Warrego Energy : Chairman's Address and Managing Director's Presentation

AustraliaDavid Biggs

Executive Director & CEO Australia [phone]

investors @warregoenergy.com

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Chairman's Address and Managing Director's Presentation

ASX/MEDIA RELEASE

24 November 2021

onlyWarrego Energy Limited ("Warrego" or the "Company") (ASX: WGO) is pleased to provide a copy of the Chairman's Address and Managing Director's Presentation to be presented at the Company's Annual General Meeting today commencing at 2.00 PM Perth time.

useAuthorised by the Board and issued in accordance with the Company's disclosure policy.

personalAbout Warrego Energy Limited

Founded in 2007, Warrego secured 100% of EP469 located onshore Perth Basin, Western Australia, in 2008. Warrego farmed out 50% of the block and operatorship in 2018 to Strike Energy Limited. In March 2019, Warrego completed a reverse takeover of Petrel Energy Limited which was renamed Warrego Energy Limited, the ASX listing being retained. Warrego is now focused on the development of onshore assets in Western Australia and Spain. Warrego was added to the ASX All Ordinaries Index from 22 June 2020.

For further information contact:

United Kingdom

Dennis Donald

Managing Director & Group CEO [phone] [e-mail]

Matt Sullivan

ForMeridian Investor Relations

[phone] [e-mail]

Warrego Energy Limited | Level 6, London House, 216 St George's Terrace, Perth, WA 6000 | [phone]

[e-mail] | warregoenergy.com | ABN 82 125 394 667

CHAIRMAN'S ADDRESS

Warrego Energy Limited

Annual General Meeting - 24 November 2021

onlyLadies and Gentlemen

For most Australian businesses, this year continued with the challenges of 2020 due to the pressures of COVID-19l ckdowns, border restrictions, and the flow on effects from the significant disruptions to the domestic and global economies. In fact, I had expected that this year we would be meeting in person, sadly we are not.

Warrego was no exception, but pleasingly we continued to move forward towards first gas with our major usedevelopment project at West Erregulla, while also firming up exploration opportunities that will define our next

phase of growth.

Our primary focus and priority as an organisation continue to be the commercialisation of the West Erregulla gas fields in EP469, Western Australia. Warrego and Strike Energy have worked very closely together with strongly aligned ambitions to meet this strategic goal for both Parties.

The three-wellappraisal program at West Erregulla was completed during the year with excellent flow rates

personalobserved at WE-4and we look forward with anticipation to the first half of 2022 when we re-enter WE-3and re- test WE-5.

We are continuing to work closely with Strike Energy to conclude gas processing and development agreements with AGIG, who will build, own and operate the processing facility, and project finance facilities with selected financial i stitutions. We expect these to be finalised shortly.

Despite the current investor sentiment reflected in our share price, shareholders should appreciate and take note that the West Erregulla Gas Project Phase 1 remains an extremely attractive and valuable investment proposition for Warrego which our modelling shows will be cash flow positive from year one of the Alcoa contract.

From the Board's perspective, Warrego has been well oversold and is now significantly undervalued when compared on a Reserves to EV basis with other gas explorers and producers and that the certified Reserves are sufficient to support a Phase 1 development. Further, in our view the certified Reserves estimate is naturally conservative and there remains additional upside potential in West Erregulla as well as additional prospects in EP469 - a view supported by the recent discovery at Lockyer Deep-1indicating significant reserves potential to the North. The planned Natta 3D seismic survey over the remaining two thirds of EP469 not currently covered by 3D, will provide substantial sub-surfacedata to assist us in evaluating the exciting hydrocarbon potential of these

Forprospects.

Taken together, this augurs well for the potential Phase 2 development as the demand-supplygap in Western Australia's domestic gas market is forecast to widen over the remainder of this decade and is now being reflected in rising local gas prices.

I'm pleased to announce today that Warrego is committed to achieving net zero carbon emissions by 2050 within the framework of the Paris Agreement and Australian government policy. We have already taken the first steps on this journey and recently joined a consortium to undertake a feasibility study for the innovative Mid West Blue Hydrogen and Carbon Capture Storage project in Western Australia. These technologies have the potential to create future value for Warrego through efficient and cost-effectivecarbon management and emissions reduction, clean energy generation and new revenue streams. We will keep you informed as our strategy unfolds further.

Warrego Energy Limited | Level 6, London House, 216 St George's Terrace, Perth, WA 6000 | [phone]

[e-mail] | warregoenergy.com | ABN 82 125 394 667

onlyAs outlined in Warrego's 2021 Annual Report, we are focused on delivering a clear and simple strategy. We aim to grow the Company and become a profitable and meaningful supplier of natural gas in the Australian market in a sustainable way. To do this we need to expand our portfolio of quality exploration assets, increase our Reserves and Resources, and deliver a credible ESG strategy.

I'm pleased to say that Warrego has made good progress on all three initiatives. In addition to our maiden Reserves at West Erregulla, there were encouraging developments at EPA-0127, Warrego's 100% owned exploration prospect in the north of the onshore Perth Basin, and we took the first steps in developing a comprehensive carbon

usemanagement plan I mentioned earlier.

EPA-0127 is potentially the largest exploration permit in the Perth Basin and presents a very exciting geological profile. We have completed an initial review of the asset that identified a number of Waitsia and West-Erregulla sized leads; we submitted a conventional work program and budget proposal to the government for review; and we are working towards the issue of an exploration permit in 2022. There is no doubt that a block of this size, situated onshore and linking the Perth and Carnarvon Basins, is attractive to a range of domestic and international players and we received a number of farm-in inquiries. Following the receipt of indicative offers, we have selected

personala preferred farminee and negotiations are continuing on a confidential basis. Subsequent to successfully concluding these negotiations, we would hope to be in a position to announce a farm-in partner.

The increased emphasis on carbon management and decarbonisation from investors and regulators is a high priority issue for Warrego as we evolve from explorer to gas producer. Natural gas has a critical role to play, both locally and globally as developed economies transition energy supply from traditional sources to renewables and, although our current emissions are negligible, we are conscious of the need to identify and implement carbon solutions that will help Warrego minimise and offset emissions from any future developments.

Turning to our balance sheet, Warrego is in a sound financial position following the $50 million two tranche placement undertaken in July-August of this year. Providing no development surprises or delays, the Company is funded through to production of first gas.

On behalf of the board, I would like to thank all our shareholders for their substantial support during the year and I acknowledge their patience during this current period of share price underperformance. I sincerely hope that next year we will be in a position to gather together for an "in person" AGM.

In closing, I would again like to thank our management, staff and contractors as well as my fellow directors for their Forefforts this year and we look forward to an eventful and productive year ahead.

ENDS

Warrego Energy Limited | Level 6, London House, 216 St George's Terrace, Perth, WA 6000 | [phone]

[e-mail] | warregoenergy.com | ABN 82 125 394 667

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	2021 Annual General Meeting
	24 November 2021 (virtual AGM via LUMI)
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	Dennis Donald, Managing Director & Group CEO
		warregoenergy.com

Compliance Statements

Disclaimer

Resources Disclosure

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This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to known and unknown risks, uncertainties and assumptions which are outside the control of Warrego. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation.

Future appraisal and development projects are subject to approvals such as government approvals, joint venture approvals and Board approvals.

Dates and schedules for planned EP469 activities are subject to change by the Operator.

• The NSAI-certified Reserves, Contingent Resources and Prospective Resources for EP469 referred to in this presentation were first released to the ASX by the Company on 11 October 2021.
• These estimates must therefore be read in conjunction with the full text of the ASX releases referred to.
• The Company is unaware of any new information that materially impacts the information in these releases and confirms that all the material assumptions and technical parameters underpinning the estimates in these releases continue to apply and have not materially changed.
• Cautionary Statement on Prospective resources:

Estimates of quantities of petroleum that may be potentially recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates should have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is therefore required to determine the existence of a significant quantity of potentially movable hydrocarbons.

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