Strike Energy : Bell Potter Desk Briefing

Strike Energy Limited

Bell Potter - Energy Briefing

July 2022

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The march towards production	1
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Important notice

Summary information

This presentation contains summary information regarding Strike Energy and its subsidiaries current as at 24th July 2022. The information in this presentation is of general background only and does not purport to be complete. The contents of this presentation should be considered in conjunction with Strike Energy's other announcements lodged with the

onlyReliance should not be placed on the information or opinions contained in this presentation. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any

Australian Securities Exchange available at www.asx.com.au.

Not an offer

This presentation does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security and

either this presentation nor anything contained in it shall form the basis of any contract or commitment.

Not fi ancial product advice

decision to purchase or subscribe for any shares in Strike Energy Limited should only be made after consideration of your own obj ctives and financial situation, making independent enquiries and seeking appropriate financial advice.

useStatements about past performance provides no guarantee or guidance as to future performance, including in respect of the price of Strike shares.

Past p rformance

F t re Statements

Statements contained in this document, 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 Energy Limited,

personalindustry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forw rd 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 prese tation regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future ear i gs 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 unkn wn risks and significant uncertainties, many of which are outside the control of Strike Energy Limited. Actual results, performance, actions and developments of Strike Energy Limited may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. Refer to the 'Summary of Key Risks' section of the release titled " Equity Raising and Corporate Update April 2021" eleased to ASX on 15 April 2021 for a summary of certain general, Strike Energy Limited specific and acquisition sp cific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from th se statements.

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A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including the risk factors referred to in this document. Investors should consider the forward looking statements contained in this document in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike Energy Limited 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).

Project Haber and Precinct Development

The proposed Low Carbon Mid-West Precinct development, including siting Project Haber within the Precinct area, will be contingent on, among other things, successfully re-zoning the land for the intended renewable and industrial uses, obtaining all other required regulatory approvals, licences and authorisations and, in the case of the renewable uses, securing renewables developer on terms acceptable to Strike Energy. The successful development of Project Haber is contingent on, among other things, the outcomes of FEED on Project Haber, the proving up of sufficient gas reserves at South Erregulla, access to finance and (where required) equity participation, finalising urea offtake agreements, and obtaining all requisite regulatory and stakeholder permits, approvals and authorisations. The concept, feasibility and pre- FEED studies prepared by TechnipFMC on Project Haber to date (as referenced in ASX announcement dated 15 December 2021 titled "Project Haber Update") have been undertaken to determine the potential viability of Project Haber and to reach a decision to proceed with more definitive studies, and as such are indicative in nature only. The studies are based on low-level technical and economic assessments and are insufficient to provide full assurance of an economic development case at this stage or provide certainty that the conclusions of the studies will be realised and that the development of Project Haber will be commercially viable.

Information regarding Reserve and Resource Estimates

Information in this presentation relating to the Reserve and Resource Estimates for:

• the West Erregulla Project is set out in the ASX announcement dated 11 October 2021 entitled "Strike delivers maiden Perth Basin gas reserve". Strike Energy interest is 50%.
• The Walyering Reserve and Resource Estimate is set out in ASX announcement dated 21 July 2022 entitled "Independent Certification of Walyering Reserves". Strike Energy's equity interest is 55%.
• The Oceanhill 2C Contingent Resource is sourced from the ASX Announcement of Greenrock Energy Limited (ASX:GRK) dated 4 October 2013 titled "Ocean Hill Independent Resource Certification". Strike Energy's equity interest is 100%.
• the Mid-West Geothermal Project Inferred Resource is set out in ASX announcement dated 5th May 2022 titled "Mid- West Geothermal Power Project Inferred Resource Statement".

Strike Energy confirms it is not aware of any new information or data that materially affects the information included in the referenced announcements and that all the material assumptions and technical parameters underpinning the estimates

in those announcement continues to apply.	2

Strike's fully integrated net zero 2030 - low carbon manufacturing & energy strategy

Mid-West Low Carbon Manufacturing Precinct

Project Haber Fertilisers

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Geoscience Production

Core competencies drive integrated value

Net Zero 20301

Integrated	Ammonia/Urea
Gas	Production

DedicatedGreen

RenewablesHydrogen

Geothermal

Power/Heat

Sales Gas

Processing Transmission

Wholesale Urea

Sales

Direct Urea

Sales

Dispatchable

Renewable Electricity

Low-cost WA

Domestic Gas

1 Refer to ASX announcement entitled "Strike Commits to Net Zero 2030" dated 14 May 2021 for the assumptions and source information on which Strike's Net Zero Plan is based.

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A physically integrated and geographically concentrated portfolio

Mid West

WA Domestic Gas



Low-cost onshore positions

Lockyer

Geothermal



Adjacent to two major pipelines

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Waitsia



Closest source of gas for ~80% of WA market

EP469

Erregulla



Operator in all permits

50%

Beharra

West

Walyering¹

EP503

Erregulla

100%

Project Haber & the

South

Gas

sales up to 37

TJ/d from En d 22-Q1/3. Gross

54 PJ 2P, 48 PJ 2C/2U

: 55% Strike

Erregulla

Mid West Low Carbon

Manufacturing Precinct

EP505

West Erregulla¹

100%

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Gas sales 87 TJ/d expected late 2024. Gross 300 PJ 2P, 326 PJ 2C/2U: 50% Strike

Permian

EP506

Deep

Ocean Hill¹

EP504

100%

100%

360 PJ, 1.2 mln bbls condensate 2C: 100% net to Strike, appraisal planned 2023

Woodada

EP495

100%

Eneabba

Ocean Hill

Gas Exploration Upside

Deep

~3,000km² of highly gas prone Perth Basin acreage: 100% net to Strike

Toolbardi

Project Haber

EP488

 Proposed 1.4mtpa Urea Fertiliser plant: 100% Strike



Access to Port, Railway and major highways

100%

Coomalo



To be sited in the Mid West Low Carbon Manufacturing Precinct

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East

 Opportunity for up to 170 MW of dedicated wind and solar resource

Coomalo

South Erregulla

Badgingarra

Multi discovery success at SE1 with resource confidence to progress urea development

EP489

100% Strike

100%

Cooljarloo

Cluster

Mid-West Geothermal Power Project

 1,750km² of prospective geothermal acreage under application

Walyering



226 MWe, 30 years of mid-case P50 inferred resource1



Highly complementary to existing activities

EP447



Strike 100%

55%

1 Refer to the Important Notices on page 2 for Resource Estimate information. Cautionary Statement: Prospective (2U) resources are unrisked and the estimated quantities of petroleum that may potentially be recovered by the application of

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a future development project and may relate to undiscovered accumulations. These estimates have both an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a

significant quantity of potentially moveable hydrocarbons.

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WA gas market in 4 charts

WA (oil and gas) wells drilled per	Under Investment
Basin per year

only	158	194	180
								89	108										-84%
									73
													60	61		51
																				38
																			35			33
																							11	17
																							9
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07	08	09	10		11	12		13	14		15	16	17		18	19	20	21
										Roebuck			Canning				Bonaparte
											Perth					Browse				Carnarvon
	Source: Compiled using information from APPEA and National Offshore Petroleum Titles Administrator.
AEMO Base scenario WA						Growing Demand &
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gas market balance (TJ/d)							Forecast Shortage
	1,300
	1,200
	1,100																			+84
	1,000
	2022			2023	2024	2025		2026		2027
								Potential gas supply			Domestic gas demand

Source: AMEO Gas Statement of Opportunities 2021

2P reserves write downs (PJe)	Write Downs &
	Exploration Failures

			x	xx
		120	x
165
	280	255
Reindeer	Pluto	WheatstoneMacedon		Perth
Source: Various Company announcements

WA spot gas price ($/GJ)			Prices Up
6
5
4					+167%
3
2
Q1/17	Q1/18	Q1/19	Q1/20	Q1/21	Q1/22

Source: Compiled using information from GasTrading Spot Market - Forecast v

Actual: http://www.gastrading.com.au/spot-market/historical-prices-and-volume

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