STRIKE ENERGY LIMITED — Capital/Financing Update 2007

Oct 22, 2007

ASX Announcement ASX Code: STX

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The Company Announcement Officer Australian Stock Exchange Ltd via electronic lodgement

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Date: 23 October 2007
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Strike Oil Limited ABN 59 078 012 745

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Our Strengths

UPDATE IN RELATION TO ENTITLEMENTS ISSUE

I am pleased to provide the following update on the company’s entitlements issue originally announced on 12 September.

On Friday, 19 October, the company issued 29,814,653 ordinary fully paid shares to existing shareholders pursuant to the entitlements issue. This represents the total acceptances and a portion of the shortfall.

The balance of 16,922,347 shares (being the remaining shortfall under the entitlements issue) is expected to be issued on Wednesday, 24 October 2007. Confirmation of the issue will be made at that time.

• Producer/Explorer with strong cash flow

• Track record of discoveries

• Geographically diverse portfolio

• Highly experienced team

• Strong experienced partners

• Innovative approach to E&P

Yours faithfully

TONY BRAZIER Company Secretary

Further information:

Strike Oil Limited

Tony Brazier - Company Secretary 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