Q1 FY25 Quarterly Report

• Strike entered into a $48.5 million contract with Clarke Energy to procure twenty (20) 4.5 MW Jenbacher gas reciprocating engines and commissioning services for the proposed peaking gas power plant. The fixed price contract was in line with Strike's mid-case capital estimates.

West Erregulla

• DEMIRS issued Production licence L25 to the West Erregulla JV.
• Two high quality, low impurity conventional gas discoveries were made in the Erregulla Deep- 1 exploration well at depths never encountered in the Perth Basin. On flow test the ED1 well flowed exceptionally from the Kingia formation at a constrained, stabilised rate of 53 mmscfd with a FTHP of 5,515 psi on a 46/64" choke, confirming a high deliverability and low impurity gas accumulation. ED1 has one of the highest ever recorded flowing pressures from Perth Basin wells.

WA Domestic Gas Policy

• WA's Domestic Gas Policy update delivered a positive outcome supporting the relaxation of the export ban. Strike will now be able to export 20% of its natural gas production from its Perth Basin assets until the end of 2030.

Corporate

• Facility documentation progressed with Macquarie Bank for the provision of the 5-year, $153 million financing package1 for its Perth Basin Gas Acceleration Strategy.

Key Performance Metrics

Note: Net to Strike is 55% equity to 31 Dec 2023 and 100% thereafter.

1 For more information, see ASX announcement dated 21 June 2024 entitled "Terms agreed for $153m Development Funding Package".

2 Sales gas production includes gas invoiced in a prior period and taken as 'banked gas' pursuant to the 'Take or Pay' contract with Santos WA Ltd.

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Walyering (L23, 100% and operator)

• The Walyering gas field produced a total of ~2.4 PJe of gas and condensate for the quarter or just over 25 TJ/d of sales gas and 183 bbls/d of condensate. Production was up 2% q-o-q.
• During the quarter Strike completed its production cost-out program, as it moves Walyering to a partly unmanned facility with reduced consumables, chemical usage and other services. Ongoing annualised savings from this program equal more than $1.1 million.
• The flow testing program of the Walyering-7 discovery was completed with all test volumes fed into the Walyering production facility maximising the sales opportunity and minimising costs and avoidable carbon emissions. W7 had a maximum recorded gas rate of 14 TJ/d and liquid rate of 900 bbls/d of condensate. Measurement of the gas composition showed on specification, low impurity gas with an elevated energy conversion factor and significantly higher condensate gas ratio than expected.
• The Walyering-7 mechanical and electrical tie in was largely complete at the end of the quarter. The final switch board and service line tie in was deferred to align with the planned annual shutdown and
  inspection scheduled for later this month in order to create cost and production synergies. Strike expects to start production from W7 post this planned event.
• Planning and procurement for the installation of mid field life compression have begun, where Strike expects to lease the required equipment. Installation is scheduled for prior to the end of the financial year.
• Strike has completed a review of its Reserves and Resources at the Walyering gas field with independent
  certifiers RISC Advisory certifying 57 PJe of 2P Reserves and 2C Resources.3

3 Comprised of 41 PJe 2P Reserves and 16 PJe 2C Resources. Refer to ASX release entitled "Walyering Reserves Statement" dated 23 September 2024 and to the Important Notices at the end of this report for information pertaining to the Reserves and Resources.

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• During the quarter Strike commenced construction of the Walyering-East well pad. Walyering East, which is 4.5km to the north east of the facility, is expected to commence exploration drilling in late November.

WA Energy Market

• WA gas market conditions were stable over the previous quarter with max spot prices continuing at an average of $8.92 per gigajoule.
• The Economic Standing Committee tabled the final report of its inquiry into the WA Domestic Gas Policy. This was followed by the WA Government formally updating the WA Domestic Gas Policy. Importantly this update included relaxation of the export ban for onshore gas production by allowing the export of up to 20% of total production volumes up until end 2030. This evolution in the WA Domestic Gas policy is a strong positive for Strike where export markets provide premium pricing and a deeper pool of buyers. Strike has started engagement with the WA Government to
  detail the new export allowance and understand how this will dovetail into Strike's gas marketing activities for its uncontracted gas position across its suite of pre-FID projects.
• Electricity markets continue to be a major driver of gas demand and pricing dynamics with gas continuing to contribute significantly to operational electricity demand during the quarter.
• The quarter's volume weighted average cost for electricity in WA was $100/MWh, with average peak electricity prices (4pm - 9pm) of $158/MWh.
• Trading intervals of max pricing ($738/MWh or ~$92 GJ equivalent using 8 GJ per MW4) continue to occur frequently in the WA Wholesale Electricity Market with a total of 39 Reference Trading Price intervals (30-minutes) reaching the capped price for the quarter.

4 Jenbacher engines consume 8 GJ per MW of electricity.

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Exploration & Development

West Erregulla (L25 & EP469, STX 50% and operator)

• During the quarter the EP469 Joint Venture was awarded Production Licence L25 by the Department of Energy, Mines, Industry, Regulation and Safety over the West Erregulla gas field.
• Strike progressed the development and gas processing services agreements with AGIG and Hancock Energy Infrastructure Pty Ltd for the construction and tolled gas processing services for the proposed 87 TJ/d gas plant and pipeline connection into the
  DBNGP.
• The Erregulla Deep-1 exploration well made multiple successful gas discoveries in EP469. The ED-1 well was drilled to a total depth of 5,225m MD or 4,944m TVDSS making it the deepest well ever drilled onshore Australia. The ED-1 well made two
  high-quality, low impurity conventional gas discoveries. Both discoveries are observed to be blocky zones of good quality gas charged sandstone reservoir.
• Strike are working to update the Field Development Plan for the proposed 87 TJ/d development, with a view to include the Erregulla Deep discovery5.
• Post the quarter, Strike commenced the flow testing operations at ED-1 and initiated very high-pressure conventional gas flows to surface. The Kingia produced at a max instantaneous rate of 60 mmscfd and a stabilised rate of 53 mmscfd on a 46/64" choke at an impressive flowing tubing head pressure (FTHP) of 5,515 psi, limited by surface equipment with well head pressures indicating an absolute open flow of 400-450 mmscfd.

South Erregulla (L24, STX 100% and operator)

• Strike was awarded the full 85 MWs of Reserve Capacity Credits and its requested Network Access Quantity by the Australian Energy Market Operator (AEMO) in the South West Interconnected System (in Western Australia) for its proposed fully integrated, 85 MW peaking gas power station, as part of the development of the South Erregulla gas field in Production Licence L24 within the Perth Basin (100% net to STX).

5 Field Development Plan remains subject to Joint Venture approval.

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• AEMO published the price for capacity credits in the 2026-2027 capacity year of $216,092 per MW per year. This equates to a guaranteed minimum capacity revenue stream in the first year of the project of over $18 million. This capacity revenue is in addition to Strike's forecast energy sales, which will be made in peak pricing periods into the Wholesale Energy Market within the SWIS. Strike expects to operate the facility around 4 hours per day (on average) and to generate further revenues from ancillary services to the grid. The South Erregulla Peaking Power Station will now be eligible to receive Reserve Capacity Credits each year of operation, with the price of those credits published approximately two years in advance.
• Strike and Clarke Energy Pty Ltd (Clarke Energy) entered into a $48.5 million fixed price contract for the procurement and commissioning services of twenty (20) 4.5 MW Jenbacher reciprocating gas engines. Reciprocating gas engines have been preferred over turbine technology due to their higher efficiencies and quicker start-up / response times, which suits the peaking role that this power plant will operate under.
• These awards, contracts and notifications are significant milestones and conditions required for Strike's peaking gas power station project as it prepares to take a Final Investment Decision this coming quarter.

Ocean Hill (EP495, STX 100% and operator)

• During the quarter Strike received the pre-Stack Time Migration volume for the Ocean Hill 3D seismic from Earth Signal. Comparison work to the fast-track cubes will be conducted before receiving the pre-Stack Depth Migration volumes where final mapping will be conducted.

Arrino-Kadathinni (EP503, 504 & 505, STX 100% and operator)

• The Erregulla Deep-1 discovery well is the most easterly penetration of the Permian gas play in the Perth Basin. Strike has a commanding acreage position across its 100% owned tenure on the eastern flank of the play, which covers the Tathra Terrace in EP503, 504 and 505. The thickness and quality of the ED-1 result at depths of over 5,000m also improves the prospectivity of much of Strike's acreage where earlier this year Strike acquired the 479 km Kadathinni 2D seismic survey over the Arrino and Kadathinni leads.
• Strike can image the Permian level on the Kadathinni seismic and observes other highly prospective sequences which may warrant a stacked exploration well.

L7 Joint Venture (L7, STX 25% and non-operator)

• The L7 Joint Venture, where Triangle Energy is the operator, drilled the Booth-1 exploration well. Unfortunately, Booth-1 did not encounter any moveable hydrocarbons in any of the reservoir targets and was subsequently plugged and abandoned.

Financial

• During the quarter total sales were 2.4 PJe of gas and condensate, up 2% q-o-q. Sales were made up of 2.31 PJ of sales gas and 16,830 bbls of condensate across 2 liftings.
• Total sales revenue was down 8% q-o-q. Lower revenues were primarily a result of FX effects (Santos gas contract being denominated in USD) and oil price (also denominated in USD).
• Gas sales revenues for the quarter were ~$16.2 million (~8% decrease q-o-q due to the above). Averaged realised gas prices were ~$7.02 GJ (down 10% q-o-q). Condensate liftings and sales from Port Bonython totalled ~$2.04 million (down 6% q-o-q) and averaged ~$121/bbl (13% down q-o-q).
• Capital expenditure during the quarter was $12.6 million, which included $4.7 million in development at Walyering-7 drilling, testing and connection construction and $7.9 million in

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Corporate & Commercial

• During the quarter $240,701 in payments were made to related parties for director fees.

Petroleum Tenements Held at the End of the Quarter

This report is authorised for release by the Managing Director and Chief Executive Officer in accordance with the Company's Continuous Disclosure Policy.

Important Notices

Power Project

The development of the Power Project is contingent on, among other things, satisfaction of the conditions precedent to and financial close under the Macquarie Bank project finance facility for the Power Project (details of which were released to ASX on 21 June 2024), execution of all required procurement contracts, and obtaining all requisite regulatory and stakeholder permits, approvals, licences and authorisations.

The forecast capital and operating expenditures and revenue for the Power Plant have been modelled based on the assumptions and information set out or referred to in the announcement dated 24 June 2024

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entitled Peaking Power Plant submission supported by SE Reserves, are to the level of accuracy as specified in that release, and are subject to change. These forecasts are, by their nature, forward looking statements and subject to the same risks as other forward looking statements (see below).

Reserves and Resources Information

Unless otherwise stated, references in this Interim Financial Report to the Walyering Reserves and Resources Estimate is to the reserves and resources estimates set out in ASX announcement dated 23rd September 2024 entitled "Walyering Reserves Statement". Strike's interest is 100%. This announcement is available to view on Strike Energy's website at www.strikeenergy.com.au.

Strike confirms it is not aware of any new information or data that materially affects the information included in the referenced announcement and that all the material assumptions and technical parameters underpinning the estimates in those announcements continue to apply.

Forward looking Statements

Statements contained in this Interim Financial Report, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as 'project', 'foresee', 'plan', 'expect', 'budget', 'outlook', 'schedule', 'estimate', 'target', 'guidance' 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. Forward looking statements including all statements in this document regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike. Actual results, performance, actions and developments of Strike may differ materially from those expressed or implied by the forward-looking statements in this Interim Financial Report. Such forward-looking statements speak only as of the date of this document. Refer to the risk factors set out in Talon Energy Limited's Scheme Booklet dated 3 November 2023 in relation to the acquisition by Strike Energy (through its wholly owned subsidiary) of all of the issued shares in Talon Energy by way of scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) for a summary of certain general, Strike Energy specific and acquisition specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this Interim Financial Report in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this Interim Financial Report will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document.

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