. Refer to footnote 3. 5. Project life modelled on average throughput of ~1.3 PJ per annum. Refer to ASX announcement “Peaking Power Plant submission supported by South Erregulla” dated 24 June 2024 for key assumptions and information relating to the project. 6. Refer to footnote 3. 7. Refer to footnote 3. STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 10 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT 1 2 Perth Basin Permits Gas Fields Strike Permits 0 250 500 3 1000 Kilometers WESTERN AUSTRALIA PERTH 5 4 STR I KE E N E R GY L I M I TE D AN N UAL R E P O RT 2 0 2 4 11 ABOUT STRIKE CHAIRMAN’S LETTER MANAGING DIRECTOR’S REPORT OPERATIONS & PROJECT OVERVIEW DIRECTORS’ REPORT FINANCIAL REPORT Operations and Project Overview Strike holds a commanding acreage position in the onshore, northern Perth Basin. The adjacent map details our expansive acreage holding, which covers both the prolific Permian gas play in the north and the Jurassic wet-gas play in the south. The Perth Basin stretches over 400 km from Perth to Geraldton and contains significant gas fields, such as Beach Energy and Mitsui’s Waitsia and Beharra Springs, and Mineral Resources’ Lockyer and North Erregulla. Strike’s flagship Greater Erregulla Permian Gas fields hold the majority of our 2P Reserves (256 PJ, net to Strike), with the condensate rich Walyering Gas Field holding the remainder (41 PJe, net to Strike).8 Strike’s Perth Basin acreage is