Announcement PDF Strategic Placement to fund Strike’s next phase of growth 22 July 2025 1 Cautionary note and disclaimer You are advised to read the following carefully before making any use of the information contained in this Presentation. This Presentation is dated 22 July 2025 and has been prepared by Strike Energy Limited (ASX:STX) (Strike) in relation to (i) the two-tranche placement of its proposed issue of fully paid ordinary shares in Strike (Shares) to Carnarvon Energy Limited (Carnarvon) to raise up to A$88 million (before costs) (Strategic Placement) and (ii) an offer of Shares to eligible shareholders under a non-underwritten share purchase plan to raise up to A$10 million (before costs), with Board discretion to accept oversubscriptions of up $5 million (SPP). Tranche 2 of the Strategic Placement and the SPP are subject to shareholder approvals. This Presentation has been authorised for release to ASX by the board of directors of Strike (Board). Summary information This Presentation contains summary information and statements about 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. 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). The SPP offer will be made on the basis of the information contained in the share purchase plan offer booklet (SPP Offer Booklet) to be prepared for eligible shareholders and will be available following its release on ASX. Any eligible shareholder who wishes to participate in the SPP should consider the SPP Offer Booklet before deciding whether to apply for Shares under the SPP. An eligible shareholder who wishes to apply for Shares under the SPP will need to apply in accordance with the instructions contained in the SPP Offer Booklet. 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 provided 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 on ASX, 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. 2 Cautionary note and disclaimer 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 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 Appendix A “Key Risks” for a summary of the potential risks associated with Strike, the industry in which Strike operates and an investment in Shares. Forward-looking statements and forecasts 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. To the maximum extent permitted by law, 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. 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. There can be no assurance that actual outcomes will not differ materially from the forward-looking statements included in this Presentation. Investors should consider the forward-looking statements contained in this Presentation in light of the risk factors included in Appendix A “Key Risks”, which identify the key potential risks associated with Strike, the industry in which Strike operates and an investment in Shares. 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 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. References to working capital Where this Presentation includes references to ‘working capital’ in relation to the use of proceeds of the Placement, the Company will hold this component of the offer proceeds to apply to such general corporate and site operating costs and working capital requirements as may arise from time to time. Strike typically applies its working capital to satisfying expenditures in respect of suppliers, contractors and other vendors. The particular working capital uses of the proceeds from the Strategic Placement and the SPP will ultimately be determined by the prevailing operational and financial conditions of Strike. 3 I. Strategic Placement overview 4 Overview Strategic Placement to fund development of Strike’s core assets with South Erregulla on track for first production by 1 October 2026 and Strike targeting West Erregulla FID for 2H 2026 Strategic Placement • A$85-88m strategic placement in Strike Energy Limited by Carnarvon Energy Limited via a two-tranche equity investment (Strategic Placement), at an issue price of A$0.12 per Share (Issue Price), with tranche 2 being subject to Strike shareholder approval Purpose of the Strategic Placement • Delivery of Strike’s strategy – Strike remains focused on executing its strategy to deliver reliable and flexible energy solutions that support WA’s energy transition • Non-underwritten Share Purchase Plan (of up to A$30,000 per shareholder) at the Issue Price to raise up to A$10m (SPP) (with the ability to accept oversubscriptions for up to an additional A$5 million at the Board’s discretion) – subject to shareholder approval1 • Development of core, cash generating projects – Strategic Placement allows Strike to fund its core projects at West Erregulla, South Erregulla and Walyering, which are expected to generate sustainable operational cashflows • Funding certainty – Strategic Placement sufficient to fund Strike’s development plan whilst providing contingency and flexibility to deploy capital to the highest return opportunities within Strike’s portfolio2 • Access to existing financing – Strategic Placement facilitates access to remaining Macquarie facilities3 • Australia’s future energy security – Investment strengthens Strike’s capacity to support Western Australia’s energy transition through successful delivery of its tier-1 portfolio Project updates • West Erregulla – Strike is focused on progressing work towards a targeted upstream and downstream FID in 2H 2026 to align with the 2026 Reserve Capacity Cycle process for the 2028-29 Capacity Year to preserve downstream optionality • South Erregulla – Strike remains on track to deliver WA’s first fully integrated gas-to-power infrastructure, with construction advancing inline with targeted completion date of 1 October 2026 • Walyering – Walyering cashflow generative, targeting extension of production profile via Walyering West near-field exploration well 1. Further information regarding the SPP will be provided in a SPP Booklet to be dispatched to shareholders in due course. 2. Assuming completion of Tranche 2 of the Placement. Refer to the “Key Risks” contained in Appendix A, and specifically the risk under the sub-headings “Full completion”, “Completion of the South Erregulla 85MW Project” and “Additional future operating and capital cost requirements”. 3. Refer slide 8 for further information on conditions to drawdown and availability of Macquarie facilities and “Key Risks” contained in Appendix A. 5 Carnarvon overview Strategic rationale About Carnarvon Energy Funding certainty – Carnarvon’s strategic investment provides funding certainty for Strike to unlock the value of its high-quality Perth Basin asset portfolio ▪ Carnarvon is an Australian oil and gas exploration company, with interests in the Dorado & Pavo fields in the Bedout sub-basin, Australia’s largest undeveloped offshore oil resources ▪ Attractive end markets – The strategic investment provides Carnarvon significant exposure to WA’s domestic gas and electricity markets. Carnarvon believes there will be an increasing reliance on gas to support Western Australia’s industry growth and energy transition as aging coal-fired electricity generation assets are gradually retired Actively exploring one of Australia’s most prospective oil and gas basins with the next well expected in mid-2026 ▪ Following the Dorado JV Operator’s recent decision to delay the Dorado development, the Carnarvon Board has been assessing value accretive opportunities for shareholders – this investment marks the conclusion of their Strategic Review and Carnarvon will cease to progress their previously announced potential capital return ▪ Following the transaction Carnarvon will maintain a strong balance sheet with at least A$96 million in cash whilst maintaining the ability to fund development of its own portfolio, including the Dorado liquids project and exploration drilling planned for the Bedout Sub-basin Securing Australia’s Energy Future – Investment in Strike is aligned with Carnarvon’s efforts to advance Australia’s future energy security Carnarvon Energy Assets Strategic positioning – Strike’s high-quality Perth Basin portfolio is uniquely positioned to capitalise on WA’s energy transition, with the opportunity to deliver critical infrastructure to aid Australia’s energy security Bedout sub-basin Bedout sub-basin 6 Use of Proceeds Proceeds sufficient to fund Strike’s defined development plan Funding sources A$m Notes Placement proceeds (Tranche 1) 52 Placement proceeds (Tranche 2) 34 - 36 Tranche 2 placement, conditional upon the receipt of Strike shareholder approval1 Share Purchase Plan (SPP) 0 - 102 SPP provided to eligible shareholders to acquire up to A$30,000 of Shares at the Issue Price, subject to shareholder approval Macquarie financing facilities 143 Inclusive of Asset Financing Facility (Tranche A / B) and Corporate Financing Facility (Tranche A2 / B1 / B2 / C) 3 Available cash (30-June-2025) 41 Cash on balance sheet as at 30 June 2025 Total sources Tranche 1 placement of approximately 430 million new Shares under Strike’s available ASX LR 7.1 placement capacity 270 - 282 Funding uses Completion of South Erregulla 85MW Project4 123 Completion of South Erregulla power plant development including delivery of upstream, generators, switchyard and transmission line South Erregulla 15MW Expansion Project3 5 15MW expansion of South Erregulla (generators expected to be delivered under a Power Purchase Agreement / lease agreement)5 Upstream Field Development for West Erregulla 68 Strike estimated cost (STX share) to deliver first gas at West Erregulla (scope includes 2 wells, 2 work overs and upstream gathering network)6 Walyering West Well3 18 Walyering West-1 well targeting extension of production profile, plus tie in (on success) to the existing production facility Ocean Hill Exploration Well3 15 Ocean Hill-2 exploration well to commence appraisal campaign Working Capital and General Corporate Purposes 41 - 53 Total uses 270 - 282 Funds to provide contingency for defined development projects and flexibility to deploy capital to the highest return opportunities within Strike’s portfolio 1. Size of Tranche 2 is dependent on level of subscriptions under SPP and election by Carnarvon to top up its Tranche 2 Placement. Refer to Annexure A of Strike's ASX announcement titled 'Strategic Investment by Carnarvon Energy' dated 22 July 2025 for details of the Subscription Agreement. 2. The Strike Board reserves the discretion to accept oversubscriptions under the SPP up to an additional A$5m. Refer to the “Full completion” risk on slide 19 for further information. 3. Refer slide 8 for further information on conditions to drawdown and availability of Macquarie facilities and to “Key Risks” at the end of this presentation, including “Debt Financing” Risk. 4. If Strike is required to finance the Western Power scope upfront, the total Capital Expenditure is estimated at A$29 million which will be funded via this Placement and usage of Proceeds prioritized to core projects; South Erregulla, West Erregulla and Walyering. 5. Refer to the “Completion of the South Erregulla 85MW Project” risk on slide 19 for further information. 6. Estimated cost is Strike estimate and is subject to change following completion of engineering and other pre-FID activities and finalisation of field development plan and requisite Joint Venture agreements. 7 Pro forma financial position ▪ Pro-forma capital structure Total Capital Capacity – As at 30 June 2025, Strike’s total capital capacity is comprised of its A$41 million cash balance, A$88 million in undrawn committed debt facilities and A$55 million in uncommitted facilities with Macquarie Bank. Following completion of the Strategic Placement Strike will have total capital capacity of up to A$282 million Shares (m) Cash (A$m) 2,868 41 733 88 Pro-forma (pre-SPP) 3,601 129 SPP (assuming fully subscribed) 83 101 Pro-forma (total) 3,684 139 Macquarie Facility (drawn) - 74 Tranche Use Macquarie Facility (undrawn) - 143 Tranche A2 ($13 million) South Erregulla and general Drawdown is subject to customary legal and working capital financial CPs associated with the project, expected to be satisfied in September Tranche B1 ($17 million) South Erregulla and general Subject to customary legal and financial CPs working capital following completion of the placement Tranche B2 ($23 million) West Erregulla Conditional on reaching an upstream FID at the asset Tranche C ($40 million) West Erregulla (subject to Macquarie credit approval) Facility establishment is subject to credit approval. Drawdown is subject to an upstream FID decision and other conditions customary for a facility of this kind and as determined by Macquarie credit. Cash as at 30 June 2025 Strategic Placement (assuming Tranche 2 approved by shareholders and Carnarvon maximum election) Total Liquidity A$139m Cash and cash equivalents ▪ Macquarie Financing Facilities – The Macquarie Debt Facilities are inclusive of Tranche A (A$13.9 million drawn of A$49 million committed ) and B (A$15 million, uncommitted) of an Asset Financing Facility and Tranche A1 (A$60 million fully drawn), A2, B1, B2 and C of a Financing Facility, subject to the following conditions: Conditions 282 A$143m Debt capacity A$282m Total capital capacity 1. The Strike Board reserves the discretion to accept oversubscriptions under the SPP up to an additional A$5m. Refer to the “Full completion” risk on slide 19 for further information. 8 Equity raising overview Strategic Placement structure and size • Carnarvon Energy Limited to invest approximately A$85-88 million to acquire approximately 712-733 million Shares in a two-tranche placement, representing up to 19.9% of Strike’s issued shares, comprising: – Tranche 1 to raise approximately A$52 million through the issue of approximately 430 million new Shares under Strike’s available placement capacity pursuant to ASX Listing Rule 7.1 (Tranche 1); and – Tranche 2 to raise approximately A$34-36 million through the issue of approximately 282-303 million new Shares which is conditional on receipt of shareholder approval to be sought at a General Meeting, expected to be held on or around 11 September 2025 (Tranche 2). The number of shares issued to Carnarvon under Tranche 2 will be dependent on Strike shareholder take-up of the Share Purchase Plan (see details below) • New shares issued under the offer will rank equally with existing shares on issue Share Purchase Plan • In addition to the Strategic Placement, the Company intends to undertake a non-underwritten share purchase plan to eligible shareholders to raise up to A$10m (SPP), conditional upon the receipt of shareholder approval to be sought at a General Meeting, expected to be held on or around 11 September 2025 • The SPP is to be conducted at A$0.12 per share, equivalent to the Issue Price • Strike has the ability to accept oversubscriptions to the SPP up to an additional A$5 million at the Strike Board’s discretion • Carnarvon has the right, but not the obligation, to be issued such number of additional Shares at the Issue Price after the issue of Shares under the SPP to result in Carnarvon’s interest in Strike being 19.9% Issue Price • Placement price of A$0.12 per new Share issued under the Strategic Placement and SPP represents a 19.7% discount to Strike’s 10-day VWAP of A$0.149 per share Use of funds • Refer to Use of Proceeds on Slide 7 Subscription Agreement • Strike and Carnarvon have entered into a subscription agreement pursuant to which Carnarvon agrees to subscribe for the Shares under Tranche 1 and Trance 2 (Subscription Agreement). • The key terms of the Subscription Agreement are summarised in Annexure A of Strike's ASX announcement titled 'Strategic Investment by Carnarvon Energy' dated 22 July 2025. 9 Indicative Timetable Event Indicative Date1 Placement Announcement of the Strategic Placement Settlement of New Shares under Tranche 1 of the Placement Pre-market Tuesday, 22 July 2025 Tuesday, 29 July 2025 Extraordinary General Meeting Thursday, 11 September 2025 Settlement of New Shares under Tranche 2 of the Placement2 Thursday, 25 September 2025 Share Purchase Plan Record Date for eligibility to participate in SPP Dispatch SPP Offer Documents and SPP offer open date 5pm AEST Monday, 21 July 2025 Friday, 8 August 2025 Extraordinary General Meeting Thursday, 11 September 2025 SPP closing date Thursday, 18 September 2025 Announcement of SPP participation and results and Issue of New Shares Thursday, 25 September 2025 1. All dates are indicative and subject to change. 2. Issue of New Shares under Tranche 2 of the Placement, if approved by shareholders, will occur immediately after the issue of New Shares under the SPP. 10 II. Company Update 11 Preliminary Q4-FY25 results Key Highlights for Quarter ending 30 June 2024 A$18.3m (-1% vs prior period) A$7.38 (-2% vs prior period) Total Sales Revenue Avg. Realised Gas Price (per GJ) A$105.28 A$3.3m (-12% vs prior period) (-56% vs prior period) Avg. Realised Condensate Price (per bbl) Exploration & App. Expenditure A$23m A$76.2m (+118% vs prior period) (+242% vs prior period) Development Expenditure Available Liquidity as of 30 June 2025 Commentary ▪ Total sales and average realised prices down due to FX ▪ A total of 2.3 PJe was produced at ~25 TJ per day in line with firm offtake agreements with no change quarter on quarter ▪ Development expenditure includes: ▪ A$21.2 million at South Erregulla Peaking Power Plant ▪ A$1.7 million at Walyering relating to compression installation ▪ Exploration expenditure primarily relates to Natta 3D seismic survey ▪ As at 30 June 2025 Available Liquidity includes A$41.1 million cash and A$35.1 million of available undrawn debt ▪ Remaining ~A$108 million of Total Capital Capacity is subject to conditions of the Macquarie Facility described on Slide 8 Full details of activities in Q4 and FY25 will be included in Strike’s Q4 FY25 Quarterly Results to be released 30 July 2025 12 West Erregulla update Progressing toward FID ▪ Upstream development funded – Strategic Placement along with Macquarie Facilities funds upstream development1 ▪ Equity lifting– Strike expects to equity lift its share of the West Erregulla raw gas to its downstream solution ▪ Targeting FID in 2H CY2026 – Strike is progressing work towards a targeted upstream and downstream FID to align with the 2026 Capacity Reserve Cycle process for the 2028-29 Capacity Year ▪ Downstream processing flexibility – Strike is progressing work on the downstream solution, discussions ongoing with potential infrastructure partners, positioning itself as a partner of choice for Government and strategic stakeholders in support of WA’s energy transition ▪ Seismic data acquired – West Erregulla and Erregulla Deep Natta 3D seismic processing and interpretation is expected to be complete in Q4 CY2025 Downstream optionality Development optionality ▪ Strike is focused on an expansion of its integrated gas-to-power strategy with West Erregulla reserves whilst retaining flexibility to pursue a hybrid solution or dedicated gas processing through 3rd party gas processing infrastructure ▪ Downstream development will be sized appropriately for Strike’s equity share of upstream gas flow from the West Erregulla field to maximise value of gas resource whilst mitigating operational and market risks Downstream funding opportunities: ▪ Strike is currently engaged in discussions with a range of potential infrastructure partners regarding the development of a gas-fired powerplant and associated mid-stream infrastructure ▪ Processing facilities are intended to be funded under a ‘Build Own Operate’ (BOO) model where an infrastructure partner funds upfront capital expenditure in exchange for a life of asset toll 1. Based on Strike cost estimate for an FID scope of work including 2 wells, 2 workovers, engineering and network gathering construction and is subject to change following completion of engineering and other pre-FID activites and finalisation of field development plan and requisite Joint Venture agreements. Refer to Slide 8 for details on Macquarie Facilities and Appendix A: Key Risks at the end of this presentation. 13 South Erregulla update Strike is delivering critical energy infrastructure ▪ Construction is advancing in line with targeted completion date of 1 October 2026 ▪ As part of the Strategic Placement, Strike has undertaken an internal review of the capital budget and increased its capital allocation by A$13 million (~10%, including contingency) for existing Strike owned and operated scope items compared to FID budget ▪ Western Power scope and costs – including a switchyard, network connection and associated network improvements – have been revised to meet updated design requirements, with connection and network costs increasing from ~A$6.6 million to ~A$34 million1 ▪ Discussions remain ongoing to fund additional capital expenditure for the revised Western Power scope through a deferred payment arrangement, with options including a tariff arrangement (which Strike currently estimates could result in a ~15-30% increase in the estimated operating costs (A$1-2 million increase per year) over the 20-25 year useful life of the project1) ▪ If Strike is required to finance the revised Western Power scope upfront, the total capital expenditure is estimated at A$29 million which will be funded via the Strategic Placement ▪ Expansion of the South Erregulla power plant by 15MW is targeted for completion by 1 October 2027 to align with the 2027/8 capacity year. Expansion FID is targeted for November 2025 (subject to award of capacity credits and NAQ, to be determined in November 20