Equus Energy Limited · ASX:EQU
Equus Energy — Investor Presentation (February 2026)
13 slides from Equus Energy's investor presentation, Feb 18, 2026
Slide 1: Ready to Meet WA's Gas & LNG Shortfalls
READY TO MEET WA’S GAS & LNG SHORTFALLS ASX:EQU 18 February 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 resource (2C1) (320mmboe) • Development ready project with over US$1.5 billion invest
Slide 3: Corporate Snapshot
Corporate Snapshot EQU 204,643,730 5,000,000 9,000,000 ~84.0A$m ~16.0A$m ~68.0A$m CAPITAL STRUCTURE SHARES ON ISSUE OPTIONS PERFORMANCE SHARES Market Capitalisation Cash at hand EV As at 16 February 2026 ECU Shareholder composition Total Register v Escrow 24% 48% 35% Escrow – 24 Months 56% Instituti
Slide 4: LNG Plants Short Gas Supply
LNG Plants Short Gas Supply WA LNG EXPORTS $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 • WA LNG Exports valued at $36 Billion in FY252 PLUTO LNG WHEATSTONE
Slide 5: 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 6: Alcoa – Funding & Gas Sales Agreement
ALCOA – Funding & Gas Sales Agreement • Up to US$30m in staged Alcoa Australia Vice President, Elsabe Muller said gas remains critical to its operations in WA: conditional funding through to Final Investment Decision1,2 • Binding Gas Sale Agreement for “ This is an important milestone for Alcoa, wit
Slide 7: Equus Upstream Development
Equus Upstream Development Capital efficient tieback development to existing infrastructure Existing Woodside JV Pipelines UPSTREAM: DEVELOPMENT PLAN New Scarborough Pipeline • 3-5 subsea wells at start up EQUUS FPSO Proposed Equus Pipeline • Upstream production of ~350 TJ/d • Leased FPSO = reduced
Slide 8: Australia Junior Oil Gas Peer Comparison
Australia Junior Oil Gas Peer Comparison Achieving key project milestones drives significant value uplift in line with peers MARKET CAPITALISATION (A$M) RESOURCE (2P + 2C BOE NET) VALUATION (A$/BOE) 16 February 2026 Discovered Undeveloped Peers A$1-$8/ BOE EQU = A$0.27 / BOE @ $84m Market Cap ($0.41
Slide 9: Investment Catalysts & Value Delivery Path to FID
Investment Catalysts & Value Delivery Path to FID LNG Offtake Agreement/s & Non-operating Secure Upstream Partners Complete ASX Operating Partner $15m capital raise and IPO: LNG/Gas $/BOE Dec 2025 FPSO/Pipeline Processing Infrastructure Agreements Project Update Certified Partnering Domestic Gas Par
Slide 10: Highlights
Highlights PRE-FEED ACTIVITIES UNDERWAY ALCOA FUNDING SUPPORTS PROJECT COSTS Advancing technical definition, project economics and development planning Project costs funded through to FID under the Alcoa Agreement1 STRATEGIC PARTNERING PATHWAY TOWARDS PROJECT FID PROGRESSING & MONETISATION Engagemen
Slide 11: Appendix 1: Peer Comparison Data
Appendix 1: Peer Comparison Data Country Market Cap1 Resource2 Value (A$) per ASX Onshore vs Conventional vs Production ASX Company Barrel Oil Code Offshore Unconventional Status 16 Feb 25 2P + 2C BOE Net Equivalent State Finder Energy FDR East Timor Offshore Conventional Undeveloped 283 34.30 8.25
Slide 12: 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 13: Contact
CONTACT equusenergy.com.au info@equusenergy.com.au ASX:EQU