Announcement PDF 31st August 2026 strike@strikeenergy.com.au ABN 59 078 012 745 www.strikeenergy.com.au L1, 40 Kings Park Rd, West Perth WA 6005 ASX RELEASE COMPANY UPDATE Highlights Breakthrough on West Erregulla development secures processing pathway and funding support. Hancock Energy’s proposed Belisama gas processing facility chosen as the preferred gas processing pathway for Strike’s share of West Erregulla gas. Strong alignment with Hancock Energy provides a clear and coordinated development pathway for the West Erregulla Joint Venture. Strike and Hancock Energy’s West Erregulla Gas Processing Services Agreement to be based on an agreed and binding fixed Capacity Charge, providing certainty around costs and economics. Strike and Hancock Energy have agreed terms for funding via a commercial loan of up to $30 million to support Strike’s share of West Erregulla pre-development activities, subject to finalisation of long form agreements and consent from Strike’s existing financier, Macquarie Bank Limited. The West Erregulla Joint Venture is targeting an Upstream FID in FY28 with first gas in mid CY29. South Erregulla Power Project commissioning program now targeting approval to generate in late Q4 CY26. With first gas from West Erregulla, Strike will have cash flow from its three core assets SEPP, West Erregulla and Walyering, materially changing the profile of Strike in the Australian energy landscape. Strike Energy Limited (ASX: STX; Strike or the Company) is pleased to announce a major breakthrough in the commercialisation of the West Erregulla gas field, with Strike establishing a clear pathway to development at West Erregulla through an aligned gas processing solution with its joint venture partner, Hancock Energy , and entry into a term sheet for up to $ 30 million of funding support from Hancock Energy. The arrangements de -risk West Erregulla’s pathway to production and represent a major value inflection point for Strike, providing a clear route to unlock one of Western Australia’s largest undeveloped onshore conventional gas resources and to materially increase the scale and diversity of Strike’s production and earnings base. In addition, Strike provides an update in relation to operational activities at the South Erregulla Power Plant (SEPP) and the Walyering gas field . ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement Strike Energy | ASX:STX 2 Breakthrough on West Erregulla Development Secures Processing Pathway and Funding Support Following a detailed selection process , Strike has selected Hancock Energy's proposed Belisama Gas Processing Facility (Belisama) as the preferred processing solution for its share of gas from the West Erregulla Joint Venture. Strike has entered into an Implementation Agreement with Hancock Energy (EP469) Pty Ltd and Hancock Energy (PBN) Pty Ltd (together, Hancock Energy) that provides a framework for progressing West Erregulla toward s a Final Investment Decision (FID) and finalising terms of gas processing services for Strike’s gas. For more detail, refer to the key terms of the Implementation Agreement set out in Annexure B. The Implementation Agreement establishes the basis for Strike’s share of West Erregulla gas to be processed through Belisama , including an agreed and binding fixed Capacity Charge, provid ing Strike with greater certainty of its processing costs and pathway to first gas, with the remaining project documentation (including a Gas Processing Services Agreement) and commercial arrangements to be finalised in long form agreements. The proposed structure also creates alignment between the L25/L26 upstream Joint Venture rs and the development of the associated gas processing infrastructure. This combination of funding certainty , along with a defined tolling framework and aligned development interests , provides a compelling pathway to bring West Erregulla gas to the West ern Australian market in the shortest possible timeframe . Together with Strike’s existing financing arrangements with Macquarie Bank Limited (Macquarie) ,which have been amended to permit a new $30 million drawdown with no amortisation , Hancock Energy’s proposed funding support would materially strengthen Strike’s financial position as it progresses West Erregulla. The arrangements allow Strike to advance its largest development project while preserving financial flexibility, limiting the need for additional near -term capital . For Strike, this represents a transformational step in the Company's evolution, facilitating a step - change in the scale and diversity of its production and earnings base across three core assets, Walyering, SEPP and West Erregulla, and cementing its position as a Western Australian energy producer. This milestone for the West Erregulla joint venture demonstrates the commitment from both parties to continue to work collaboratively on targeting West Erregulla FID and bringing West Erregulla gas to the Western Australian market. Strategically, this places Strike in the enviable position of having multiple sources of revenue generation, in addition to a 3000 km 2 portfolio of high - quality exploration acreage in the onshore Perth Basin, a known world - class hydrocarbon province, providing opportunities to create shareholder value via an accelerated exploration program. Strike is planning 2D and 3D seismic surveys i n FY27 across key acreage, and off the back of these survey results, will be well positioned to refine and rank the portfolio of drilling targets, with early focus on the 100% - owned Ocean Hill and Kadathinni (refer map in Annexure A). West Erregulla moves towards development readiness Discovered in 2019, West Erregulla is one of the largest undeveloped conventional gas resources in the onshore Perth Basin and is recognised by AEMO 1 as an anticipated source of new domestic gas supply, highlighting its strategic importance to Western Australia’s future energy needs. The selection of 1 2025 AEMO WA Gas Statement of Opportunities: https://www.aemo.com.au/energy - systems/gas/gas - forecasting - and - planning/wa - gas - statement - of- opportunities - wa- gsoo Strike Energy | ASX:STX 3 Belisama as Strike's preferred processing solution fulfils one of the development milestones required to unlock the field and provides a clear pathway toward commercial production. With exclusive negotiations on the project agreements continuing to progress in parallel, Strike and Hancock Energy are targeting upstream FID in FY28 and first gas production in mid - CY 29. The parties have also agreed that, following satisfaction of certain conditions (as outlined in Annexure B) , operatorship of the L25/L26 upstream Joint Venture will transition to Hancock Energy, to ensure integration between upstream and midstream operations and providing access to Hancock Energy ’s technical capability and operational resources. Upon development, West Erregulla is expected to become a long -term supplier of domestic gas into the Western Australian market, supporting energy security and industrial growth while underpinning the State's energy transition. Development funding secured while preserving balance sheet flexibility Hancock Energy and Strike have agreed a term sheet for a commercial loan under which Hancock Energy would provide up to $ 30 million to Strike to support Strike’s share of pre -FID activities associated with the West Erregulla Joint Venture , subject to the finalisation of binding documentation including Macquarie consent . The terms of Hancock Energy ’s proposed funding arrangement: • align all scheduled repayments with project cash generation following achievement of targeted first gas, allowing Strike to continue advancing West Erregulla without placing undue pressure on the balance sheet during the development phase ; and • complement s the Company's existing Macquarie facilities, significantly improving funding certainty at a critical stage of project maturation . In recognition of the significant progress Strike has made in advancing West Erregulla, Macquarie has agreed to waive draw down conditions precedent and allow Strike to immediately access an additional tranche of funding under the current Macquarie debt facilities (previously, this funding would only have been available at FID). Further, Macquarie has increased the amount availab le through this tranche from $23m to $30m. This tranche is repayable on maturity of the Macquarie debt facilities in 2029, with no amortisation beforehand. Strike would grant Hancock Energy second ranking security (behind Macquarie) to support the commercial loan funding package. Further details of the Hancock Energy funding arrangements are set out in Annexure C. Building a scalable energy business Strike is approaching a unique period in its growth trajectory. With Walyering generating cash flow, SEPP nearing approval to generate power and West Erregulla progressing toward development, the Company is building a portfolio of complementary assets which it anticipates will be capable of delivering increased production, earnings and cash generation through the remainder of the decade. Strike has established a strong track record of exploration success in the Perth Basin. As a junior energy company, however, the pace at which the Company has been able to convert discoveries into producing assets has necessarily been constrained by access to capital. Strike owns approximately 3,000 km 2 of acreage in the onshore Perth Basin, providing substantial opportunity beyond its existing development portfolio . With these new arrangements providing a pathway for the West Erregulla development, the Board and management are focused on accelerating the next phase of exploration across this position , including seismic and drilling activities , with early focus on the 100% - owned Ocean Hill and Kadathinni opportunities (refer to the map in Annexure A ). The refreshed Strike Board and management team are Strike Energy | ASX:STX 4 firmly focused on translating this combination of established resources, development opportunities and increased financial capacity into sustainable long - term value for Strike shareholders. Strike Energy’s Chair, Nev Power , said: “West Erregulla is an important project for both the Joint Venture and Western Australia. This agreement brings together Strike’s deep knowledge of the project with access to Hancock’s substantial resources and development expertise, strengthening the Joint Venture’s capacity to progress West Erregulla. Our focus is firmly on progressing a development that can provide long -term feedstock to the Belisama gas processing plant and contribute to Western Australia’s domestic gas supply over the coming decade. During this extensive process, we considered a broad range of alternatives to meet Strike’s near -term and pre -first gas funding requirements, with a clear focus on the outcome that would deliver the greatest benefit for Strike shareholders. Following that process, the Board believes this arrangement provides the best pathway forward for the Company and its shareholders. I have known Gina Rinehart for many years and look forward to working with her and the Hancock team to advance West Erregulla and bring its gas to market. ” Strike Energy’s Managing Director and CEO, Shelley Robertson, said: "Today's announcement marks an important step in unlocking the value of West Erregulla and progressing one of Western Australia's largest undeveloped onshore gas resources toward production. By selecting Hancock Energy's Belisama facility and securing a funding framework with Hancock Energy and through an existing facility with Macquarie that supports development activities towards first gas, we have materially reduced both execution and funding risk for the project. Importantly, these arrangements provide Strike with a clear pathway to participate in the development of West Erregulla while maintaining balance sheet flexibility and minimising dilution for shareholders. Together with the cash flows from Walyering and the expected commencement of South Erregulla, West Erregulla forms the third pillar of a diversified energy portfolio that we believe can generate significant long -term value for shareholders. As Western Australia continues to require reliable domestic gas to support economic growth and the energy transition, Strike is increasingly well -positioned to play a meaningful role in delivering secure, affordable energy to the State." South Erregulla Power Plant Operational Update Commissioning of the downstream switchyards and 1.5 km overhead transmission line continues to progress, with practical completion of SEPP currently forecast for 31 October 2026. Western Power commenced commissioning of the transmission infrastructure on 21 July 2026. These activities remain on the project's critical path and are managed by Western Power and its contractors. In parallel, dynamic model assessments and Generator Performance Standards (GPS) approval activities are continuing between Western Power, AEMO, Strike and multiple equipment vendors. These studies are an essential prerequisite to AEMO commissioning tests and the subsequent granting of Interim Approval to Generate (IATG) . While collaborative workshops have been established to progress this work as efficiently as possible, the timing of these approvals remains outside Strike's direct control. Given the dependency on third -party commissioning, testing and regulatory approval processes, there remains a risk that completion of these activities continue into Q4 CY26 . Strike Energy | ASX:STX 5 Strike notes that any delay to the commencement of commercial operations beyond 1 October 2026 does not result in contractual delay penalties. However, Capacity Credit payments will only commence once Western Power commissioning and AEMO performance testin g has been successfully completed following energisation and the facility is approved for commercial operation. Strike has established an executive -level Steering Committee with Western Power, AEMO and key project participants, providing senior -level oversight and coordination of the remaining critical path activities. The Steering Committee is working collaborative ly to accelerate resolution of outstanding activities and achieve the earliest possible completion. Strike will keep the market informed of any material developments. Walyering Operational Update The recently announced Walyering Reserves review delivered an increase in 2P Sales Gas Reserves to 16.4 PJ2 , after accounting for 5.7 PJ of FY26 production, supported by the successful Walyering West discovery. Walyering is currently produc ing at approximately 13 TJ/d, with compression commissioning progressing and both compressor s brought online successfully over the weekend of the 29 th of August 2026 . Once both compressors are successfully commissioned , Strike will look to progressive ly ramp -up towards 20 TJ/d into September . This announceme nt has been authorised for release by the Board of Directors in accordance with the Company’s Continuous Disclosure Policy. Further information Shelley Robertson Managing Director & Chief Executive Officer Strike Energy Limited shelley.robertson@strikeenergy.com.au Follow us on To learn more, visit www.strikeenergy.com.au About Strike Energy Strike Energy (ASX: STX) is a Western Australian independent energy explorer and producer, developing gas from the Perth Basin and Mid - West region. Our primary objective is to provide reliable energy to support Western Australia’s energy transition away fr om coal. Strike holds one of the most strategically significant positions in the onshore Perth Basin, spanning both the Permian gas play in the north and the Jurassic wet - gas play in the south. This unique footprint underpins our integrated portfolio of gas and gas - to- power developments. 2 Re fer to ASX announcement on 17 August 2026 entitled “Walyering Reserves Statement” for more information. Strike is unaware of any new information that materially impacts the information in the release and confirms that all the material assumptions and techn ical parameters underpinning the estimate continue to apply and have not materially changed. Strike will host an investor webinar to discuss the matters outlined in this announcement, followed by a Q&A session. The webinar can be accessed via the Strike website www.strikeenergy.com.au and a recording will be available to view post the session. Shareholders and investors are invited to submit questions in advance via the registration page. Date: Tuesday, 1 September 2026 Time: 8:30 am AWST / 10:30 am AEST Register: https://strikeenergy.com.au/webinars/PRE2Xr - west - erregulla - unlocked Strike Energy | ASX:STX 6 IMPORTANT NOTICES FORWARD LOOKING STATEMENTS Statements contained in this release, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘budget’, ‘outl ook’, ‘schedule’, ‘estimate’, ‘target’, ‘guidance’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this document regarding the outcomes of prelimi nary and definitive feasibility studies, projections, guidance on future earnings 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 may differ materially from those expressed or impl ied by the forward - looking statements in this release. Such forward - looking statements speak only as of the date of this document. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy sp ecific 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 release 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 docume nt, 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 limitatio n, liability for negligence). Nothing in this release will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document. Strike Energy | ASX:STX 7 Annexure A – Strike Energy Permit Map Figure 1: Map of the onshore Perth Basin showing Strike Energy permits, prospects and leads and discovered gas and oil fields Strike Energy | ASX:STX 8 Annexure B – Implementation Agreement (“IA”) Key Te rms Parties Strike West Pty Ltd Hancock Energy (EP469) Pty Ltd Hancock Energy (PBN) Pty Ltd Finalisation of Project Agreements The parties agree to negotiate in good faith and use reasonable endeavours to agree the following Key Project Agreements, based on commercial principles set out in the IA: • Gas Processing Services Agreement – pursuant to which Strike West will deliver 100% of its share of West Erregulla gas to the Belisama central gas processing facility for processing and export • Coordination Agreement – pursuant to which the parties will coordinate their activities, manage potential conflicts of interest and address any potential unitisation issues that arise in the future • Amendment Agreement to the existing Gas Balancing Agreement – to cater for a Belisama processing solution. Operatorship transfer Operatorship of the West Erregulla Joint Venture will transfer to Hancock Energy (EP469) Pty Ltd upon the following conditions being satisfied: • West Erregulla FID ; • execution of Key Project Agreements; and • JV approval of West Erregulla field development plan and associated work programs and budgets. Gas Processing Services Agreements The parties have agreed a binding fixed capacity charge for the Gas Processing Agreement based on all production from West Erregulla being processed through the Belisama central gas processing facility . Other operating, export and decommissioning charges remain subject to further negotiation, approval and execution. Termination The IA may be terminated if: • the Key Project Agreements are not executed by 31 December 2027 or such other date as the parties may agree; • West Erregulla FID has not occurred by 31 December 2028 or such other date as the parties may agree; or • a party breaches its material obligations under the IA and fails to cure the breach. The IA will automatically expire on the date on which Operatorship of the West Erregulla Joint Venture transfers to Hancock Energy (EP469). Exclusivity Strike and its related entities have agreed not to pursue alternative gas processing arrangements for its share of West Erregulla gas whilst the Implementation Agreement remains on foot. Strike Energy | ASX:STX 9 Annexure C – Hancock Energy Loan Term Sheet Key Terms Borrower Strike West Pty Ltd Lender Hancock Energy (PB) Pty Ltd Loan amount Up to $30m Permitted use To fund West Erregulla joint venture cash calls for pre - FID activities. At the time of West Erregulla FID, any amount that remains undrawn will be cancelled . Repayment Amortisation to commence from first gas at West Erregulla. Bullet repayment on the outstanding balance (if any) 3 years from first gas. “Upside payment” “Upside payment” payable to the Lender for the period following first gas at West Erregulla until the facility is repaid in full. The “upside payment” represents 50% of the realised value of 10TJ/day of gas sold in excess of an agreed target price for gas. Interest BBSY + 600 bps, capitalised or in cash (at Strike option) Security Second ranking security across same perimeter as Macquarie ’s security pac ka ge. Conditions precedent to drawdown Subject to customary conditions precedent including finalising binding documentation for the Hancock Loan and associated security arrangements, including Macquarie consent . Finalisation of binding G as P rocessing S ervices Agreement . Mandatory repayment triggers • Termination of the Gas Processing Services Agreement • FID on West Erregulla not taken by 31 December 2028 • Customary triggers for a loan facility of this nature. Other terms Consistent with a loan of this nature, including events of default, representations, warranties, undertakings and intercreditor arrangements with Macquarie .