Equus Energy Limited · ASX:EQU
Equus Energy — Investor Presentation (December 2025)
12 slides from Equus Energy's investor presentation, December 2025
Slide 1: Ready to Meet WA's Gas & LNG Shortfalls
READY TO MEET WA’S GAS & LNG SHORTFALLS ASX:EQU December 2025
Slide 2: Important Notices and Disclaimers
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 19 December 2025 and statements are current only as at that d
Slide 3: Investment Highlights – Equus Gas Project
Investment Highlights – Equus Gas Project 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 resource (2C1) • 320 Million barrels of oil equivalent • Development ready project • Over US$1.5 billion invest
Slide 4: Corporate Snapshot
Corporate Snapshot Number of Source of Funds A$m Capital Structure of EQU % shares Existing shareholders of Equus Energy 49,956,230 24% Existing Equus Energy Cash Reserves 1.0 Consideration shares to Western Gas 79,687,500 39% Alcoa Tranche 1 Funding1 1.8 Vendors & Noteholders Issue of shares at $0.
Slide 5: WA Facing Gas Supply Shortages
WA Facing Gas Supply Shortages North West Shelf production in decline1 STRATEGICALLY LOCATED ON NORTH WEST SHELF • Western Australia is one of the world’s most established LNG hubs, supported by a network of large-scale offshore and onshore infrastructure • WA currently has five operating LNG export
Slide 6: ALCOA – Funding & Gas Sales Agreement
ALCOA – Funding & Gas Sales Agreement • Up to US$30m in staged conditional funding Alcoa Australia Vice President, Elsabe Muller through to Final Investment Decision1,2 said gas remains critical to its operations in WA: • Binding Gas Sale Agreement for 50 TJ/d of gas over 10 years = 182 petajoules “
Slide 7: Equus Project Timeline
Equus Project Timeline 2H 2025 1H 2026 2H 2026 2027 COMMENCE STRATEGIC PARTNERING FINALISE FEED PRE-FEED PROCESS PRE-FEED Domestic Gas Sales and Financing Strategic Partner Farm-In and JV Agreement Field Development Plan Upstream FEED – Subsea, FPSO, Pipeline Agreement Finalise State and Federal Con
Slide 8: Equus Upstream Development
Equus Upstream Development Multiple commercialisation paths UPSTREAM: DEVELOPMENT PLAN • 3-5 subsea wells at start up • Upstream production of 350 TJ/d • Leased FPSO = reduce capex MIDSTREAM • Tie-back to existing offshore facilities • Utilise existing pipelines for transport to downstream = reduced
Slide 9: Australia Junior Oil Gas Peer Comparison
Australia Junior Oil Gas Peer Comparison Achieving key project milestones drives significant value uplift in line with peers MARKET CAPITALISATION (A$M) 2P + 2C BOE NET A$/BOE 17 December 2025 Producers A$6-10 / BOE Discovered Undeveloped Peers A$1-$3 / BOE EQU = A$0.13 / BOE @ $41m Market Cap Exist
Slide 10: Near-Term Value Drivers & Investment Catalysts
Near-Term Value Drivers & Investment Catalysts PRE-FEED ACTIVITIES UNDERWAY • Advancing technical definition, project economics and development planning STRATEGIC PARTNERING PROGRESSING • Engagement with potential development, infrastructure and offtake partners UNDERSUPPLIED GAS INFRASTRUCTURE AND
Slide 11: Appendix 1: Peer Comparison Data
APPENDIX 1: PEER COMPARISON DATA Country Market Cap1 Resource2 Value (A$) ASX Onshore vs Conventional vs Production ASX Company per Barrel Oil Code Offshore Unconventional Status 17 Dec 25 2P + 2C BOE Net Equivalent State Amplitude Energy AEL Australia, Vic Offshore Conventional Producer 810 81.40 9
Slide 12: Contact
CONTACT equusenergy.com.au info@equusenergy.com.au ASX:EQU 12