Equus Energy Limited · ASX:EQU
Equus Energy — Investor Presentation (May 2026)
16 slides from Equus Energy's investor presentation, May 2026
Slide 1: Ready to Meet WA's Gas & LNG Shortfalls
READY TO MEET WA’S GAS & LNG SHORTFALLS ASX:EQU May 2026
Slide 2: Certified Gas, Funded to FID, Positioned for WA's Energy Gap
Certified Gas, Funded to FID, Positioned for WA’s Energy Gap LARGE, CERTIFIED & FULLY APPRAISED RESOURCE • 100% owner of the Equus Gas Project on the North West Shelf • 1.7 Tcf gas and 38 MMbbl condensate certified 2C contingent resource1 (320mmboe) • Positioned for development with over US$1.5 bill
Slide 3: Corporate Snapshot
Corporate Snapshot $0.41 204,643,730 5,000,000 9,000,000 ~84A$m ~14A$m ~70A$m EQU SHARE PRICE1 SHARES ON ISSUE OPTIONS PERFORMANCE SHARES Market Capitalisation1 Cash at hand2 EV 1As at 25 May 2026 2As at 31 March 2026 EQU Shareholder composition Total Register v Escrow 24% 48% 35% Escrow – December
Slide 4: Pre-FEED Results Support Development of Equus Gas Project
Pre-FEED Results Support Development of Equus Gas Project HIGHLIGHTS Successful Pre-FEED confirms Equus as technically feasible, commercially robust and capital-efficient offshore gas development Pre-FEED validates development pathways to commercialise Equus’ large independently certified 2C conting
Slide 5: Key Results from the Pre-FEED Studies
Key Results from the Pre-FEED Studies SUBSURFACE AND RESERVOIR SUBSEA PRODUCTION SYSTEM (SPS) • Integrated reservoir models completed to support • Multi hub subsea production architecture production forecasting and flow assurance. developed, incorporating flowlines, • Subsurface maturity supports a
Slide 6: Equus Gas Project – Capital Efficient Tie-Back Development
Equus Gas Project – Capital Efficient Tie-Back Development Onshore LNG and DOMGAS Facilities • Initial development of up to Existing Infrastructure five subsea wells at start up • Subsea production systems feeding into a centrally Equus Export Permanently Moored located FPSO Pipeline Production Faci
Slide 7: LNG Plants Short Gas Supply
WA LNG EXPORTS LNG Plants Short Gas Supply $36bn FY25 Exports of 50 Mtpa LNG representing 12.5% of Global supply SCARBOROUGH LNG • Global LNG demand forecast to rise 75% to 700 Mtpa by 20401 EQUUS LNG KARRATHA GAS PLANT GORGON LNG PLUTO LNG • WA LNG Exports valued at $36 Billion in FY252 WHEATSTONE
Slide 8: WA Domestic Market
WA Domestic Market SCARBOROUGH LNG EQUUS LNG KARRATHA GAS PLANT GORGON LNG PLUTO LNG • Domestic Gas sales in WA reached record high of $3.2 Billion in FY251 WHEATSTONE LNG • ~76% of natural gas demand comes from major industrial customers - mineral processing, mining, chemicals and power generation
Slide 9: ALCOA – Funding & Gas Sales Agreement
ALCOA – Funding & Gas Sales Agreement • Up to US$30m in staged Alcoa Australia Vice President, Elsabe Muller said gas remains critical to its operations in WA: conditional funding through to Final Investment Decision1,2 • Binding Gas Sale Agreement for “ This is an important milestone for Alcoa, wit
Slide 10: Equus is progressing into the next phase of partnering and commercialisation
Equus is progressing into the next phase of partnering and commercialisation to advance the project toward FEED and FID Upstream LNG Customers Infrastructure and Project Partnering and Offtake Tolling Arrangements Financing Advancing discussions with Progressing engagement with Advancing discussions
Slide 11: Advancing Toward Commercialisation
Advancing Toward Commercialisation Pre-FEED completion enables advancement to key commercial catalysts LNG Offtake Agreement/s & Non-operating Secure Upstream Partners Complete ASX Operating Partner $15m capital raise and IPO: LNG/Gas $/BOE Dec 2025 FPSO/Pipeline Processing Infrastructure Agreements
Slide 12: Australia Junior Oil Gas Peer Comparison
Australia Junior Oil Gas Peer Comparison Achieving key project milestones drives significant value uplift in line with peers1 MARKET CAPITALISATION (A$M) RESOURCE (2P + 2C BOE NET) VALUATION (A$/BOE) 22 May 2026 0 500 1000 1500 0 100 200 300 400 0.00 2.00 4.00 6.00 TBN TBN FDR BTL EQU TBN OMA BTL CR
Slide 13: Investment Case
Investment Case SUCCESFUL PRE-FEED RESULTS ALCOA FUNDING SUPPORTS PROJECT COSTS Engineering and infrastructure studies substantially advanced project definition Project costs funded through to FID and development planning under the Alcoa Agreement1 STRATEGIC PARTNERING UNDERWAY PATHWAY TOWARDS PROJE
Slide 14: Appendix 1: Peer Comparison Data
Appendix 1: Peer Comparison Data Market Cap Country Resource2 (A$m)1 Basis of quoted reserves Value (A$) ASX ASX Onshore vs Conventional vs Production per Barrel Company Code Offshore Unconventional Status 2P + 2C BOE Oil 2P ASX announcement description State 22 May 26 Equivalent 2C Source Net MMBoe
Slide 15: Important Notices and Disclaimers
Important Notices and Disclaimers This presentation (Presentation) has been prepared by Equus Energy Limited (ACN 108 398 983) (Equus Energy, EQU or the Company) . The Presentation has been prepared as at 26 May 2026 and statements are current only as at that date. Not an offer The information conta
Slide 16: Contact
CONTACT equusenergy.com.au info@equusenergy.com.au ASX:EQU