Announcement PDF WEST ERREGULLA UNLOCKED STRIKE ENERGY 1 September 2026 ASX:STX DISCLAIMER AND IMPORTANT NOTICES 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 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 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. 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 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 operations 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. Strike Energy | ASX:STX 2 WEST ERREGULLA DEVELOPMENT A step-change in the scale of Strike’s energy business Strong alignment with JV providing pathway to market by mid-2029 Binding heads of agreement for gas processing through Belisama Toll based on an agreed and binding fixed Capacity Charge $30M Hancock-funded Pre-FID program loan1, repayable from first gas $30M Macquarie facility now available for balance sheet capacity2 WA gas market supply deficit from 2030 supports strong gas pricing3 3 1. Subject to finalising documentation and Macquarie consent. Refer to ASX announcement dated 31 August 2026 entitled “Company Update” for more information, in particular Annexure C. 2. Refer to ASX announcement dated 31 August 2026 entitled “Company Update” for more information. 3. AEMO 2025 WA Gas Statement of Opportunities released on 19 December 2025. Strike Energy | West Erregulla Unlocked Pre-FID funding agreement with Hancock Energy3 WEST ERREGULLA UNLOCKED A step-change in the scale of Strike’s energy business 4 A NEW SOURCE OF CASHFLOW GENERATION 1. Target production rate is 50% of the proposed 87 TJ/day West Erregulla development targeted production rate and is underpinned by Strike’s 251 PJ net 2P Reserves. The target is subject to completion of development activities, finalisation of joint venture and gas processing arrangements with Hancock Energy, final investment decision and other customary development conditions. 2. Refer to slide 14 for important information relating to reserves and resources estimates. 3. Subject to finalising documentation and Macquarie consent. Refer to ASX announcement dated 31 August 2026 entitled “Company Update” for more information, in particular Annexure C. Status Pre-FID Target Production Rate 43.5 TJ/day1 Proposed Development Belisama Gas Plant Reserves & Resources 2P: 251 PJ2 2C: 48 PJ2 251 PJ1 RESOURCE UPSIDE FUNDED PATHWAY Gas sales over project life Strike share Material potential across L25 and L26 First gas targeted early to mid-CY29 Strike Energy | West Erregulla Unlocked Strike Energy | West Erregulla Unlocked WEST ERREGULLA POSITIONED TO SUPPLY A TIGHTENING WA GAS MARKET Market fundamentals support strong gas pricing for WE 5 WA GAS SUPPLY VS DEMAND OUTLOOK AEMO 2025 WA GSOO 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 2026 2030 2035 2040 2045 Domestic Gas Demand Supply - anticipated Supply - existing and committed PJ AEMO flags structural gas shortfall emerging beyond 2030 Source: AEMO 2025 WA Gas Statement of Opportunities, 19 December 2025 https://www.aemo.com.au/energy-systems/gas/gas-forecasting-and-planning/wa-gas-statement-of-opportunities-wa-gsoo Under-investment driving reliance on uncommitted supply REFRESHED LEADERSHIP New leadership focussed on execution and shareholder value • Shelley Robertson appointed Managing Director & CEO • Nev Power appointed Chair • Reconstituted Board and management team Strike Energy | West Erregulla Unlocked A NEW CHAPTER FOR STRIKE A refreshed leadership team, near-term operational catalysts and a clear pathway to scale 6 NEAR-TERM DELIVERY Scaling production and earnings • Walyering producing with compression program underway • 85 MW SEPP approaching commercial operations • West Erregulla development pathway unlocked POSITIONED TO SCALE The platform to build a larger WA energy business • Core assets spanning natural gas production and power • Increasing diversity of revenue and earnings • Exploration portfolio provides the next phase of growth Walyering West adds reserves and extends infrastructure value PRODUCING TODAY OPTIMISING PRODUCTION EXTENDING FIELD LIFE Supplying WA gas under firm offtake agreements Compression to optimise production Revenue per annum Strike Energy | West Erregulla Unlocked Status Online Target Rate1 20 TJ/day Nameplate Capacity 33 TJ/day Reserves & Resources 2P: 16.5 PJ2 2C: 17 PJ2 WALYERING An established production base 1. Currently producing at 13 TJ/d as of 31 August 2026, targeting to ramp up to 20 TJ/d through September. 2. Refer to slide 14 for important information relating to reserves and resources estimates. 7 ~$52m Strike Energy | West Erregulla Unlocked SOUTH ERREGULLA PEAKING POWER PLANT Set to deliver firming capacity into WA’s primary electricity grid, integral in WA’s Energy Transition 85 MW fully integrated peaking gas power development Own gas = low cost Currently in final phase of commissioning Strong revenue from electricity sales and guaranteed capacity credits Increasing demand to support renewables High value add to gas resource through vertical integration 8 Strike Energy | West Erregulla Unlocked WA ELECTRICITY MARKET Battery charging adding aggregate demand to the market 9 AEMO WEM Reference Trading Price July 11th 2026 (Example trading day)1 Coal exits targeting 2030 reducing firm generation capacity Source: AEMO 2026 WA Electricity Statement of Opportunities, 23 June 2026 https://www.aemo.com.au/energy-systems/electricity/wholesale-electricity-market-wem/wem-forecasting-and-planning/wem- electricity-statement-of-opportunities-wem-esoo Electrification and industrial loads driving demand growth 1. AEMO Market Data – Real Time Market Note: Peak Period from 4:00pm to 10:00pm. CY2026 prices from 1 Jan to 31 July 2026. 2. 2026 Reserve Capacity Price for 2028 represents BRCP of $488k to be determined in Q4CY26 Supports flexible generation from SEPP $217/MWh $154/MWh $108/MWh Morning Midday Evening Increased need for flexible generation as provided by SEPP 0 100,000 200,000 300,000 400,000 500,000 600,000 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Reference Trading Price ($/MWh) Reserve Capacity Price ($/MW) Reference Trading Price ($/MWh) Reserve Capacity Price $/MW WHOLESALE ELECTRICITY PRICES AEMO WEM Reference Trading Price & Reserve Capacity Price2 0 50 100 150 200 250 300 350 400 $/MWh RTP @ 11/07/2026 Average Price @ 11/07/2026 Average Peak Period Price @ 11/07/2026 Average Price CY2026 FUTURE OPTIONALITY 10 Multiple value enhancement opportunities available to Strike STRIKE’S 3,500 HA FREEHOLD LAND Owned by Strike Energy Limited SEPP 85 MW Peaking Power Pant KINGIA PLAINS ~310 MW Potential Wind Capacity WEST ERREGULLA 251 PJ 2P + 48 PJ 2C1 SOUTH ERREGULLA 45 PJ 2P + 37 PJ 2C1 Existing 132 KV transmission line Recently constructed transmission GERALDTON ~100km BRAND HWY ~30km PERTH ~400km 1. Refer to slide 14 for important information relating to reserves and resources estimates. A PIPELINE OF GROWTH Multiple paths to grow production, revenue and cash flow 1. Currently producing at 13 TJ/d as of 31 August 2026, subject to change. 2. Based on firm Reserve Capacity Pricing for the first two years of operation, subject to receiving approval to generate and commencing commercial operations. 3. Refer to slide 14 for important information relating to reserves and resources estimates. 4. Forecast by AEMO in the 2025 WA Gas Statement of Opportunities. WALYERING SOUTH ERREGULLA WEST ERREGULLA OCEAN HILL + KADATHINNI ~$52m REVENUE p.a. ~$52m CAPACITY REVENUE over first two years of operations2 + ELECTRICITY SALES REVENUE 2025 avg peak price ~$120/MWh 251 PJ3 STRIKE SHARE MATERIAL UPSIDE Producing First power targeted 2026 First gas targeted mid-CY29 Exploration pipeline and future upside Revenue at current firm offtake arrangements Gas available for marketing Potential future Gas supply targeting 20 TJ/day1 Production in September 2026 85 MW capacity Expected run rate 4-10hrs/day Supportive market Growing WA gas supply shortfall4 Large exploration inventory PRODUCING NOW NEAR-TERM CASH FLOW DEVELOPMENT PIPELINE FUTURE UPSIDE Strike Energy | West Erregulla Unlocked 11 SCALING STRIKE BEYOND 2030 12 OCEAN HILL L26 KADATHINNI 180 PJ 2C1 MATERIAL SCALE Appraisal opportunity Future drilling inventory Emerging large-scale untested potential 100%-owned gas discovery NEAR-FIELD UPSIDE Significant prospects surrounding West Erregulla Large prospects and leads across Strike’s 100%-owned acreage Beyond the core asset plan ADDITIONAL UPSIDE Exploration success provides the potential to: Extend production Grow future gas supply Leverage existing infrastructure 1. Refer to slide 14 for important information relating to reserves and resources estimates. Strike Energy | West Erregulla Unlocked Click to edit Master subtitle style ASX:STX WHY STRIKE? WHY NOW? ASX:STX WEST ERREGULLA UNLOCKED A clear development pathway for one of WA’s largest onshore conventional gas resources. REVENUE GROWTH Walyering, South Erregulla and West Erregulla combined providing the pathway to a materially larger production and earnings base. DIVERSIFIED ENERGY EXPOSURE Natural gas production and dispatchable power provide exposure to two increasingly important markets generating solid revenue streams. FUNDING PATHWAY Development funding support and aligned partners provide a pathway to progress the portfolio while preserving financial flexibility. ORGANIC GROWTH ~3,000 km2 of Perth Basin acreage provides multiple material opportunities – creating value via the drill bit. UNDERVALUED World class asset base with three significant revenue streams targeted for 2029 and untapped exploration upside creates opportunity for increasing shareholder returns. DIVERSIFIED ASSETS | DIVERSIFIED EARNINGS | A NEW SCALE FOR STRIKE 13 Click to edit Master subtitle style ASX:STX FORWARD LOOKING STATEMENTS AND OTHER INFORMATION Reserves and Resources Estimates Information in this presentation relating to: • 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’s equity 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’s equity interest is 100%; • the Walyering Reserve and Resource estimate is set out in ASX announcement dated 17 August 2026 entitled "Walyering Reserves Statement". 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 presentation, 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 the estimates in those announcements 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. 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 rounding and 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. 14 Click to edit Master subtitle style ASX:STX energy future Delivering a secure ASX:STX Strike Energy | ASX:STX APPENDIX A: STRIKE ENERGY COMPANY SNAPSHOT A leading Perth Basin pure play L25 50% Waitsia Lockyer & North Erregulla Beharra EP503 100% EP505 100% EP506 100% EP495 100% EP488 100% EP447 100% 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% One of the largest discovered gas portfolios in the onshore 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 $0.68 per GJ (2P + 2C)2,3 with material exploration upside.2 Market Cap $414m1 Shares on issue 3.6b Total Reserves and Resources 1.Market capitalisation based on a closing share price of $0.115 as at 31 August 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 31 August 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. 01 02 03 04 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. 2P 2C 2U 17% 2% 4% 51% 19% Total 313 292 1,459 2,064 8% West Erregulla Walyering South Erregulla Ocean Hill & OHS Kadathinni L26 Strike Perth Basin 2P Reserves, 2C Resources & 2U Resources (PJe)2 16