Strike Energy : Bell Potter Unearthed Presentation

Strike Energy Limited

Bell Potter Unearthed Conference

February 2022

personaluse only
Gas, Fertiliser & Renewables	1
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Important notice

Summary information

This presentation contains summary information regarding Strike Energy and its subsidiaries current as 9th February 2022. The information in this presentation is of general background only and does not purport to be complete. The contents of this presentation onlyshould be considered in conjunction with Strike Energy's other announcements lodged

with the Australian Securities Exchange available at www.asx.com.au.

Not an offer

This presentation does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security and neither this presentation nor anything contained in it shall f rm the basis of any contract or commitment.

Not financial product advice

useR liance should not be placed on the information or opinions contained in this presentation. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any decision to purchase or ubscribe for any shares in Strike Energy Limited should only be made after consideration of your own objectives and financial situation, making independent enquiries and seeking appropriate financial advice.

Past performance

Statements about past performance provides no guarantee or guidance as to future personalperformance, including in respect of the price of Strike shares.

Future Statements

Statements contained in this document, 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 Energy Limited, 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 presentation 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,

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many of which are outside the control of Strike Energy Limited. Actual results, performance, actions and developments of Strike Energy Limited may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. Refer to the 'Summary of Key Risks' section of the release titled " Equity Raising and Corporate Update April 2021" released to ASX on 15 April 2021 for a summary of certain general, Strike Energy Limited 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. A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including the risk factors referred to in this document. Investors should consider the forward looking statements contained in this document in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike Energy Limited 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).

Information regarding Reserve and Resource Estimates

Information in this presentation relating to the Reserve and Resource Estimates for the West Erregulla Project is set out in the ASX announcement dated 11 October 2021 entitled "Strike delivers maiden Perth Basin gas reserve". Strike Energy interest is 50%. The Oceanhill 2C Contingent Resource is sourced from the ASX Announcement of Greenrock Energy Limited (ASX:GRK) dated 4 October 2013 titled "Ocean Hill Independent Resource Certification". Strike Energy's equity interest is 100%. Strike Energy confirms it is not aware of any new information or data that materially affects the information included in the referenced announcements and that all the material assumptions and technical parameters underpinning the estimates in those announcement continues to apply.

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Strike's fully integrated energy, renewable power and fertilisers strategy

only				Project Haber Fertilisers
			1.4mtpa
				Wholesale
				Urea Sales
		Raw Gas Sales	Raw Gas	Ammonia/Urea
		Transmission	Production
use					Direct Urea
				Sales
			Hydrogen
			Electrolyser
Identification	Production
	Core competencies
	drive integrated value
			Geothermal		Industrial scale
				renewable electricity
			power
			Processing	Sales Gas	Low-cost WA
Net Zero 20301	Transmission	domestic gas
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1 Refer to ASX announcement entitled "Strike Commits to Net Zero 2030" dated 14 May 2021 for the assumptions and source information on which Strike's Net Zero Plan is based.

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Project Haber

Toolbardi

A physically integrated and geographically concentrated portfolio

				Mid West	WA Domestic Gas
		Lockyer		Geothermal	 Low-cost onshore positions
				 Adjacent to two major pipelines
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Waitsia			Erregulla	 Closest source of gas for ~80% of WA market
EP469	 Operator in all permits
		50%
			West
Beharra			Erregulla	West Erregulla¹
EP503		Gas sales expected 2024. Gross 300 PJ 2P, 128 PJ 2C, 198 PJ 2U: 50% net to Strike
		100%
South			Permian	Walyering
Erregulla
		Gas	sales targeted	2022/3.	Resource revision	pending flow test in Q1/22: 55% net to
use		EP505		Deep
		Strike
	100%
	EP505			Ocean Hill¹
Woodada	100%		EP504	360 PJ, 1.2 mln bbls condensate 2C: 100% net to Strike
			100%
		EP495
		100%		Gas Exploration Upside
Eneabba		Ocean Hill
	~3,000km² of gas prone exploration acreage: 100% net to Strike
Deep

personal				 Proposed 1.4mtpa Urea Fertiliser, based in Mid-West, WA
	EP488	Coomalo	 Access to Port, Railway and major Highways
	100%	East	 Low carbon and low cost
		EP447	 Location on doorstep of WA Wheatbelt market
		55%
Coomalo			South Erregulla
		Badgingarra
		Currently drilling and earmarked for Project Haber feedstock
Cooljarloo	EP489
Cluster
100%		Mid-West Geothermal Power Project

• 1,750km² of highly prospective geothermal acreage under application for exploration permit

Walyering		Inferred resource pending
	Complementary to existing activities
		Strike 100%

1 Refer to the Important Notices on page 2 for Resource Estimate information. Cautionary Statement: Prospective (2U) resources are unrisked and the estimated quantities of petroleum that may potentially be recovered by the	4
application of a future development project and may relate to undiscovered accumulations. These estimates have both an associated risk of discovery and risk of development. Further exploration and appraisal is required to
determine the existence of a significant quantity of potentially moveable hydrocarbons.
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WA gas market in 4 charts

WA (oil and gas) wells drilled per	Under Investment
Basin per year

only	158	194	180
								89	108										-84%
									73
													60	61		51
																				38
																			35			33
																							11	17
																							9
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07	08	09	10		11	12		13	14		15	16	17		18	19	20	21
										Roebuck			Canning				Bonaparte
											Perth					Browse				Carnarvon
	Source: Compiled using information from APPEA and National Offshore Petroleum Titles Administrator.
AEMO Base scenario WA							Forecast Shortage
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gas market balance (TJ/d)
	1,300
	1,200
	1,100																			+84
	1,000
	2022			2023	2024	2025		2026		2027
								Potential gas supply			Domestic gas demand

Source: AMEO Gas Statement of Opportunities 2021

2P reserves write downs (PJe)

Write Downs

120

165

255

280

Reindeer Pluto Wheatstone Macedon

Perth

Source: Various Company announcements

WA spot gas price ($/GJ)			Prices Up
6
5
4					+151%
3
2
Q1/17	Q1/18	Q1/19	Q1/20	Q1/21	Q1/22

Source: Compiled using information from GasTrading Spot Market - Forecast v

Actual: http://www.gastrading.com.au/spot-market/historical-prices-and-volume

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