Announcement PDF 26th June 2025 ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement Strategic Review Outcomes • Strike is strongly positioned to support Western Australia’s energy transition and deliver value for Shareholders • Strike’s value is optimised as a vertically integrated energy company leveraging its leading position and strategically placed assets in the Perth Basin • Strike will refocus its asset portfolio to align to WA’s energy transition demands, exit non-core assets and retain flexibility across gas processing and gas-fired power development pathways to maximise value • Strike’s dispatchable gas-fired generation will play a critical role in supporting the continued penetration of renewable energy by firming the grid and ensuring system reliability during periods of low solar and wind generation • Strike will focus on delivering critical energy infrastructure in the near term to support Western Australia’s energy transition, including: o Deliver the 85MW South Erregulla Peaking Gas Power Station currently under construction o Progress the currently proposed 87 TJ/d upstream development of West Erregulla in conjunction with Hancock Energy o Progressing Ocean Hill as a low-cost, fast-to-market gas asset with proximal pipeline access and minimal processing requirements Strike Energy Limited (Strike - ASX: STX) is pleased to provide an overview of the recently completed Strategic Review. In the first quarter of this year, the Board, with the assistance of Oliver Wyman, commenced a Strategic Review with respect to the Company and its project portfolio with the objective of maximising value for all Strike shareholders in the near and longer term. This review has now been completed, delivering a clear, actionable strategy under new leadership and a restructured team. Recent policy announcements including the Australian Energy Market Operator (AEMO) Electricity Statement of Opportunity (ESOO), confirm the critical role of flexible, dispatchable gas-fired power and domestic gas supply in securing Western Australia’s energy transition. This demand confirms that Strike’s value is optimised as a vertically integrated energy company. With proven delivery capability and a portfolio of optimally located projects, Strike will deliver critical infrastructure aligned with the WA State Government’s recent $7 billion energy transition investment commitment. This will support long term energy security, decarbonisation and economic growth in Western Australia. Strike’s flexible, integrated model allows us to develop vertically integrated gas-fired electricity generation and domestic gas supply, selecting the development pathway that maximises value from our gas resource while contributing to WA’s long-term energy transition. To achieve the full potential of Strike’s assets and as a vertically integrated energy company, Strike will: strike@strikeenergy.com.au ABN 59 078 012 745 www.strikeenergy.com.au 1, 40 Kings Park Rd, West Perth WA 6005 • Deliver the 85MW South Erregulla Peaking Gas Power Station by 1 October 2026 and continue work on expansion opportunities • Progress the currently proposed 87 TJ/d upstream development of the West Erregulla resource in conjunction with Hancock Energy and exploit the value accretive downstream development optionality available to Strike • Pursue strategic partnerships or other commercial arrangements to accelerate exploration programs at Ocean Hill and Arrino-Kadathinni and to reduce risk • Maintain stable cashflow generation from Walyering operations and explore opportunities to unlock additional value through near-field exploration • Retain ownership of the Precinct as a strategic asset for future development options for energy assets including gas processing, power generation and renewables • Strengthen the balance sheet via disciplined capital allocation and pursuit of strategic partnerships and corporate opportunities As part of the portfolio refocus, Strike has completed its exit from the L7/EP437 Joint Venture with Triangle Energy Ltd, as well as its Geothermal acreage, following their classification as noncore assets. Managing Director and Chief Executive Officer, Peter Stokes, says: “Since joining Strike, I’ve been deeply impressed by the quality of the asset base, the capability of the team, and the disciplined work that has been done through the Board’s strategic review. This process has provided a clear, actionable plan that I am fully aligned with and committed to delivering. Given our portfolio of high-quality gas resources that are located close to major infrastructure and demand centres, we are uniquely positioned to play a critical role in Western Australia’s energy transition while delivering long-term value for shareholders. As WA increases its reliance on renewables, our infrastructure will provide the flexible, fast-responding generation needed to maintain grid stability and ensure energy is available when it’s needed most. I look forward to leading the Company through this next phase of disciplined execution and growth.” Strike Energy Chair, John Poynton, says: "The Board’s strategic review, conducted with independent support, has rigorously assessed Strike’s portfolio and charted a clear path to unlock the full potential of our unique asset base. With the appointment of our new CEO and a refocused leadership team, Strike is wellpositioned to execute on this strategy, delivering on its role in Western Australia’s energy transition while maximising value for our shareholders." The Company will provide an opportunity for market engagement with regards to this announcement as part of its June Quarterly Report scheduled for release on 23 July 2025. This announcement is authorised by Peter Stokes, Managing Director & Chief Executive Officer of Strike in accordance with the Company’s Continuous Disclosure Policy. Company & Media Contact Emma Alexander Investor Relations & Corporate Manager Strike Energy Ltd +61 419 877 137 emma.alexander@strikeenergy.com.au 2 ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪