Eastern Gas Corp Ltd · ASX:EGA
Eastern Gas — IPO Roadshow (January 2026)
22 slides from Eastern Gas's IPO roadshow presentation, January 2026
Slide 1: Unlocking East Coast Gas Supply in Tight Market
UNLOCKING EAST COAST GAS SUPPLY IN TIGHT MARKET January 2026
Slide 2: Disclaimer
Disclaimer Extent of Information This document has been prepared by Eastern Gas Corporation Ltd (“Company”). This Presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the
Slide 3: Introduction
Introduction Eastern Gas is a natural gas exploration company that was formed with a mission to provide Australians with energy security and a reliable source of power. Our east coast natural gas portfolio features two highly prospective tenements in Queensland’s prolific Cooper Basin and Surat Basi
Slide 4: Why Invest in Eastern Gas?
Why Invest in Eastern Gas? 100% owned gas assets in Experienced board & management Queensland’s prolific Surat & team - 40+ years upstream expertise Cooper basins with proven delivery track record Existing pipeline & infrastructure Exposure to strong East Coast gas allowing access to: Wallumbilla ma
Slide 5: Key Investment Highlights
Key Investment Highlights Highly prospective 100% owned & operated assets in premier east coast gas basins in Queensland • Project Venus (ATP 2051) – Coal Seam Gas (“CSG”) play in the highly productive Walloon Fairway, Surat Basin • Windorah Gas (ATP 927) – Basin Centred Gas (“BCG”) play in the prol
Slide 6: Eastern Gas Asset Overview
Eastern Gas Asset Overview Strategically located adjacent to producing fields and infrastructure with domestic and export gas transmission. Leveraged to additional commercialisation options. 1 ATP 2051 Project Venus • CSG play containing: − 130PJ (2C) Resources; and − 158PJ (3C) Resources. 2 1 • Acc
Slide 7: Project Venus (ATP 2051)
Project Venus (ATP 2051) Strategically positioned in the highly productive Walloon CGS fairway, Surat Basin Project Venus is located on the productive Walloon CSG fairway amongst significant gas producers/developers 4 1 2 • Over 10,000 wells drilled along the fairway (green dots on the map) • Histor
Slide 8: Project Venus (ATP 2051)
Project Venus (ATP 2051) Stratigraphy indicates UJCM Macalister Seam is most prospective • The Walloon Coal Measures (WCM) are a series of interbedded coal seams, shale/silt and sandstone beds of Middle Jurassic age in the Surat Basin. It comprises three distinct coal measures: − Upper Juandah (UJCM
Slide 9: Near-Term Drill & Flow Testing
Near-Term Drill & Flow Testing Drilling to date • Five vertical CSG wells drilled in ATP 2051, each confirming the presence of gas saturated thick coal seams in Walloon Coal Measures Near-term value catalysts • Drill and flow test up to two horizontal wells targeting Upper Juandah coals with the aim
Slide 10: Windorah Gas Project (ATP 927)
Windorah Gas Project (ATP 927) Awarded 15-year PCA in premier Cooper Basin • 480 km² block, BCG play located in the prolific Cooper Basin, western QLD • Recently awarded 15-year Potential Commercial Area (PCA) and ATP renewal • Resources independently certified by Aeon Petroleum Consultants (Tamaram
Slide 11: Windorah Gas Project (ATP 927)
Windorah Gas Project (ATP 927) Tamarama and Queenscliff wells established moveable gas at locations independent of structural closure, supporting BCG interpretation • Windorah Gas Project is a Basin Centred Gas play → an unconventional system with regionally pervasive accumulations that are gas satu
Slide 12: Market Opportunity
Market Opportunity • East coast gas demand: critical for power and industry • Anticipated supply shortfall from 2027 supports high prices • ACCC reports LNG netback futures prices of $10-15/GJ to 2030 Long-term supply outlook * ACCC Gas Inquiry 2017-2030 – Interim update on east coast gas market (Ju
Slide 13: Market Positioning Relative to Peers
Market Positioning Relative to Peers ASX Peers Trading Multiples (A$/Gje): Enterprise Value/(2P + 2C) ASX Peers Trading Multiples (A$/Gje): Enterprise Value/(3P + 3C) ASX Peers Enterprise Value/(2P + 2C) Trading Multiples (A$/Gje) 0.25 ASX Peers Enterprise Value/(3P + 3C) Trading Multiples (A$/Gje)
Slide 14: Market Positioning Relative to Peers
Market Positioning Relative to Peers ASX Peers Trading Multiples (A$/Gje): Enterprise Value/(1P + 1C) ASX Peers Enterprise Value/(1P + 1C) Trading Multiples (A$/Gje) 1.20 1.00 0.80 Weighted average = A$0.51/Gje 0.60 0.40 Average = A$0.50 /Gje 0.20 - Eastern Gas Omega Oil & Gas Beetaloo Energy Comet
Slide 15: Near-Term Catalysts
Near-Term Catalysts Catalyst Timing Estimated (AUD $) Potential Value Impact Project Venus - Horizontal Wells Q1-Q2 2026 $4.9m Convert 2C to 2P reserves; & Flow Testing support future gas sales Reserves Upgrade & Q4 2026 $0.15m Independent reserves Certification validation - increases investor confi
Slide 16: IPO Summary
IPO Summary Category Details IPO Amount $5.5 Million IPO Price AUD 0.20/share; Market Cap/Post IPO Market Cap (Post IPO) - AUD 18.0m Drilling & Flow Testing - 87% Use of Funds Working Capital & Corporate Costs - 11% Lead Manager Expected Listing February 2026 16
Slide 17: Board & Management
Board & Management James Canning-Ure David Spring Scott Brown Non-Executive Chair Managing Director and CEO Non-Executive Director Bcom BSc (Hons), GAICD B.Bus, M. Commerce • 40+ years’ experience • 40+ years’ technical and • 30+ years’ experience as across business, property, commercial upstream di
Slide 18: Contact
CONTACT P: +61 2 9955 4008 E: investor@easterngas.com.au www.easterngas.com.au David Spring P: +61 497 000 177 E: david.spring@easterngas.com.au
Slide 19: Sources – Pages 13 & 14
Sources – Pages 13 & 14 Ticker Company Name No. of Shares (million) Source for No. of Shares Eastern Gas Eastern Gas 90 https://easterngas.com.au/ (Prospectus) OMA Omega Oil & Gas 468 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03033144-2A1640968&v=undefined BTL B
Slide 20: Sources Pages 13 & 14
Sources Pages 13 & 14 Ticker Company Name Cash ($m) Source for Cash Eastern Gas Eastern Gas 6 IPO raise OMA Omega Oil & Gas 55 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03027736_PS-2A1638357&v=undefined BTL Beetaloo Energy 27 https://cdn-api.markitdigital.com/ap
Slide 21: Sources Pages 13 & 14
Sources Pages 13 & 14 Ticker Company Name 1P & 2P (PJ) Eastern Gas Eastern Gas https://easterngas.com.au/ (Prospectus) OMA Omega Oil & Gas - BTL Beetaloo Energy - COI Comet Ridge https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03010369-2A1630263&v=undefined LKO Lakes
Slide 22: Sources Pages 13 & 14
Sources Pages 13 & 14 Ticker Company Name 3C (PJ) Eastern Gas Eastern Gas https://easterngas.com.au/ (Prospectus) OMA Omega Oil & Gas https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03030346-2A1639494&v=undefined BTL Beetaloo Energy - COI Comet Ridge https://cdn-api.m