Top End Energy Limited · ASX:TEE
Top End Energy — Investor Presentation (July 2025)
32 slides from Top End Energy's investor presentation, Jul 14, 2025
Slide 1: Serpentine Natural Hydrogen Project
SERPENTINE NATURAL HYDROGEN PROJECT FORMAL INVITATION TO PARTNER IN A GLOBALLY SIGNIFICANT HYDROGEN RESOURCE Early interest has been received from industry participants. This presentation outlines the play concepts, subsurface elements and resource potential to be defined and de-risked, as we open a
Slide 2: Disclaimer
DISCLAIMER This presentation (Presentation) is dated 14 July 2025 and has been prepared and authorised by Top End Energy Limited (ASX: TEE) (ACN 650 478 774) (the Company) for the sole purpose of providing preliminary background information to enable recipients to review the Company’s project. Unles
Slide 3: Executive Summary
EXECUTIVE SUM MARY SERPENTINE NATURAL TOP END ENERGY ACREAGE HYDROGEN PROJECT HYTERRA ACREAGE KOLO MA ACREAGE KOLO MA WELLS ▶ Introduction Positioned in one of the world’s most prospective regions for natural hydrogen, this pioneering exploration-stage venture covers more than 30,000 acres in the he
Slide 4: The first source of primary energy to be discovered in a century
NATURAL HYDROGEN POLLUTING THE FIRST SOURCE OF PRIMARY ENERGY TO BE DISCOVERED IN A CENTURY GREY HYDROGEN BLUE HYDROGEN Manufactured from Manufactured from ▶ Why Hydrogen? fossil fuels methane with CCUS A global push towards net-zero has accelerated demand for scalable, low-carbon CHEAP EXPENSIVE so
Slide 5: America's next energy boom: how shale changed U.S. oil and gas production
AMERICA’S NEXT ENERGY BOOM HOW SHALE EXPLORATION AND INNOVATION CHANGED U.S. OIL AND GAS PRODUCTION ▶ Stage 1: Proof of Concept BARNET SHALE PRODUCTION (M Mscf/d) In the late 1990’s and early 2000’s, the advent of fracking combined with horizontal drilling transformed tight reservoirs into high-rate
Slide 6: Targeting existing hydrogen demand within U.S. Mid-West
HYDROGEN MARKET MIDWEST U.S. ANHYDROUS AM M ONIA PRICES TARGETING EXISTING HYDROGEN PRICE (USD PER TON) DEMAND WITHIN U.S. MID-WEST ▶ $5B Mid-West Hydrogen Market Mature regional hydrogen demand driven by ammonia fertilizer and chemical refining is primed for immediate natural hydrogen supply ▶ Disp
Slide 7: A project's value is only as strong as its market access
A PROJECT’S VALUE IS ONLY AS STRONG AS ITS MARKET ACCESS In Kansas, we're at the crossroads of mature agricultural and industrial markets - a rare alignment of resource, infrastructure and offtake PROJECT VS POTENTIAL 5
Slide 8: The Midcontinent Rift (MCR)
REGIONAL GEOLOGY THE MIDCONTINENT RIFT (MCR) GRAVITY ANO MALY MAGNETIC ANO MALY ▶ Ancient Rift System The MCR is a 1.1-billion-year-old failed rift system stretching across the central U.S. and comprising of thick volcanic and sedimentary sequences bounded by crystalline basement ▶ Hydrogen Generati
Slide 9: USGS natural hydrogen prospectivity map
USGS has unveiled its natural hydrogen prospectivity map WE CALCULATE THE ENERGY CONTENT OF THE ESTIMATED RECOVERABLE AMOUNT OF HYDROGEN TO BE ROUGHLY TWICE THE AMOUNT OF ENERGY IN ALL THE PROVEN NATURAL GAS RESERVES ON EARTH UNITED STATES GEOLOGICAL SURVEY, 2024 7
Slide 10: Pairing conventional traps with a vast unconventional basement play
HYDROGEN PLAY CONCEPTS PAIRING CONVENTIONAL TRAPS WITH A VAST UNCONVENTIONAL BASEMENT PLAY ▶ Key Elements of Hydrogen System Hydrogen exploration shares many of the same critical success factors H 2 ACCUMULATION CONVENTIONAL e al as hydrocarbons, allowing us to leverage existing knowledge to develop
Slide 11: The origin of natural hydrogen
SOURCE AND GENERATION THE ORIGIN OF NATURAL HYDROGEN ▶ Source Gravity and magnetic anomaly maps reveal a prominent mafic body, interpreted as a hydrogen-generating source ▶ Generation Multiple wells intersect mafic lithologies across the anomaly, consistent with ultrabasic to basaltic compositions c
Slide 12: Multiple proven hydrocarbon reservoirs with a track record of commerciality
RESERVOIR CHATTANOOGA DEVONIAN SHALE MULTIPLE PROVEN HYDROCARBON RESERVOIRS WITH A TRACK RECORD OF COM MERCIALITY SILURIAN H UNTON GROUP ▶ Reservoirs FEATURE LITHOLOGY/TYPE SEAL UNIT PRIMARY SEAL TYPE(S) In addition to producing oil and gas in other regions, these • Chattanooga reservoirs are prospe
Slide 13: Using oil and gas data to assess reservoir potential
RESERVOIR POTENTIAL USING OIL AND GAS DATA TO ASSESS RESERVOIR POTENTIAL The Project is situated along a structural trend K ANSAS OIL & GAS FIELDS PRODUCING FRO M H UNTON, VIOLA, SIMPSON controlled by basement faults and mafic boundaries. Adjacent oil and gas fields producing from the Hunton, H UNTO
Slide 14: Geologic structure
GEOLOGIC STRUCTURE STRUCTURAL W SERPENTINE PROJECT E FEATURE ABOVE THE SOURCE PRECAMBRIAN FAULT The Project is positioned directly above the mafic generation zone, on a localised structural high that preserves sufficient reservoir thickness before it rapidly thins toward the adjacent fault zone In-h
Slide 15: Shallow target: Hunton Group
SHALLOW TARGET HUNTON GROUP H UNTON ISOPACH (GROSS THICKNESS, FT) H UNTON STRUCTURE (SSTVD, FT) ▶ Isopach map shows a clear thinning of the stratigraphic section along the hanging wall of a major Precambrian fault ▶ This thinning reflects erosion due to uplift, creating both a migration pathway and
Slide 16: Deeper targets: Viola, Simpson and Precambrian
DEEPER TARGETS VIOLA, SIMPSON VIOLA STRUCTURE (SST VD, FT) SIMPSON STRUCTURE (SST VD, FT) PRECAMBRIAN STRUCTURE (SST VD, FT) AND PRECAMBRIAN The Project predominantly overlies reactive mafic basalt basement, in contrast to non-reactive clastics as identified by USGS basement mapping In-house, Genera
Slide 17: Evolution and potential of the MCR
STRUCTURAL TRAPPING AND MIGRATION ABILENE ANTICLINE EVOLUTION AND POTENTIAL OF THE MCR ▶ Structure A structurally complex basin with extensive faulting and folding, capped by overlying shales that drape structural highs • Fault-bounded closures: Reactivated rift faults form horst blocks and graben m
Slide 18: If bugs aren't in your risk register, they should be
IF BUGS AREN’T IN YOUR RISK REGISTER – THEY SHOULD BE Elevated hydrogen means little without preservation and accumulation We’re targeting reservoirs protected from glacial flushing and deep enough to resist microbial loss - maximising the chance of a stable accumulation MANAGING RISK 16
Slide 19: Preservation: impact of glaciation and microbial activity
PRESERVATION IMPACT OF GLACIATION MA XIM U M GLACIAL EXTENT AND MICROBIAL ACTIVITY ▶ Preservation • Hydrogen is highly susceptible to microbial consumption, which can convert it into methane or water, reducing the volume and detectability of hydrogen accumulations • Regions within the maximum glacia
Slide 20: Risk assessment: certainty and data quality
RISK ASSESSMENT A TRANSPARENT VIEW OF SOURCE & EACH SYSTEM ELEMENT GENERATION ▶ Reservoir HIGH CERTAINTY AND DATA QUALITY Lower pressure regimes may limit reservoir drive, but several Kansas hydrocarbon fields successfully produce under comparable conditions RESERVOIR ▶ Seal MIGRATION Uncertainty ar
Slide 21: Midcontinent Rift play concepts
MIDCONTINENT RIFT PLAY CONCEPTS 1: Balsmeier, Koloma, 2023, H2 not disclosed 2: Hedge Lawn Farms, Koloma, 2023, H2 not disclosed FAVORABLE TRAPPING AND CHARGE CONDITIONS OVER THE 3: Carlson Farms, Koloma, 2023, H2 not disclosed 4: Finn, Producers Engineering, 1986, H2 in mud gas GENERATION ZONE SET
Slide 22: Discoveries happen in the field, not behind a desk
DISCOVERIES HAPPEN IN THE FIELD, NOT BEHIND A DESK Current models based on limited real-world data can only take us so far Early-stage natural hydrogen exploration demands a drilling-led strategy grounded by targeted subsurface insight OUR EXPLORATION APPROACH 20
Slide 23: Why early exploration calls for a return to first principles
EXPLORATION APPROACH WHY EARLY EXPLORATION FEATURE DRILLING-LED EXPLORATION GEOPHYSICS-CENTRIC WORKFLOW CALLS FOR A RETURN TO Speed of Immediate feedback with each well delivering data for rapid learning Long lead times acquiring, processing and interpreting seismic before ground- FIRST PRINCIPLES L
Slide 24: Koloma's drilling program
MARSHALL COUNTY EXPLORATION Top Left: Koloma drilling ahead on the Mid-Continent Rift Top Right: 3,000 to 5,000psi wellheads were installed on all three wells Bottom Left: New Koloma well-site, permitted for air-rotary drilling Bottom Middle: Workover rig on Balsmeier in November 2024 Bottom Right:
Slide 25: Our drilling program is designed to validate proven play elements and de-risk
OUR DRILLING PROGRAM IS DESIGNED TO VALIDATE PROVEN PLAY ELEMENTS AND DE-RISK THOSE THAT ARE UNTESTED Hydrogen exploration is high-risk by nature, but the upside is transformative A proven hydrogen source matched with the key elements of a commercial hydrocarbon system enhances our confidence in the
Slide 26: Tools and testing
TOOLS AND TESTING APPLYING EXISTING O&G TOOLS TO HYDROGEN EVALUATION ▶ Drill and Post-Drill Program GE DRILLING SUBJECT TO DRILL RESULTS Mud-gas mass • Real-time detection to identify spikes vs background DRILL CUTTINGS spectrometry • Correlate shows with depth, lithology and structural breaks TRIPL
Slide 27: Data acquisition plan
DATA ACQUISITION PLAN DE-RISKING KEY ELEMENTS THROUGH DRILLING DATA ELEMENT OBSERVATION VALIDATES SCALE OF INSIG HT • Mafic lithologies in cuttings and core Source • Gravity and magnetic anomaly alignment Presence of a reactive source for hydrogen generation Play • Fluid geochemistry • Log porosity
Slide 28: Independent assessment of recoverable hydrogen resource volumes
PROSPECTIVE RESOURCE VOLUMES INDEPENDENT ASSESSMENT OF THE RECOVERABLE HYDROGEN RESOURCE VOLUMES ▶ Resource Density NET RECOVERABLE PROSPECTIVE HYDROGEN RESOURCE Recoverable volumes are based on the Project lease holding of approx. 31,000 acres and indicate a strong resource density that underpins i
Slide 29: Moving from discovery to deliverability
WE’RE GUIDED BY A SYSTEM-VS-CONFIDENCE APPROACH AND MAKING SURE EVERY DOLLAR GOES TOWARDS BUILDING CERTAINTY We already know hydrogen is there – now we need to prove its commerciality MOVING FROM DISCOVERY TO DELIVERABILITY 27
Slide 30: Helium potential
HELIUM POTENTIAL ADDED VALUE AND NEAR-TERM COM MERCIALISATION ▶ Co-Existing Gases Natural hydrogen exploration is increasingly detecting significant helium concentrations. Both gases are generated in or adjacent to crystalline basement and migrate together along the same fracture networks and fault
Slide 31: Next steps: invitation to partner
INVITATION TO PARTNER NEXT STEPS ▶ Expressions of Interest Contact Top End Energy invites partners to join a structured farm-out process and advance Luke Velterop an exploration program to unlock value in a transformative hydrogen play. Chief Executive Officer +1 (785)-410-3840 Qualified parties wit
Slide 32: Top End Energy Ltd
Top End Energy Ltd is an Australian publicly listed company focused on industrial gas exploration Through its wholly owned U.S. subsidiaries, Serpentine Energy LLC and Downunder Ventures LLC, the Company holds a 100% working interest in the Serpentine Natural Hydrogen Project ASX:TEE Top End Energy