Announcement PDF Q3 FY24 Quarterly Report 23rd April 2024 Walyering Gas Plant Comments from Managing Director & CEO, Stuart Nicholls: “Positive performance from the Walyering gas field continued, with a 21% increase in production delivering record quarterly revenue of ~$18 million. Whilst the South Erregulla testing results were disappointing, we are now looking forward to our upcoming high-impact drilling campaign including the Walyering-7 appraisal and the Erregulla Deep exploration well. With the West Erregulla field development progressing towards a final investment decision targeted for Q3 2024, and the recent completion of the Ocean Hill 3D seismic acquisition, the company remains well positioned to benefit from rising WA energy prices.” Highlights Walyering • Walyering (L23) gross gas and condensate production increased by 21% to 2.29 PJe with gross sales increasing by 22% to approximately $18 million. • Nameplate capacity exceeded at 34 TJ/d and 265 bbls/d of condensate on 4 February 2024. • Gas Transportation Agreement with APA executed to allow up to 10 TJ/d of sales gas to be delivered from the Parmelia Gas Pipeline into the Dampier to Bunbury Natural Gas Pipeline expected from late 2024. Ocean Hill • The Ocean Hill 256 km² 3D seismic was acquired on schedule and under budget. Corporate 1 • Strike repaid $3.33 million of its Macquarie Bank debt facility and finished the quarter with a liquidity position of ~$91 million (~$45 million of cash and cash equivalents and ~$47 million of committed, undrawn debt facilities), plus an uncommitted $80 million contingent debt facility for Strike’s South Erregulla development 1. • Strike announced its intentions to undertake a minimum holding buy-back for holders of unmarketable parcels of ordinary shares. On completion, the buy-back may remove up to a maximum of 2,034,041 ordinary shares from the Company’s register at a cost of up to $488,169.84. Uncommitted facility remains subject to lender credit approval. Strike Energy Limited ABN 59 078 012 745 www.strikeenergy.com.au P: +61 8 7099 7400 E: strike@strikeenergy.com.au Level 1, 40 Kings Park Road West Perth WA 6005 Key Performance Metrics Dec Q2 FY24 Mar Q3 FY24 Qtr on Qtr change FY23 YTD FY24 YTD Change (PJe net) 1.89 2.21 17% 0 4.15 - (PJe net) 1.04 2.21 112% 0 3.28 - 14.39 17.63 22% 0 32.41 - 7.92 17.63 123% 0 25.76 - Cash and cash equivalents 66.78 44.61 (33%) 143.10 44.61 (69%) Undrawn debt 46.75 46.75 - 6.75 46.75 593% Total Liquidity 113.53 91.36 (20%) 149.85 91.36 (39%) Dec Q2 FY24 Mar Q3 FY24 Qtr on Qtr change FY23 YTD FY24 YTD Change PJ 1.81 2.19 21% 0 4.05 - PJ 0.99 2.19 121% 0 3.21 - kbbl 14.60 17.12 17% 0 32.01 - kbbl 8.03 17.12 113% 0 25.31 - PJe 1.89 2.29 21% 0 4.24 - PJe 1.04 2.29 121% 0 3.36 - MMboe 0.31 0.37 21% 0 0.69 - MMboe 0.17 0.37 121% 0 0.55 - A$ 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. Walyering (L23, 100% and operator) 2 • The Walyering gas field produced a total of 2.29 PJe of gas and condensate for the quarter or approximately 24 TJ/d of sales gas and 176 bbls of condensate. Daily gas production rose by 20% from the previous quarter along with a 9% increase in realised gas prices as a result of the Company commencing into the gas sales agreement with Alinta Energy WA Pty Ltd. • Strike successfully delivered 34 TJ from the Walyering gas field on 4 February 2024 and has produced at instantaneous rates of up to 38 TJ/d, demonstrating the upstream facility’s throughput capacity is capable of exceeding its nameplate of 33 TJ/d. • A Gas Transportation Agreement was executed with APA to allow up to 10 TJ/d of sales gas to be delivered from the Parmelia Gas Pipeline into the Dampier to Bunbury Natural Gas Pipeline expected from late 2024 upon completion of the construction and commissioning of the new inter-pipeline connection at Mondarra by APA Group Pty Ltd. • Strike has spent much of the last quarter preparing for the Walyering-7 appraisal well, which will be drilled from the Walyering facility, allowing for a low cost and quick tie-in on success. Spud is expected to occur shortly after rig handover in late April. Walyering-7 is targeting a fault block directly North and on trend with the producing Walyering-5 compartment with which it shares a bounding fault required for the trapping geometry and interpreted charge mechanism. 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 WA Energy Market 3 • WA gas market conditions eased during the Quarter, which Strike believes is on the back of pressure from the preliminary findings of the Economic Standing Committee’s review into the WA Domestic Gas Policy. However, due to declines in some domestic only gas supplies, prices remained elevated against historical averages with the maximum quarterly WA spot gas price averaging $9.34 GJ. • The Economic Standing Committee released its interim report 3 on its review of the WA Domestic Gas Policy in late February. Several findings may impact Strike’s business going forward. These are summarised below: o The Australian Energy Market Operator (AEMO) has forecast that WA will experience a gas shortfall and there was no indication in the interim report that the AEMO is incorrect. o There is a credible risk that the State will face a substantial gas supply shortfall starting in the near term and continuing for most of the next decade. If this shortfall materialises it will likely lead to higher energy prices and threaten to undermine the State’s decarbonisation agenda. o Lifting of the export ban placed on Perth Basin gas resources may facilitate faster development and greater volumes of gas into the domestic market through the availability of greater pools of capital as a result. o Some existing LNG producers have not produced the amount of domestic gas as per the spirit of the original WA Domestic Gas Policy and Government interventions could be looked at to ensure the market is not adversely affected. (From Strike’s perspective, if the LNG producers were to supply more domestic gas, this would reduce the risk that a shortfall ever materialises and ease the pathway for the State to lift the ban on Strike exporting a portion of its gas) • In response to the release of this interim report, Woodside Energy announced that it had agreed to supply additional Pluto gas through the North West Shelf which would largely address the expected shortfall of gas in WA. • Electricity markets continue to be a major driver of new gas demand. This is due to the fall in annual coal fired base load supply and the increasing supply from intermittent solar and wind. The increase in the speed of electrification and demand for electricity continues to touch new highs with the first quarter of 2024 recording the top-6 electricity demand days of all time in the South West Interconnect System (SWIS). The quarter’s cost for electricity in WA averaged $78.50/MWh, with a significant increase in peak energy prices (4pm – 9pm) to $172/MWh, a 6% and 65% increase respectively on the March 2023 quarter. • The 19th of February 2024 saw a new all-time maximum underlying demand of 5 GW which superseded the previous high set the day before during a period of consecutive high temperatures. During peak evening electricity demand, gas made up ~60% of the total fuel load, where diesel (distillate) generation was also required to meet underlying demand. The full interim report can be found under Current Inquiries at www.parliament.wa.gov.au or here. 3 During long periods on these two days the WA wholesale electricity price reached its price cap of $738 MW, which on a like for like basis with a gas peaking power plant would infer a look through gas price of ~$74 GJ 4. Exploration & Development South Erregulla (L24, STX 100% and operator) 4 • During the quarter, South Erregulla 2 and 3 were flow tested and failed to produce commercial flows of gas to surface. • The flow testing results at South Erregulla were in conflict with the drilling results where logs, mud gas and pressures indicated gas intersections. The interpretation of these physical flow testing results is still undergoing further 3rd party review, however the presence of anomalous fresh water production comingled with the gas is interpreted to be the root cause for the flow testing results not matching the post logging expectations. Of particular note, applying a fresh water cutoff to the petrophysical interpretation at South Erregulla-1 (which flowed at a maximum rate of 80 mmscf/d on test) generates a false-negative petrophysical response and thus infers the Kingia Sandstone at SE-1 would flow water and gas, similarly to SE-2 and 3, which was clearly not the case. These anomalous results suggest the Permian is more compartmentalised with different aquifers, water gradients and geochemistry than first interpreted. • South Erregulla is currently undergoing a Reserves and Resources review where Strike is confident that (an albeit smaller) Reserve exists in the Eastern compartment of the field demonstrated by the SE-1 flow test. Work with independent certifier NSAI is planned to be completed before the end of the financial year. Assumes ~10 GJ of gas consumption per MWh of electricity production. 4 • Despite these geological setbacks, and in line with a likely smaller Reserve at South Erregulla, Strike is reviewing the development concept and investigating a standalone development supported by the South Erregulla gas discovery. This commercialisation pathway will be designed to maximise the revenue generation from every mmscf of gas produced from the field. Strike intends to make further disclosure on this development in the coming quarter. West Erregulla (EP469, STX 50% and operator) • During the quarter the West Erregulla upstream development Part IV environmental EPA report and recommendation progressed through the appeals process, as did the Australian Gas Infrastructure Group (AGIG) midstream development EPA report and recommendation. Both of these appeals are expected to conclude prior to the end of the coming quarter. • Further work by AGIG on the repricing of the midstream 87 TJ/d gas plant was carried out during and is expected to be finalised in the following quarter with definitive documentation progressing towards an FID targeted by Strike for Q3/24. • Further work on the Field Development Plan for the 87 TJ/d development was conducted and is undergoing a joint venture review process. • Strike progressed the Production Licence application and expects it to be granted by DMIRS in the following quarter. • Strike has spent much of the quarter preparing for exploration drilling at Erregulla Deep-1, where Strike believes a potentially material gas resource exists. Strike expects to spud this well in June ‘24 following the drilling at Walyering. Ocean Hill (EP495, STX 100% and operator) • During the quarter, 256 km² of 3D seismic was successfully acquired by Terrex Seismic over the Ocean Hill gas discovery. The acquisition was completed on time and on budget. 5 • Processing of this dataset will be conducted by Earth Signal Processing, who recently conducted the Walyering 3D seismic re-processing. This much anticipated high-resolution dataset will be used to site a potential future appraisal well to test the existing large 2C Contingent Resource. Arrino-Kadathinni (EP503 & 504, STX 100% and operator) • On the 18th of April Terrex Seismic commenced the 479 km Kadathinni 2D seismic survey where more than 100 km² of Permian closure has been identified on both historical and the South Erregulla Maior 2D seismic volumes. • The four structures that make up the Arrino-Kadathinni complex on the Tathra Terrace represent the next Permian frontier for the basin. The play remains open to the East where no wells have ever been drilled to Kingia depth anywhere on the Eastern side of the Dandaragan Trough, which is more proximal to the North-Eastern sediment deposition trend. The Arrino-Kadathinni structures are currently interpreted to be at similar depths to Lockyer and West/South and North Erregulla. L7/EP437 Joint Venture • During the quarter Strike as non-operator along with joint venture partners Triangle Energy (Global) Limited (operator) and New Zealand Oil & Gas Limited approved the work program and budget for the drilling of the Booth-1 oil and gas exploration well in L7. • Triangle has contracted the Ventia 106 rig to drill the Booth-1 well in Permit L7 on behalf of the L7 JV and expects to receive the well late June – July. • The Booth prospect, located in the east of L7, is targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Jurassic sandstones. Financial 5 • During the quarter total gross sales were 2.21 PJe of gas and condensate. This was made up of 2.1 PJ of sales gas and 13,400 bbls of associated condensate across 3 liftings. Average daily production was 24 TJ/d noting the commencement in February of the 100% Take-or-Pay, 2year, Alinta Energy Gas Sales Agreement. • Gas sales revenues for the quarter were ~$16 million. Averaged realised gas prices were ~$7.54 GJ, 5% higher than the previous quarter, due to the commencement of the Alinta Gas Sales Agreement and slightly higher USD exchange rates. Condensate liftings and sales from Port Bonython totalled ~$1.6 million and averaged ~$119/bbl. Total production costs year to date have averaged $0.62/GJ. • Capital expenditure during the quarter was predominantly from one-off activities including the South Erregulla drilling campaign, the South Erregulla testing program, the Ocean Hill 3D seismic acquisition and preparation for Strike’s three upcoming exploration wells. • During the quarter Strike paid down $3.3 million of drawn debt from its existing Macquarie Bank facilities. Drawn debt from this facility at the end of the quarter was $16.3 million. • Strike finished the quarter with a liquidity position of ~$91 million (~$45 million of cash, ~$47 million of committed, undrawn debt facilities and $0.16 million of listed equities), plus an uncommitted $80 million contingent debt facility for Strike’s South Erregulla development 5. • During the quarter $239,621 in payments were made to related parties for director fees. Uncommitted facility remains subject to lender credit approval. 6 Revenue Note: Net to Strike is 55% equity to 31 Dec 2023 and 100% thereafter. Dec Q2 FY24 Mar Q3 FY24 Qtr on Qtr change FY23 YTD FY24 YTD Change 13.00 16.04 23% 0 29.42 - Gas (net to Strike) 7.15 16.04 124% 0 23.40 - Condensate (gross) 1.40 1.59 14% 0 2.99 - 0.77 1.59 107% 0 2.36 - 14.39 17.63 22% 0 32.41 - 7.92 17.63 123% 0 25.76 - A$ million Sales Revenue Gas (gross) 6 Condensate (net to Strike) Total Sales Revenue (gross) Total Sales Revenue (net to Strike) Average Realised Prices Gas ($/GJ) 6.93 7.54 9% 0 7.38 - Condensate ($/bbl) 101.13 118.52 17% 0 112.24 - Dec Q2 FY24 Mar Q3 FY24 Qtr on Qtr change FY23 YTD FY24 YTD Change Exploration & Appraisal 35.00 19.18 (45%) 17.40 76.54 340% Development 1.53 0.03 (98%) 12.41 6.31 (49%) 36.53 19.21 (47%) 29.80 82.85 178% Dec Q2 FY24 Mar Q3 FY24 Qtr on Qtr change FY23 YTD FY24 YTD Change Cash & Cash Equivalents 66.78 44.61 (33%) 143.10 44.61 (69%) Undrawn Debt 46.75 46.75 - 6.75 46.75 593% 113.53 91.36 (20%) 149.85 91.36 (39%) Capital Expenditure A$ million Total Capital Expenditure Liquidity A$ million Total Liquidity Corporate & Commercial 6 7 • During the quarter Strike commenced a $1.5 million cost out initiative. Half of the cost reductions are targeted through optimising the Walyering production facility, where the remainder is between corporate and other development costs. To date ~33% of the cost reductions have been achieved with the remainder on track for to be completed by the end of the FY. • Strike announced intentions to undertake a minimum holding buy-back for the holders of unmarketable parcels (less than $500) of ordinary shares in the Company. The Buy-Back will allow Eligible Shareholders who hold unmarketable parcels to sell their ordinary shares back to the Company at the Buy-Back price of $0.24 per share, being the 5-day VWAP of the trading days before the Record Date7. The Company has decided to undertake the Buy-Back to assist Eligible Shareholders to sell and realise the value of their shares without incurring brokerage Sales gas revenue includes gas banked and not taken or produced pursuant to the ‘Take or Pay’ contract with Santos WA Ltd. For further information, refer to ASX announcement dated 28 March 2024 “Minimum Holding Share Buy-Back”. 7 fees and other expenses, and to assist in reducing administrative costs associated with maintaining a large number of very small holdings. 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 L7 (Mount Horner) Production Perth Basin Permian Gas/Oil Triangle 25% 37,021 9,255 EP469 (West Erregulla) Exploration Perth Basin Permian Gas Strike 50% 55,500 27,750 EP503 Exploration Perth Basin Permian Gas Strike 100% 120,217 120,217 EP504 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 Exploration Perth Basin Jurassic Wet Gas Strike 100% 127,849 127,849 EP488 Exploration Perth Basin Jurassic Wet Gas Strike 100% 73,390 73,390 EP489 Exploration Perth Basin Jurassic Wet Gas Strike 100% 36,572 36,572 EP495 Exploration Perth Basin Jurassic Wet Gas Strike 100% 73,637 73,637 EP437 Exploration Perth Basin Permian Gas/Oil 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 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 Citadel-MAGNUS +61 409 296 511 pryan@citadelmagnus.com 8 Important Notices 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 Q3-FY24 Ocean Hill 3D Seismic 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 Highlights for Q3-FY24 Record Quarterly Production 2.29 PJe Record Quarterly Sales ~$18m Walyering Nameplate Exceeded (+17%) (+22%) 34 TJ/d and 38 TJ instantaneous Realised Prices Up to $7.54 GJ Ocean Hill 3D Seismic Acquired Balance Sheet Strength (+9%) 256 km² on schedule and under budget Drawn Mac Debt down to $16m 3 Q3-FY24 Financials Commentary  Total record quarterly revenue generation of ~$18m up 22%.  Realised gas prices up 9%.  Realised condensate price of $119 bbl up 17%.  Revenue and price increases related to commencement of Alinta GSA and softer AUDUSD FX.  Expenditure related to one-off activities including the South Erregulla drilling and testing, the Ocean Hill 3D seismic and preparation for Strike’s 3 upcoming exploration wells  Repaid $3.3m of drawn debt. Note: Sales gas revenue includes gas banked (paid for but not taken or produced) pursuant to the ‘Take or Pay’ contract with Santos WA Ltd. Net to Strike is at 55% equity until 31 Dec 2023.  Balance sheet remains strong with ~$91m of liquidity ($4