Announcement PDF ADGO 2026 | 1 ASXSTX AUSTRALIAN DOMESTIC GAS OUTLOOK CONFERENCE 1 APRIL 2026 ADGO 2026 | 2 Summary information This presentation contains summary information and statements about Strike Energy Limited (ASX:STX) (Strike), its subsidiaries and their respective activities, which is current as at the date of this presentation (unless otherwise indicated). The information in this presentation is general in nature and does not purport to be exhaustive. For example, this presentation does not purport to contain all of the information that investors may require in evaluating a possible investment in Strike . It has been prepared by Strike with due care but no representation or warranty, express or implied, is provided by Strike in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation. This presentation should be read in conjunction with Strike’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the ASX website (at www.asx.com.au) and the Strike website (at www.strikeenergy.com.au). No person other than Strike has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. Strike, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it. Strike does not make any representations or warranties (express or implied) to you about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). Not an offer, and not investmentor financial product advice This presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This presentation has not been lodged with the Australian Securities and Investments Commission. This presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Strike, or any other financial products or securities, in any place or jurisdiction. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this document have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice) or a recommendation to acquire any securities of Strike. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Any investment decision, should be made based solely upon appropriate due diligence and other inquiries. Before making any investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Strike is not licensed to provide financial product advice in respect of an investment in securities, and do not purport to give advice of any nature. An investment in any listed company, including Strike, is subject to risks of loss of income and capital. Past performance Past performance metrics and figures, as well as pro forma financial information, included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Strike’s views on Strike's future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Strike, including in relation to the historical trading price of shares, production, reserves and resources, costs and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Investmentrisk As noted above, an investment in shares in Strike is subject to investment and other known and unknown risks, some of which are beyond the control of Strike. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Strike in the future. Strike does not guarantee any particular rate of return or the performance of Strike, nor guarantee the repayment of capital from Strike, or any particular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operationsSyntax Warning: Invalid Font Weight of Strike, and the impact that different future outcomes may have on Strike. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. DISCLAIMER AND IMPORTANT NOTICES ADGO 2026 | 3 STRIKE ENERGY Delivering Gas Supply and Firming Capacity in Western Australia ESTABLISHED GAS PRODUCER BUILDING FIRMING CAPACITY SCALABLE RESOURCE BASE Producing Perth Basin gas into the WA domestic market via Walyering 85 MW integrated peaking power, on track for 1 October 2026 Material reserves and resources supporting long-term supply, with 3000 km2 of acreage in the prospective Perth Basin ADGO 2026 | 4 PRICING SUPPLY WA ELECTRICITY MARKET 1. https://data.wa.aemo.com.au/public/market-data/wemde/referenceTradingPrice/previous/ and https://dev.aemo.com.au/WEM-Reference-Trading-Price-v1-API Current state of play 50 70 90 2021 2022 2023 2024 2025 27% 28% 41% 4% Coal Gas Renewables Battery DEMAND Source: https://explore.openelectricity.org.au/Syntax Warning: Invalid Font Weight Source: 2025 WA ESOO Data Register (Ch.4 Fig.33) Source: AEMO WEM Reference Trading Price1 $/MWh Wholesale Energy Prices Avg Fuel Mix in last 12m Australian target – 82% renewables by 2030 2025 ESOO modelled example generation and demand on a day where forecast high demand coincides with low availability of wind in the late afternoon, contributing to the occurrence of EUE MW WEM Price (Avg) UPWARD PRESSURE EXPECTED FROM IMPACTS OF THE ENERGY TRANSITION AND AI Average prices almost doubled over the past five years to $88/MWh with Peak Prices averaging $120/MW in 2025 ADGO 2026 | 5 THE ENERGY TRANSITION REALITY CHECK 1. https://www.aemo.com.au/energy-systems/gas/gas-forecasting-and-planning/wa-gas-statement-of-opportunities-wa-gsoo 2. https://www.aemo.com.au/energy-systems/electricity/wholesale-electricity-market-wem/wa-reserve-capacity-mechanism/benchmark-reserve-capacity-price WA GAS SUPPLY & DEMAND FORECAST 1 GSOO 2025 0 500 1,000 1,500 2026 2030 2035 2040 2045 Domestic Gas Demand Supply - anticipated SupplySyntax Warning: Invalid Font Weight - existing and committed PJ The challenge is not building renewables faster – it’s keeping the system reliable 0 90 180 270 360 450 Capacity Year SE Online Historical / Actual RCP 2026 2028 2024 2022 2020 2018 RESERVE CAPACITY PRICE (RCP) 2 ($000s/MW/YEAR)  Structural gas shortfall emerging in WA from early 2030s  Supply reliant on new developments that are not yet committed Historical / Actual Benchmark RCP  Capacity prices rising – value of firming generation increasing  Investment signals improving, but delivery lag remains ADGO 2026 | 6 MARKET DESIGN DRIVES INVESTMENT OUTCOMES Certainty attracts capital West Coast (WEM) Designed to deliver reliability  Capacity market (RCM) = underpins revenue upfront  AEMO procures required capacity (clear demand signal)  Firming is explicitly valued (flexible capacity credits separate to intermittent generation)  Rising capacity pricing (BRCP) supports new entrants East Coast (NEM) Relies on market response  Energy-only market = no capacitySyntax Warning: Invalid Font Weight revenue  ESOO identifies gaps but doesn’t procure supply  Investment driven by price volatility & government schemes  Firming competes with batteries, hydro, demand response South Erregulla 85MW Peaking Power Station WHAT THIS MEANS FOR STRIKE  Capacity payments provide baseline revenue certainty  Energy sales can remain exposed to spot market upside  Flexible dispatch during high-price periods  Supports investment without requiring full contracting  Structural need for gas + firming as coal retires  South Erregulla positioned to capture rising firming value ADGO 2026 | 7 STRIKE’S INTEGRATED STRATEGY From molecules to megawatts 2 1 3 4 5 6 Wells & gathering Gas processing Pipeline transport Storage In / Out Pipeline Cost of gas Operating Costs ~$6/GJ3 + ~$2.0/GJ + ~$2.0/GJ + ~$0.5/GJ = ~$10.5/GJ 1. Strike estimate of average operating costs assuming one well producing on average at 4 TJ/day. 2. All figures are indicative and for illustration purposes only. Actual costs will varySyntax Warning: Invalid Font Weight depending on a number of factors including, among others, gas trading markets, transportation and storage facilities used and the terms and conditions of use of those facilities. This scenario represents a gas power generator located in the South-West (e.g., Kwinana) sourcing gas from the Carnarvon Basin. 3. Current average minimum spot price from Gas Trading (https://www.gastrading.com.au/spot-market/historical-prices-and-volume/price-history-table). Traditional gas peaking power generation value chain2 (ie. generator is not integrated with the upstream) Wells & gathering Upstream Opex Cost of gas Operating Costs ~$3/GJ + ~$0.5/GJ = ~$3.5/GJ 1 2 3 Strike’s integrated gas peaking power generation value chain1 versus ADGO 2026 | 8 SOUTH ERREGULLA PEAKING POWER PROJECT Set to deliver firming capacity into WA’s primary electricity grid by October 2026  85 MW fully integrated peaking gas power development  Located on Strike owned Mid-West Low Carbon Precinct ~80km south-east of Geraldton  Approvals Syntax Warning: Invalid Font Weight led development  Overall project completion at 86%  Engineering 100% complete, procurement 99% complete and power station package complete  Strong safety performance maintained throughout the period, with no major HSE incidents recorded during sustained construction activity  Mechanical completion and gas introduction forecast in Q2 CY26, with targeted commercial operation by 1 October 2026 URGENT CAPACITY BEING BUILT TODAY SOUTH ERREGULLA PEAKING GAS POWER PLANT ADGO 2026 | 9 STRIKE’S PATH TO MARKET South Erregulla Exploration West Erregulla & Erregulla Deep STX 50%, Operator  Midstream development options being advanced  Strike targeting first gas in 2029 STX 100%, Operator  85 MW integrated peaking gas power  Under construction  On target for online 1 October 2026 Walyering STX 100%, Operator  Online  Walyering West near field exploration to spud mid-April STX 100%, Operator  Highly prospective exploration targets  Proximal to gas processing infrastructure and the SWISSyntax Warning: Invalid Font Weight NEAR TERM MEDIUM - LONG TERM ADGO 2026 | 10 GAS IS ESSENTIAL TO A RELIABLE TRANSITION There is no credible transition pathway without gas Without investment in gas, the transition becomes less reliable — and more expensive  Firming renewables requires dispatchable generation  Coal exits cannot be replaced by renewables alone  Storage is growing, but not yet sufficient at scale or duration  Gas provides flexible, fast-start, proven firming capacity to support renewables THE TRANSITION IS CENTERED ON RENEWABLES, BUT SECURED BY GAS 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 07 158 194 180 89 108 73 60 61 51 35 9 33 38 11 17 21 21 33 17 -84% Roebuck Perth Canning Browse Bonaparte Carnarvon Source: Compiled using information from APPEA and National Offshore Petroleum Titles Administrator. WA (oil and gas) wells drilled per Basin per year The Risk Underinvestment in gas = reliability shortfalls The Requirement Continued investment in domestic gas supply and gas-fired generation Without investmentSyntax Warning: Invalid Font Weight in gas, the transition becomes less reliable and more expensive ADGO 2026 | 11 ASXSTX POWERING PROGRESS FOR THE ENERGY TRANSITION FY26 HALF YEAR RESULTS APPENDIX ADGO 2026 | 13 STRIKE ENERGY COMPANY SNAPSHOT 1.Market capitalisation based on a closing share price of $0.10 as at 30 March 2026. 2. Refer to slide 14 for important information relating to reserves and resources estimates. 3. Based on Strike Energy Limited market capitalisation as at 30 March 2026. Reserves and Resources comprise 2P Reserves and 2C Contingent Resources (net to Strike) as most recently disclosed. Value per GJ calculated by dividing market capitalisation by total 2P + 2C volumes. A leading Perth Basin pure play 2P 2C 2U 21% 2% 4% 53% Total 310 282 1,370 1,963 20% West Erregulla & ED Walyering South Erregulla Ocean Hill & OHS Kadathinni Total Reserves & Resources Strike Perth Basin 2P Reserves, 2C Resources & 2U Resources (PJe)2 Prospective Resource Estimate Information & Cautionary statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. This estimate is un-risked, probabilistically determined and has a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Refer to slide 14 for Reserves and Resource estimate information. Market Cap: $360m1 Shares on issue: 3.6b  One of the largest discovered gas portfolios in the northern Perth Basin.  Supplying domestic gas into the WA market, Strategically located near key processing and transmission infrastructure.  Developing WA’s only fully integrated gas- fired power generation at South Erregulla in the Mid-West.  At current market cap, Reserves and Resources valued at $0.61 per GJ (2P + 2C)2,3 with material exploration upside.2 L25 50% Waitsia Lockyer & North Erregulla Beharra EP503 100% EP505 100% EP506 100% EP495 100% EP488 100% EP447 100%Syntax Warning: Invalid Font Weight EP489 100% Walyering (STX 100%) Woodada Ocean Hill (STX 100%) South Erregulla (STX 100%) West Erregulla (STX 50%) PGP The Precinct (STX 100%) Operator in all permits Erregulla Deep (STX 50%) L23 100% L24 100% DBNGP Kadathinni (STX 100%) EP504 100% L26 50% ADGO 2026 | 14 Reservesand ResourcesEstimates Information in this presentation relating to the Reserve and Resource Estimates for: • The West Erregulla Reserve and Resource estimate is set out in the ASX announcement dated 18 March 2026 entitled “West Erregulla and Erregulla Deep Reserves and Resources Statement”. Strike Energy interest is 50%. The estimates, classification and risking presented are Strike evaluated and independently audited by Miller & Lents, Ltd. and have not been evaluated or audited for or on behalf of the Joint Venture; • the South Erregulla Reserve and Resource estimate is set out in the ASX announcement dated 24 June 2024 entitled “South Erregulla Reserves”. Strike Energy interest is 100%; • the Walyering Reserve and Resource estimate is set out in ASX announcement dated 19 August 2025 entitled "Walyering Reserves Update and Resulting Impairment". Strike 's equity interest is 100%; • the Ocean Hill 2C Contingent Resource and 2U Prospective Resource is set out in ASX announcement dated 27 August 2025 entitled "Ocean Hill Resource Update". Strike’s equity interest is 100%; • the Kadathinni 2U Prospective Resource estimate is set out in ASX announcement dated 7 May 2025 entitled “Exploration Update". Strike’s equity interest is 100%; The above announcements are available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms that, as at the date of this report, it is not aware of any new information or data that materially affects the information contained in the referenced announcements, and that all material assumptions and technical parameters underpinning those estimates continue to apply. These reserves and resources estimates must be read in conjunction with the full text of the ASX releases referred to. The Reserves and Resources are unrisked. Forward looking statements This presentation contains forward looking statements about Strike. Often, but not always, forward looking statements can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements in this presentation regarding intent, belief, expectations, plans, strategies and objectives of management, indications of and guidance on synergies, future earnings or financial position or performance, future acquisitions, anticipated production rates or construction commencement dates, costs or production outputs for each of Strike and the future operation of Strike. Strike does not make any representation or warranty as to the currency, accuracy, reliability or completeness of any forward-looking statements contained in this presentation. To the extent that this presentation materials contains forward looking information, the forward-looking information is subject to a number of risks, including those generally associated with the gas industry more broadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework within which Strike operate or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and other environmental issues, the recruitment and retention of key personnel, industrial relations issues, litigation and outbreaks of disease or pandemics (including the continuation or escalation of the global COVID-19 pandemic). Any such forward looking statements are based on assumptions, qualifications and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider any forward-looking statements contained in this presentation in light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward looking statements are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Strike. Any forward-looking statements are based on information available to Strike as at the date of this presentation. Refer to the risk factors starting on page 31 of the FY25 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this presentation in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and its directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide any additional or updated information, whether as a result of new information, future events or results or otherwise (including to reflect any change in expectations or assumptions). Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Strike or any other matter the subject matter of this presentation), create an implication that there has been no change in the affairs of Strike since the date of this presentation. Effect of roundingand Financial data A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All dollar values are in Australian dollars ($ or A$ or AUD) unless stated otherwise. All references to USD or US$ or USD are to the currency of the United States of America. FORWARD LOOKING STATEMENTS AND OTHER INFORMATION