STRIKE ENERGY LIMITED — Capital/Financing Update 2007

Oct 23, 2007

ASX Announcement ASX Code: STX

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Date: 24 October 2007
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Strike Oil Limited ABN 59 078 012 745

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The Company Announcement Officer Australian Stock Exchange Ltd via electronic lodgement

Strike Oil Limited (ASX Code: STX) Notification under section 708A(5) of the Corporations Act 2001 (Cth)

Our Strengths

Strike Oil Limited ( Strike Oil ) gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) that:

1. Strike Oil has issued 46,737,000 fully paid ordinary shares without disclosure to investors under Part 6D.2 of the Corporations Act pursuant to a pro rata non-renounceable entitlement offer announced to ASX on 12 September 2007.

2. Producer/Explorer with strong cash flow

3. Track record of discoveries

4. Geographically diverse portfolio

5. As at today's date:

6. Highly experienced team

7. (a) Strike Oil has complied with the provisions of Chapter 2M of the Corporations Act as they apply to Strike Oil;

8. (b) Strike Oil has complied with section 674 of the Corporations Act; and

9. Strong experienced partners

10. Innovative approach to E&P

11. (c) there is no information to be disclosed which is "excluded information" as defined in section 708A(7) of the Corporations Act.

Yours faithfully

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SIMON ASHTON Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au

Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au