STRIKE ENERGY LIMITED — Capital/Financing Update 2012

Oct 15, 2012

ASX Announcement

Strike Energy Limited ABN 59 078 012 745

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16 October 2012

The Company Announcement Officer, ASX Ltd via electronic lodgement

CARNARVON BASIN UPDATE

Strike Energy Limited advises that, according to industry reports, the Palta-1 exploration well in WA-384-P, offshore Carnarvon Basin, spudded on 14 October 2012.

Palta-1 is targeting the Palta gas prospect which Strike estimates to have a gross prospective resource of 13.5 Tcf. Strike believes that up to 20% of the Palta prospect is within the adjacent WA-460-P permit, of which Strike has a 1/3 working interest and is the operator – see Map 1 below.

Strike will not incur any cost associated with Palta-1. However, success of the well will likely have a material impact on the value of Strike’s WA-460-P. Drilling is expected to take 60 – 90 days.

Map 1 – Palta-1 exploration well (WA-384-P) and Strike’s WA-460-P

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Yours faithfully

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DAVID WRENCH Managing Director

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