Equus Energy Limited · ASX:EQU
Equus Energy — Investor Presentation (September 2026)
17 slides from Equus Energy's investor presentation, September 2026
Slide 1: Corporate Update: Ready to meet WA's gas & LNG shortfalls
CORPORATE UPDATE Ready to meet WA’S gas & LNG shortfalls September 2026 ASX:EQU equusenergy.com.au
Slide 2: Equus Gas Project
EQUUS GAS PROJECT North West Shelf Gas Fields WA’s Next LNG Project 1.7 Tcf (2C) independently certified gas resource1 • US$1.5 billion invested in drilling and appraisal of Equus NW Shelf production in steep decline • 30 years of production has depleted legacy gas fields Surrounded by infrastructur
Slide 3: Equus Value Catalysts
EQUUS VALUE CATALYSTS ✓ Alcoa US$30m Funding Agreement1 Funding project costs through to FID Alcoa Gas Sales Agreement2 ✓ Offtake with WA’s biggest gas buyer for 50 TJ/d covers 15% Domestic Gas Obligation Successful Pre-FEED completed ✓ Confirms technically robust and capital-efficient development ✓
Slide 4: Alcoa Becomes Equus Foundation Gas Buyer
ALCOA BECOMES EQUUS FOUNDATION GAS BUYER GSA and funding agreement with WA’s biggest gas buyer Up to US$30m in staged conditional funding Alcoa Australia Energy Director, through to Final Investment Decision1 Nick Eaton said: “The Equus Gas Project pre-FEED studies have progressed Binding 10-year Ga
Slide 5: LNG Plants Running Out of Gas
LNG PLANTS RUNNING OUT OF GAS Equus Gas is critical to backfill expanding idle LNG capacity WOODSIDE OPERATED LNG - PLANT CAPACITY VS OUTPUT1 PLUTO TRAIN 1 - PLANT CAPACITY VS OUTPUT2 30 5 25 4 Spare Capacity = 2 Mtpa 20 LNG Capacity Mtpa LNG Capacity Mtpa 3 Combined spare 15 capacity ~15 Mtpa 2 10
Slide 6: Pre-FEED Complete
PRE-FEED COMPLETE Capital efficient tie-back development Equus Development Plan Leverages Existing Infrastructure1 • Five production wells at start up • Leased FPSO creates regional production hub • Pipeline ties back to existing offshore facilities • LNG export and Domgas via Pluto or Varanus Islan
Slide 7: Equus Development Delivers Strong Returns on All Metrics
EQUUS DEVELOPMENT DELIVERS STRONG RETURNS ON ALL METRICS1 Capital efficient tieback provides globally competitive LNG exports to Asian markets NPV Revenue EBITDA Capital payback LNG FOB breakeven US$867m US$22.3 bn US$11.6 bn ~2 years ~US$6.60 /MMBtu (A$1,239m) 52% margin after first production NPV₁
Slide 8: LNG Transactions
LNG TRANSACTIONS BROWSE BASIN Strong International Demand ICHTHYS For Australian LNG Assets1 Woodside: Browse - pre-empt Inpex - Jun 2026 BROWSE GAS FIELDS PRELUDE • Acquired PetroChina’s 10.67% • US$225m cash plus a US$175m payment on FID • Net ~1.7 Tcf + 45mmbls condensate JERA: Scarborough - Oct
Slide 9: Pathway to Monetisation
PATHWAY TO MONETISATION Progressing project milestones and partnering catalysts PROJECT MILESTONES Pre-FEED Results ALCOA GSA FEED Entry Final Announced Executed releases US$25m Investment May 2026 August 2026 2027 Alcoa funding Decision Commencement of Operating Partner Sell down to non-Op Partneri
Slide 10: Australia Junior Oil Gas Peer Comparison
AUSTRALIA JUNIOR OIL GAS PEER COMPARISON Achieving key project milestones drives significant value uplift in line with peers1 MARKET CAPITALISATION (A$M) RESOURCE (2P + 2C BOE NET) VALUATION (A$/BOE) 1 September 2026 Discovered Undeveloped Peers A$1-$5/ BOE EQU = A$0.23 / BOE @ $71m Market Cap Disco
Slide 11: Corporate Overview – ASX:EQU
CORPORATE OVERVIEW – ASX:EQU ~$71m ~204m ~$13m Up to $40m MARKET CAP SHARES ON ISSUE CASH ALCOA FUNDING As at 1 September 2026 As at 30 June 2026 US$28.5m at assumed AUD:USD of 0.71 EQU Shareholder composition Board & Management Grant Davey Non-Executive Chairman 48% 35% Will Barker Managing Directo
Slide 12: Appendices
panied: 6 APPENDIC
Slide 13: Appendix 1: Equus Upstream Economics
APPENDIX 1: EQUUS UPSTREAM ECONOMICS Key Assumptions as per ASX Announcement of 19 August 2026 Economic Production Gas Leased Fiscal and Processing Infrastructure Tax • LNG FOB: US$9.50 • First production 2033, • Pluto LNG Processing • Assumes 8% Nom ROR • Petroleum Resources /MMBtu (flat real) prod
Slide 14: Appendix 2: Transaction Data
APPENDIX 2: TRANSACTION DATA Resource1 Asset Value (US$) Transaction Transaction Asset Seller Buyer Interest per Barrel Oil Basis of resources Transaction Source Price (US$m) Date 2P + 2C BOE (%) Equivalent Net 400 ($225m cash Inpex Woodside 2026 Reserves Statement + $175m Woodside Exercise Browse B
Slide 15: Appendix 3: Peer Comparison Data
APPENDIX 3: PEER COMPARISON DATA Market Cap Basis of Quoted Resources Country (A$m)1 Resource2 Value (A$) ASX ASX Onshore vs Conventional vs Production 2P + 2C BOE per Barrel Oil ASX announcement description Company Code State Offshore Unconventional Status 1 Sep 26 Net Equivalent (see conversions f
Slide 16: 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 Investment risk Company) . The Presentation has been prepared as at 8 September 2026 and statements are current only as at that date. An investment
Slide 17: Contact
CONTACT equusenergy.com.au info@equusenergy.com.au ASX:EQU
Equus Energy — Investor Presentation (September 2026) on 6ix