Announcement PDF 24 October 2024 th Q1 FY25 Quarterly Report ED-1 flow testing operations Comments from Managing Director & CEO, Stuart Nicholls: “Strike has completed a highly successful quarter, which included increased sales volumes at Walyering and confirmation of new discoveries at Walyering-7 and Erregulla Deep-1. The quarter was also highlighted by Strike being awarded 85 MW of capacity credits for the 20262027 year at South Erregulla’s proposed fully integrated 85 MW peaking gas power station. Strike’s exploration success at Erregulla Deep, which is the deepest well ever drilled onshore Australia, has yielded some profound results. ED-1 performed exceptionally whilst on test with testing confirming that ED-1 is one of the best wells ever drilled in the Perth Basin with extremely high deliverability and low impurity. The discovery beat Strike’s expectations on reservoir quality, formation pressures and lower CO2 content and opens the play at depth and out to the East where Strike has a commanding 100% owned acreage position. The coming quarter is set to be a busy one as Strike progresses towards final investment decisions for the West Erregulla gas field development and the South Erregulla power project.” Highlights Walyering • Walyering quarterly gas and condensate sales volumes increased by 2% to 2.4 PJe with sales revenues of approximately $18.3 million. • The flow testing program at Walyering-7 into the Walyering production facility was completed, confirming the discovery with a maximum recorded gas rate of 14 TJ/d and liquid rate of 900 bbls/d of condensate. South Erregulla • Strike was awarded the full 85 MW of Certified Reserve Capacity Credits and its requested Network Access Quantity by AEMO for its proposed South Erregulla peaking gas power station in WA. • AEMO published the 2026/27 year capacity price of $216,092 per MW per annum, which was at the higher end of Strike’s forecast. Strike Energy Limited ABN 59 078 012 745 www.strikeenergy.com.au P: +61 8 7099 7400 E: strike@strikeenergy.com.au Level 1, 40 Kings Park Road West Perth WA 6005 • Strike entered into a $48.5 million contract with Clarke Energy to procure twenty (20) 4.5 MW Jenbacher gas reciprocating engines and commissioning services for the proposed peaking gas power plant. The fixed price contract was in line with Strike’s mid-case capital estimates. West Erregulla • DEMIRS issued Production licence L25 to the West Erregulla JV. • Two high quality, low impurity conventional gas discoveries were made in the Erregulla Deep1 exploration well at depths never encountered in the Perth Basin. On flow test the ED1 well flowed exceptionally from the Kingia formation at a constrained, stabilised rate of 53 mmscfd with a FTHP of 5,515 psi on a 46/64” choke, confirming a high deliverability and low impurity gas accumulation. ED1 has one of the highest ever recorded flowing pressures from Perth Basin wells. WA Domestic Gas Policy • WA’s Domestic Gas Policy update delivered a positive outcome supporting the relaxation of the export ban. Strike will now be able to export 20% of its natural gas production from its Perth Basin assets until the end of 2030. Corporate • Facility documentation progressed with Macquarie Bank for the provision of the 5-year, $153 million financing package 1 for its Perth Basin Gas Acceleration Strategy. Key Performance Metrics Jun Q4 FY24 Sep Q1 FY25 Qtr on Qtr change FY24 YTD FY25 YTD Change (PJe net) 2.35 2.40 2% 0.05 2.40 >100% (PJe net) 2.35 2.40 2% 0.03 2.40 >100% 19.85 18.28 (8%) 0.38 52.2 >100% 19.85 18.28 (8%) 0.21 18.28 >100% Cash and cash equivalents 38.75 44.52 15% 103.49 38.75 (57%) Undrawn debt 46.75 17.00 (64%) 46.75 17.00 (64%) Total Liquidity 85.50 61.52 (28%) 150.24 61.52 (59%) Jun Q4 FY24 Sep Q1 FY25 Qtr on Qtr change FY24 YTD FY25 YTD Change PJ 2.26 2.31 2% 0.05 2.31 >100% PJ 2.26 2.31 2% 0.03 2.31 >100% kbbl 17.00 16.78 (1%) 0.29 16.78 >100% kbbl 17.00 16.78 (1%) 0.16 16.78 >100% PJe 2.35 2.4 2% 0.05 2.40 >100% PJe 2.35 2.4 2% 0.03 2.40 >100% MMboe 0.38 0.4 2% 0.01 0.39 >100% MMboe 038 0.4 2% 0.01 0.39 >100% A$ million unless indicated Sales volume (gross) Sales volume (net to Strike) Sales revenue (gross) Sales revenue (net to Strike) Production Production by product Sales gas (gross) 2 Sales gas (net to strike) Condensate (gross) Condensate (net to strike) Total production (gross) Total production (net to Strike) Total production (gross) Total production (net to Strike) Note: Net to Strike is 55% equity to 31 Dec 2023 and 100% thereafter. 1 For more information, see ASX announcement dated 21 June 2024 entitled “Terms agreed for $153m Development Funding Package”. 2 Sales gas production includes gas invoiced in a prior period and taken as ‘banked gas’ pursuant to the ‘Take or Pay’ contract with Santos WA Ltd. 2 Walyering (L23, 100% and operator) • The Walyering gas field produced a total of ~2.4 PJe of gas and condensate for the quarter or just over 25 TJ/d of sales gas and 183 bbls/d of condensate. Production was up 2% q-o-q. • During the quarter Strike completed its production cost-out program, as it moves Walyering to a partly unmanned facility with reduced consumables, chemical usage and other services. Ongoing annualised savings from this program equal more than $1.1 million. • The flow testing program of the Walyering-7 discovery was completed with all test volumes fed into the Walyering production facility maximising the sales opportunity and minimising costs and avoidable carbon emissions. W7 had a maximum recorded gas rate of 14 TJ/d and liquid rate of 900 bbls/d of condensate. Measurement of the gas composition showed on specification, low impurity gas with an elevated energy conversion factor and significantly higher condensate gas ratio than expected. • The Walyering-7 mechanical and electrical tie in was largely complete at the end of the quarter. The final switch board and service line tie in was deferred to align with the planned annual shutdown and inspection scheduled for later this month in order to create cost and production synergies. Strike expects to start production from W7 post this planned event. • Planning and procurement for the installation of mid field life compression have begun, where Strike expects to lease the required equipment. Installation is scheduled for prior to the end of the financial year. • Strike has completed a review of its Reserves and Resources at the Walyering gas field with independent certifiers RISC Advisory certifying 57 PJe of 2P Reserves and 2C Resources. 3 3 Comprised of 41 PJe 2P Reserves and 16 PJe 2C Resources. Refer to ASX release entitled “Walyering Reserves Statement” dated 23 September 2024 and to the Important Notices at the end of this report for information pertaining to the Reserves and Resources. 3 • During the quarter Strike commenced construction of the Walyering-East well pad. Walyering East, which is 4.5km to the north east of the facility, is expected to commence exploration drilling in late November. WA Energy Market • WA gas market conditions were stable over the previous quarter with max spot prices continuing at an average of $8.92 per gigajoule. • The Economic Standing Committee tabled the final report of its inquiry into the WA Domestic Gas Policy. This was followed by the WA Government formally updating the WA Domestic Gas Policy. Importantly this update included relaxation of the export ban for onshore gas production by allowing the export of up to 20% of total production volumes up until end 2030. This evolution in the WA Domestic Gas policy is a strong positive for Strike where export markets provide premium pricing and a deeper pool of buyers. Strike has started engagement with the WA Government to detail the new export allowance and understand how this will dovetail into Strike’s gas marketing activities for its uncontracted gas position across its suite of pre-FID projects. • Electricity markets continue to be a major driver of gas demand and pricing dynamics with gas continuing to contribute significantly to operational electricity demand during the quarter. • The quarter’s volume weighted average cost for electricity in WA was $100/MWh, with average peak electricity prices (4pm – 9pm) of $158/MWh. • Trading intervals of max pricing ($738/MWh or ~$92 GJ equivalent using 8 GJ per MW 4) continue to occur frequently in the WA Wholesale Electricity Market with a total of 39 Reference Trading Price intervals (30-minutes) reaching the capped price for the quarter. 4 Jenbacher engines consume 8 GJ per MW of electricity. 4 Exploration & Development West Erregulla (L25 & EP469, STX 50% and operator) • During the quarter the EP469 Joint Venture was awarded Production Licence L25 by the Department of Energy, Mines, Industry, Regulation and Safety over the West Erregulla gas field. • Strike progressed the development and gas processing services agreements with AGIG and Hancock Energy Infrastructure Pty Ltd for the construction and tolled gas processing services for the proposed 87 TJ/d gas plant and pipeline connection into the DBNGP. • The Erregulla Deep-1 exploration well made multiple successful gas discoveries in EP469. The ED-1 well was drilled to a total depth of 5,225m MD or 4,944m TVDSS making it the deepest well ever drilled onshore Australia. The ED-1 well made two high-quality, low impurity conventional gas discoveries. Both discoveries are observed to be blocky zones of good quality gas charged sandstone reservoir. • Strike are working to update the Field Development Plan for the proposed 87 TJ/d development, with a view to include the Erregulla Deep discovery 5. • Post the quarter, Strike commenced the flow testing operations at ED-1 and initiated very high-pressure conventional gas flows to surface. The Kingia produced at a max instantaneous rate of 60 mmscfd and a stabilised rate of 53 mmscfd on a 46/64” choke at an impressive flowing tubing head pressure (FTHP) of 5,515 psi, limited by surface equipment with well head pressures indicating an absolute open flow of 400-450 mmscfd. South Erregulla (L24, STX 100% and operator) • Strike was awarded the full 85 MWs of Reserve Capacity Credits and its requested Network Access Quantity by the Australian Energy Market Operator (AEMO) in the South West Interconnected System (in Western Australia) for its proposed fully integrated, 85 MW peaking gas power station, as part of the development of the South Erregulla gas field in Production Licence L24 within the Perth Basin (100% net to STX). 5 Field Development Plan remains subject to Joint Venture approval. 5 • AEMO published the price for capacity credits in the 2026-2027 capacity year of $216,092 per MW per year. This equates to a guaranteed minimum capacity revenue stream in the first year of the project of over $18 million. This capacity revenue is in addition to Strike’s forecast energy sales, which will be made in peak pricing periods into the Wholesale Energy Market within the SWIS. Strike expects to operate the facility around 4 hours per day (on average) and to generate further revenues from ancillary services to the grid. The South Erregulla Peaking Power Station will now be eligible to receive Reserve Capacity Credits each year of operation, with the price of those credits published approximately two years in advance. • Strike and Clarke Energy Pty Ltd (Clarke Energy) entered into a $48.5 million fixed price contract for the procurement and commissioning services of twenty (20) 4.5 MW Jenbacher reciprocating gas engines. Reciprocating gas engines have been preferred over turbine technology due to their higher efficiencies and quicker start-up / response times, which suits the peaking role that this power plant will operate under. • These awards, contracts and notifications are significant milestones and conditions required for Strike’s peaking gas power station project as it prepares to take a Final Investment Decision this coming quarter. Ocean Hill (EP495, STX 100% and operator) • During the quarter Strike received the pre-Stack Time Migration volume for the Ocean Hill 3D seismic from Earth Signal. Comparison work to the fast-track cubes will be conducted before receiving the pre-Stack Depth Migration volumes where final mapping will be conducted. Arrino-Kadathinni (EP503, 504 & 505, STX 100% and operator) • The Erregulla Deep-1 discovery well is the most easterly penetration of the Permian gas play in the Perth Basin. Strike has a commanding acreage position across its 100% owned tenure on the eastern flank of the play, which covers the Tathra Terrace in EP503, 504 and 505. The thickness and quality of the ED-1 result at depths of over 5,000m also improves the prospectivity of much of Strike’s acreage where earlier this year Strike acquired the 479 km Kadathinni 2D seismic survey over the Arrino and Kadathinni leads. • Strike can image the Permian level on the Kadathinni seismic and observes other highly prospective sequences which may warrant a stacked exploration well. L7 Joint Venture (L7, STX 25% and non-operator) • The L7 Joint Venture, where Triangle Energy is the operator, drilled the Booth-1 exploration well. Unfortunately, Booth-1 did not encounter any moveable hydrocarbons in any of the reservoir targets and was subsequently plugged and abandoned. Financial • During the quarter total sales were 2.4 PJe of gas and condensate, up 2% q-o-q. Sales were made up of 2.31 PJ of sales gas and 16,830 bbls of condensate across 2 liftings. • Total sales revenue was down 8% q-o-q. Lower revenues were primarily a result of FX effects (Santos gas contract being denominated in USD) and oil price (also denominated in USD). • Gas sales revenues for the quarter were ~$16.2 million (~8% decrease q-o-q due to the above). Averaged realised gas prices were ~$7.02 GJ (down 10% q-o-q). Condensate liftings and sales from Port Bonython totalled ~$2.04 million (down 6% q-o-q) and averaged ~$121/bbl (13% down q-o-q). • Capital expenditure during the quarter was $12.6 million, which included $4.7 million in development at Walyering-7 drilling, testing and connection construction and $7.9 million in 6 exploration expenditure across Erregulla Deep-1 and Booth-1 drilling and Kadathinni 2D seismic processing. • Strike finished the quarter with a liquidity position of ~$62 million (~$45 million of cash and~$17 million of committed undrawn debt). • Strike is now moving into a period where discretionary capital on exploration activities will slow as it focuses its balance sheet and free cash flow generation on its proposed two major construction projects at the West Erregulla gas field development and the South Erregulla peaking gas power station project. • Scheduled repayment of Strike’s existing Macquarie facility during the quarter was deferred pending finalisation of the transaction documentation for the $153 million financing package6. Drawn debt that will be financed by this facility at the end of the quarter was $36.3 million. Revenue Note: Net to Strike is 55% equity to 31 Dec 2023 and 100% thereafter. Jun Q4 FY24 Sep Q1 FY25 Qtr on Qtr change FY24 YTD FY25 YTD Change 17.67 16.23 (8%) 0.38 16.23 >100% Gas (net to Strike) 17.67 16.23 (8%) 0.21 16.23 >100% Condensate (gross) 2.18 2.04 (6%) - 2.04 - 2.18 2.04 (6%) - 2.04 - 19.85 18.28 (8%) 0.38 18.28 >100% 19.85 18.28 (8%) 0.21 18.28 >100% A$ million Sales Revenue Gas (gross) 7 Condensate (net to Strike) Total Sales Revenue (gross) Total Sales Revenue (net to Strike) Average Realised Prices Gas ($/GJ) 7.82 7.04 (10%) 7.34 7.04 (4%) Condensate ($/bbl) 130.42 121.49 (7%) - 123.9 - Jun Q4 FY24 Sep Q1 FY25 Qtr on Qtr change FY24 YTD FY25 YTD Change Exploration & Appraisal 8.90 7.92 (11%) 21.37 7.92 (63%) Development 8 19.70 4.71 (76%) 5.74 4.71 (18%) 28.60 12.63 (56%) 27.11 12.63 (53%) Jun Q4 FY24 Sep Q1 FY25 Qtr on Qtr change FY24 YTD FY25 YTD Change Cash & Cash Equivalents 38.75 44.52 15% 103.49 44.52 (57%) Undrawn Debt 46.75 17.00 (64%) 46.75 17.00 (64%) 85.50 61.52 (28%) 150.24 61.52 (59%) Capital Expenditure A$ million Total Capital Expenditure Liquidity A$ million Total Liquidity 6 Refer to footnote 1. 7 Sales gas revenue includes gas banked and not taken or produced pursuant to the ‘Take or Pay’ contract with Santos WA Ltd. 8 Development expenditure includes Walyering 7 drilling and associated tie back capital. 7 Corporate & Commercial • During the quarter $240,701 in payments were made to related parties for director fees. Petroleum Tenements Held at the End of the Quarter Permit Type Basin Play Operator (parent) STX Interest Gross Area (acres) STX Net Area (acres) L23 (Walyering) Production Perth Basin Jurassic Wet Gas Strike 100% 18,222 18,222 L24 (South Erregulla) Production Perth Basin Permian Gas Strike 100% 18,409 18,409 L25 (West Erregulla) Production Perth Basin Permian Gas Strike 50% 36,914 18,457 L7 (Mount Horner) Production Perth Basin Permian Gas/Oil Triangle 25% 37,021 9,255 EP469 (Erregulla Deep) Exploration Perth Basin Permian Gas Strike 50% 36,911 18,456 Exploration Perth Basin Permian Gas Strike 100% 120,217 120,217 Exploration Perth Basin Permian Gas Strike 100% 92,170 92,170 EP505 Exploration Perth Basin Permian Gas Strike 100% 18,533 18,533 EP506 Exploration Perth Basin Permian Gas Strike 100% 37,066 37,066 EP447 (Wal-East) Exploration Perth Basin Strike 100% 127,849 127,849 EP488 Exploration Perth Basin Strike 100% 73,390 73,390 EP489 Exploration Perth Basin Strike 100% 36,572 36,572 EP495 (Ocean Hill) Exploration Perth Basin Strike 100% 73,637 73,637 EP437 Exploration Perth Basin Triangle 25% 176,861 44,215 PPL210 (Aldinga) Production Cooper Basin Shallow Oil Beach 50% 988 494 PEL 96 Exploration Cooper Basin Deep Coal Strike 67% 668,098 444,953 EP503 (Arr-Kadininni) EP504 (Arr-Kadininni) Jurassic Wet Gas Jurassic Wet Gas Jurassic Wet Gas Jurassic Wet Gas Permian Gas/Oil This report is authorised for release by the Managing Director and Chief Executive Officer in accordance with the Company’s Continuous Disclosure Policy. Company Contact Emma Alexander Investor Relations & Corporate Manager Strike Energy Limited +61 419 877 137 emma.alexander@strikeenergy.com.au Media Contacts Paul Ryan Sodali & Co. +61 409 296 511 paul.ryan@sodali.com Important Notices Power Project The development of the Power Project is contingent on, among other things, satisfaction of the conditions precedent to and financial close under the Macquarie Bank project finance facility for the Power Project (details of which were released to ASX on 21 June 2024), execution of all required procurement contracts, and obtaining all requisite regulatory and stakeholder permits, approvals, licences and authorisations. The forecast capital and operating expenditures and revenue for the Power Plant have been modelled based on the assumptions and information set out or referred to in the announcement dated 24 June 2024 8 entitled Peaking Power Plant submission supported by SE Reserves, are to the level of accuracy as specified in that release, and are subject to change. These forecasts are, by their nature, forward looking statements and subject to the same risks as other forward looking statements (see below). Reserves and Resources Information Unless otherwise stated, references in this Interim Financial Report to the Walyering Reserves and Resources Estimate is to the reserves and resources estimates set out in ASX announcement dated 23rd September 2024 entitled “Walyering Reserves Statement”. Strike’s interest is 100%. This announcement is available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms it is not aware of any new information or data that materially affects the information included in the referenced announcement and that all the material assumptions and technical parameters underpinning the estimates in those announcements continue to apply. Forward looking Statements Statements contained in this Interim Financial Report, 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’, ‘outlook’, ‘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 preliminary 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 implied by the forward-looking statements in this Interim Financial Report. Such forward-looking statements speak only as of the date of this document. Refer to the risk factors set out in Talon Energy Limited’s Scheme Booklet dated 3 November 2023 in relation to the acquisition by Strike Energy (through its wholly owned subsidiary) of all of the issued shares in Talon Energy by way of scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) for a summary of certain general, Strike Energy specific and acquisition 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 Interim Financial Report 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 document, 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 limitation, liability for negligence). Nothing in this Interim Financial Report will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document. 9 Quarterly Activities & Financials Q1-FY25 ED1 initial flow back Cautionary note and disclaimer 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 set out in Talon Energy Limited’s Scheme Booklet dated 3 November 2023 in relation to the acquisition by Strike Energy (through its wholly owned subsidiary) of all of the issued shares in Talon Energy by way of scheme of arrangement pursuant to Part 5.1 of the