STRIKE ENERGY LIMITED — AGM Information 2011

Nov 16, 2011

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Strike Energy Limited ABN 59 078 012 745 17 November 2011
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OUR STRENGTHS
• Quality Assets
• Experienced team
• Major Growth Potential
Strike Energy Limited
Ground Floor, 10 Ord Street
West Perth WA 6005
T: 61 8 6103 0999
F: 61 8 6103 0990
E: strike@strikeenergy.com.au
www.strikeenergy.com.au
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The Company Announcement Officer Australian Securities Exchange Ltd via electronic lodgement

CHAIRMAN’S ADDRESS AND AGM PRESENTATION

Please find attached:

1. Chairman’s address; and

2. Presentation to be given at the Company’s Annual General Meeting to be held at 2.00 pm today.

Yours faithfully

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DAVID WRENCH Managing Director

Further information:

• Strike Energy Limited David Wrench – Managing Director T: 61 8 6103 0999 E: strike@strikeenergy.com.au

STRIKE ENERGY LIMITED

CHAIRMAN’S ADDRESS

ANNUAL GENERAL MEETING – 17 NOVEMBER 2011

Ladies and Gentlemen,

2011 has been a year of transformation for Strike Energy.

Over the past 12 months the Company has successfully executed a strategy which we believe will deliver the rewards that all stakeholders are seeking. This time last year I said that “Strike had to be innovative and be prepared to reposition itself to deliver better outcomes for shareholders”.

I believe that we are demonstrating our ability to do the former and are well on the way to achieving better shareholder outcomes. Strike Energy is a different Company to a year ago. We have a new senior management team, a new Board composition and exciting new high-upside opportunities.

The market environment over this past year has been difficult. Repositioning the Company in such an environment has seen Strike Energy’s share price perform below expectations. In addition the Wilcox exploration program did not achieve the success which we have experienced and grown to expect from previous years. Nevertheless as a consequence of the initiatives taken over the year, I and the Board are confident in the direction we are taking and very optimistic about the outcomes we can achieve.

Let me talk briefly about the strategy:

• We are committed to maximising shareholder exposure to high-impact exploration opportunities;

• We seek to maximise economic potential by maintaining an oil and liquids rich gas emphasis; and

• We focus on Australia and the USA because of our strong relationships and commercial and technical knowledge in these markets.

So what has this strategy delivered?

Since last year, we are now a significant player in the Eagle Ford Shale, the USA’s (if not the world’s) premier shale play. We have been steadily accumulating acreage within the preferred condensate/gas fairway, and I’m pleased to announce that Strike now has over 8,000 net acres in the Eagle Ford Shale. Our Eagle Ford Shale investment ticks all the boxes. It is big, it is liquids rich and we are working with experienced and capable partners. The year ahead looks very exciting as we move from leasing to exploration and potentially onto production.

Last week we announced an important extension to our USA business with an entry into the Permian Basin, the USA’s most prolific oil producing region. The Clearfork Shale investment is consistent with our strategy; it meets our criteria. It gives shareholders high-upside exposure, comparable to our Eagle Ford Shale position and an early entry into an oil-rich shale play. The acquisition also boosts Strike’s production and reserves position.

In Australia, there is considerable interest in our Cooper Basin unconventional drilling program. Strike Energy has a very large position in the Cooper & Eromanga Basins – over 16,000 net square kilometres – which we have estimated contains a prospective resource of over 6 Tcf gas net to Strike Energy. Let’s be clear this is an early stage play, but again, the potential value for shareholders is extremely large.

So what can shareholders look forward to over the next 12 months?

The AD Kennison 1 well at the conventional St Landry Canyon Project is expected to reach total depth shortly. This is a very large prospect, and if drilling is successful it will multiply Strike’s reserves and production.

In the Cooper Basin, we have two evaluation wells being drilled by our partner Beach Energy during the first calendar quarter.

Both the Eagle Ford Shale and Clearfork Shale projects have active drilling programs planned with the potential to deliver unconventional production during the year.

We are also planning an additional Wilcox conventional well.

Our new management team, led by David Wrench, is motivated and working hard.

It makes for an exciting year ahead; certainly the most active we have had.

Strike Energy has a great suite of assets and the strategy and team to take the Company to the next level.

In closing, I wish to thank Simon Ashton on behalf of the Board and shareholders for his vision and leadership during his 13 years at the helm and for his efforts in building the Company to its current position.

I also wish to thank the Company’s employees and my fellow Directors for their contribution to the management of the Company and its activities.

Finally, to the shareholders, thank you for your continuing support.

ANNUAL GENERAL MEETING

17 NOVEMBER 2011

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A YEAR OF TRANSFORMATION

PRODUCTION

Consistent, uninterrupted production and cashflow from the Louise gas/ condensate field

EXPLORATION

Wilcox Formation exploration below expectations, leading to a review of strategy

ASSETS

Sale of Mesquite & Rayburn fields for USD 22 million (net to Strike). Investment in Eagle Ford Shale, Permian Basin & St Landry Canyon

CORPORATE

Successful $16.8 million capital raising. New senior management team and Board composition

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INTRODUCING SOME NEW FACES

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David Wrench

Managing Director

B.Eng (Hons) Co-founder of CH4 Gas Limited Ex-Macquarie, Credit Suisse, Chase Manhattan

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Ben Thomas

Executive Director & President, Strike USA

B.Sc

Over 40 years in the upstream oil & gas sector Ex-Mobil, Superior Oil

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Eytan Uliel

Non-Executive Director

B.A, LLB Chief Commercial Officer of Dart Energy Ltd Ex-Babcock & Brown, Carnegie Wylie

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Andrew Dimsey

General Manager, Strike Aust & Company Secretary

B.Bus, CPA

Over 30 years in oil & gas management, operations, marketing Ex-Beach, Origin, ARC

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Andrew Hooper-Nguyen

Chief Financial & Chief Commercial Officer

B.Ec, LLB (Hons) Natural resources M&A and finance experience

Ex-Macquarie, Freehills

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A FOCUS ON HIGH-IMPACT LIQUIDS-RICH ASSETS

HIGH IMPACT

Early stage exploration, which if successful, will have a major impact on shareholder value

• Unconventional resource plays & select higher risk/ reward conventional targets

• High activity/ rapid commercialisation opportunities

LIQUIDS RICH

Seek superior economics across the commodity cycle

• Conventional & unconventional oil & liquids plays

• Gas targets only with high liquids content

PARTNERSHIPS

Experienced, capable partners

• Strong relationships in the USA and Australia for sourcing quality opportunities

• Like-minded development and value realisation strategies

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RESERVES/ PRODUCTION + MAJOR UNCONVENTIONAL UPSIDE

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Permian Basin, the USA’s most established oil region

25% of Permian Basin Joint Venture with Torch Energy Advisors

First acquisition – MB Clearfork Project

• 500 Mmbbl (net) independently estimated oil-originally-in-place

• 1,875 acres (net) with conventional production 30 Bbl/d (net)

• 410 Mbbl (net) 2P reserves acquired at ~USD 8.50/Bbl

• Aggressive infill drilling to increase production > 125 Bbl/d (net)

• Evaluation of highly prospective 1,000 ft thick Lower Clearfork Shale

Actively seeking additional acquisitions

HIGH IMPACT 

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LIQUIDS RICH
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PARTNERSHIPS 

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THE USA’S PREMIER OIL & GAS PLAY

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The most sought after hydrocarbon play in the USA Now 8,050 net acres – 3[rd] largest exposure for an ASX company Centred on the preferred condensate/ gas fairway Significant value re-rating expected in 2012

• Acreage being de-risked by proximate wells

• Evaluation program underway

• Production drilling planned for mid-2012

• Reported acreage transaction values increasing rapidly

HIGH IMPACT LIQUIDS RICH  

PARTNERSHIPS 

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POSITIONED TO BENEFIT FROM THE COOPER BASIN’S RENAISSANCE

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Major looming shortfall in Australian east coast gas supply Over 16,000 km[2] (net) in the Cooper & Eromanga Basins Unconventional prospective resource over 6 Tcf (net) Confirmed drilling program in Q1/2012

• Two evaluation wells – PEL 95 (Strike 50%), PEL 94 (Strike 35%)

• Test coal & shale formations – Toolachee, REM, Patchawarra

• Liquids-rich gas potential

• Operated by Beach Energy

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HIGH IMPACT LIQUIDS RICH
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PARTNERSHIPS 

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A BIG CONVENTIONAL PLAY ABOUT TO REACH TOTAL DEPTH

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3,700 acres (net) on the prospective Wilcox Slope, Louisiana Multiple multi-hundred Bcf deep gas targets First prospect – West Plumb Bob (Strike 10%)

• 360 Bcf (P50) to 680 Bcf (P10) resource potential

• Approaching total depth of 18,100 feet

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HIGH IMPACT
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LIQUIDS RICH
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PARTNERSHIPS 

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CONSISTENT PRODUCTION AND POTENTIAL UPSIDE

Consistent production from the Wilcox Shelf (Eaglewood Joint Venture)

• Louise gas/ condensate field producing without decline at 4 Mmcf and 100 barrels condensate/ day

• Multiple 10 – 20 Bcf prospects identified through 3D seismic

• Low-cost Wintermann 2 well on the 15 Bcf Alamo Ranch prospect to spud in December

Seeking partners for the advancement of the Carnarvon Basin and the Kingston Lignite Project

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STRIKE’S MOST ACTIVE YEAR EVER…. BY FAR

PRODUCTION

Immediate ~75% increase in net production following Permian Basin acquisition, and likely to increase with the infill program

EXPLORATION

Drilling activity at ALL high-impact core assets

• Permian Basin – 10+ infill wells and planned horizontal production wells

• Eagle Ford Shale – planned horizontal production wells

• Cooper Basin – two unconventional evaluation wells

• St Landry Canyon – AD Kennison 1 about to reach total depth

ASSETS

Seeking additional assets that are consistent with our strategy. Looking to reduce exposure to non-core assets

CORPORATE

Investigating corporate opportunities

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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 form the basis of any contract or commitment.

Reliance 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 subscribe for any shares in Strike Energy Limited should only be made after making independent enquiries and seeking appropriate financial advice.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Strike Energy Limited and its affiliates and related bodies corporate, and their respective officers, directors, employees and agents disclaim liability (including without limitation, any liability arising from fault or negligence) for any loss arising from any use of or reliance on this presentation or its contents or otherwise arising in connection with it.

Statements contained in this presentation, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, production levels or rates, oil and gas prices, reserves, potential growth of Strike Energy Limited, industry growth or other projections and any estimated company earnings are or may be forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risk and uncertainties, many of which are outside the control of Strike Energy Limited. Actual results, actions and developments may differ materially from those expressed or implied by the statements in this presentation.

Subject to any continuing obligations under applicable law and the Listing Rules of ASX Limited, Strike Energy Limited does not undertake any obligation to publicly update or revise any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such statement is based.

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