Announcement PDF Bell Potter Unearthed Conference Feb-24 Ramping up gas production 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 section 8 of Strike’s Bidder’s Statement dated 23 December 2022 for its off-market takeover offer to acquire all of the shares in Warrego Energy Limited (ACN 125 394 667) that Strike did not already own for a summary of certain risk factors that may affect Strike. 2 The Premier Perth Basin Exposure 2024 Investment Highlights 1. 100% operated position with substantial Reserves & Resources  Less than 50% of existing 2P Reserves contracted  >3,000 km² of acreage and more than 25 prospects and leads  Three substantial prospective targets to be drilled in 2024 2. Perth Basin’s largest domestic gas producer generating low cost cashflows  Q4 CY23 generated gross $14.4m in cashflow  Production costs of only $0.5 GJ  Walyering reached above nameplate production record on the 6th of Feb at 34 TJ & 275 bbls of condensate  Average sales for February of 27 TJ/d 3. Govt supported gas acceleration strategy  Targeting up to four sources of gas online by 20261  Well capitalised with ~$114m of cash and undrawn debt with ongoing cash generation and only $19m of drawn debt as at Q4/23.  Government domgas policy review and possible stimulus via potential LNG policy changes 4. Catalyst rich  Walyering: Appraisal drilling in Q2, with potential production increase  South Erregulla: Flow testing at SE2 and resource review  West Erregulla: 2 x nearfield exploration wells in Q2/Q3 with development decision targeting 2H/24  Ocean Hill: 3D seismic commencing, with contingent appraisal Q4 1. Subject to, among other things, appraisal results, rig and construction procurement and, where required, project financing and joint venture processes. Notes to map: Area marked “Mid West Geothermal” represents area of Geothermal Exploration Permit under application (not granted). 3 WA energy update – A fragile market Potential WA Gas Supply & Demand Forecast GSOO 2023 (TJ/d) All-time WA maximum average operational demand recorded: 4,046 MW 23 November 2023 (GW) Coal 1,300 4 Diesel Gas Solar 1,200 -307 1,100 Wind 3 56% 2 1,000 900 Potential Gas Supply 1 Domestic Gas Demand Domestic Gas Demand (minus Alcoa Kwinana) 800 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 0 0:01 am Near term gas supply looks delicate, WA Govt reviewing policy  AEMO GSOO 2023 released showing in and out of supply deficit ‘23-29, even with Alcoa closures.  WA spot gas prices of $9.47/GJ during the quarter.  DMIRS announced that 2023 was the lowest year for gas exploration in the State of WA for the last 25 years. 6:00pm Power market looking for sustainable solutions  Gas price being driven by electricity market (Q4/23 WA averaged $98 MWh equivalent to ~$9.8 GJ).  Electricity demand record set in Nov '23 (~4,100 MW, 800 MW higher than previous). Gas made up 56% of electricity at 6pm on that date.  WA Govt to cease subsidising coal by 2026 and Source: Adapted from AEMO’s Quarterly Energy Dynamics Q4 2023 report, 25to Jan retire 2024 continue coal fired power stations by 2029. 4 South Erregulla appraisal ongoing 50% & Operator SE1 100% & Operator 80mmscfd SE2 Testing Commencing SE3 Gas on water observed  Appraisal drilling has likely shown 3-separate fault compartments, with the middle compartment being down-thrown.  SE3 is the lowest intersection of the Kingia Sandstone within the field, encountered water and minor gas when on test.  SE2 is updip of SE3 & SE1 (SE1 flowed 80mmscfd on test), with flow testing to commence this week.  Post flow testing campaign, Strike will review Reserves and Resources which will inform path to development. 5 Other Project 2024 key catalysts Walyering 100% operator West Erregulla  Ramp up in daily production.  Walyering-7: April (immediate tie in on success).  RISC Reserves & Resources review.  Potential de-bottlenecking and increase in production capacity.  Further gas marketing and market development activities.  Ministerial decision on environmental approval expected 1H/24.  Erregulla Deep-1: May.  FID on 87 TJ/d development with Warrego Energy: Targeting 2H/24.  Southwest Erregulla-1: 2H/24.  3D seismic acquisition has commenced.  Ocean Hill-2: appraisal drilling in Q4/24 (contingent on seismic). 50% operator Ocean Hill 100% operator 6 Central to WA’s energy transition Q&A 7 Forward looking statements 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. Except as required by law or regulation (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. 8