STRIKE ENERGY LIMITED — Capital/Financing Update 2013

May 22, 2013

ASX Announcement

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23 May 2013

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The Company Announcement Officer ASX Ltd via electronic lodgement

US ACTIVITIES UPDATE

• FUNDING SECURED AND FORWARD EVALUATION PLAN IN PLACE

• EAGLE FORD SHALE AND PERMIAN BASIN

OVERVIEW

Strike Energy Limited (Strike) is pleased to announce significant progress in advancing the evaluation of the Company’s Eagle Ford Shale and Permian Basin assets having secured a funding package of up to US$8 million to underpin the planned 2013 drilling program.

The evaluation program includes four wells across the Company’s two primary US project areas, the Eagle Ford Shale and Permian Basin, in the second half of 2013.

A comprehensive presentation on the Company’s US activities accompanies this announcement.

EAGLE FORD SHALE

Strike participates in a joint venture which has leases over approximately 41,000 gross acres (approximately 11,000 acres net to Strike) in the Eagle Ford Shale in southern Fayette and northern Lavaca Counties, Texas.

Operators in Lavaca and Fayette Counties are consistently achieving highly commercial hydrocarbon production rates and recoveries from the Lower Eagle Ford formation based on recently announced results. Rates are continuing to improve as drilling and completion designs are fine tuned.

Results from Penn Virginia’s on-trend Lavaca wells in the gas condensate window are most relevant for Strike’s acreage position. Two recently completed wells, Martinsen 1H and Othold 1H, achieved initial production rates of 1,878 Boe/d and 1,629 Boe/d respectively. The level of confidence in the play was further demonstrated by Penn Virginia’s $400 million acquisition of 19,000 net acres from Magnum Hunter Resources in April 2013.

The results being achieved by nearby operators combined with detailed analysis of drilling, completion and production data from the Joint Venture’s Bigham 1H well has validated Strike’s confidence that commercial production results can be achieved in our acreage. The Joint Venture now plans to apply the drilling and completion techniques which have proven successful in the Lower Eagle Ford on trend to the next two wells in our evaluation program.

Strike Energy Limited ABN 59 078 012 745

L9, 71 Walker Street, North Sydney NSW 2060

www.strikeenergy.com.au

P: +61 2 8261 1000

ASX Announcement

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23 May 2013

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PERMIAN BASIN

Strike has a 25% working interest in the Permian Basin Joint Venture in West Texas with 7,500 gross acres under lease (1,875 acres net to Strike) with existing conventional oil production and reserves. Two vertical wells are planned in 2013 to further evaluate, fracture stimulate and test the Lower Clearfork Shale following encouraging results from data obtained from the MBCU#16 well drilled in 2012.

FUNDING

Final documentation for a non-recourse production payment funding facility provided by BlueRock Energy Capital was signed on 22 May 2013. The facility is available to fund drilling and completion costs of the Eagle Ford Shale and Permian Basin wells planned for 2013 up to an initial limit of US$6 million with an option to increase the facility to US$8 million. The facility will be repaid via a revenue interest in the company’s producing wells.

Managing Director, David Wrench said:

“Today’s announcement is an important step forward in commercialising our US assets, having put in place the necessary funding arrangements for the 2013 drilling program. Over the past two years the Company has significantly expanded its US asset base and we are well placed to capitalise on the upside from the next phase of evaluation.

“Strike shareholders stand to benefit from the full upside potential of the assets with funding certainty.

“The last six months has seen high levels of activity and significant developments around our key US plays in the Eagle Ford Shale and Permian Basin. These results have increased our confidence in the plays and it is pleasing to be able to commence the next phase of evaluation supported by third party funding.

“The Company’s focus and resources are now fully directed to progressing the tremendous opportunity in the Southern Cooper Basin Gas Project. The potential value inherent in this project is rapidly being acknowledged by industry participants. Strike is actively engaged in discussions with a number of parties and the Company expects to update on these discussions and activities in the near term.”

Yours faithfully

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DAVID WRENCH Managing Director

Further information: Strike Energy Limited David Wrench – Managing Director T: +61 2 8261 1000

E: strike@strikeenergy.com.au

Strike Energy Limited ABN 59 078 012 745

L9, 71 Walker Street, North Sydney NSW 2060

www.strikeenergy.com.au

P: +61 2 8261 1000

STRIKE ENERGY LImITEd US ovERvIEw PRESENTATIoN may 2013

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Executive Summary

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• Significant acreage ~41,000 gross acres (Lavaca and Fayette Counties) in liquids-rich Eagle Ford Shale

• • 2013 forward plan to evaluate commerciality of acreage

Eagle Ford Shale • 2013 forward plan to evaluate commerciality of acreage Focus • Recent on-trend results from offset operators are de-risking the play • Penn Virginia’s April 2013 acquisition of Magnum Hunter Resources acreage in Lavaca and adjacent Gonzales Substantial Counties (~$400m @ ~$21,000/acre) confirms value upside for producing acreage Upside • Net resource potential of Strike’s US assets 45 -> 60 million boe • Strike has production from three US assets – Eagle Ford Shale, Permian Basin and the Louise field Producing Assets • 2013 year-end estimated production exit rate of 600 Boe/d, an increase of 100% from estimated June 2013 exit rate

• 2013 year-end estimated production exit rate of 600 Boe/d, an increase of 100% from estimated June 2013 exit rate of 300 Boe/d

Evaluation Plan Funded

• 2013 program of four wells in the Eagle Ford Shale and Permian Basin

• Program fully funded through non-recourse production payment facility

Strong US Relationships

• US partnerships formed from industry relationships > 20 years

• Eagle Ford Shale operator, Cypress E&P Corporation, formed in 1984 - deep skills in engineering, exploration and production

Strike Energy Limited - US OVERVIEW PRESENTATION

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Strike’s US Project Areas

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Net Resource Potential
Location
(mmboe)
Eagle Ford Shale 40 - 50
Permian Basin 5 - 10
Eaglewood JV (Louise) 0.5
Net Total 45.5 - 60.5
Permian Basin
Operator: Torch Energy
Net acres: 1,875
1Q 2013 Production: 2,412 Boe
TExAS
Eagle Ford Shale
Operator: Cypress E&P
Net acres: 10,729 Eaglewood JV (Louise)
1Q 2013 Production: 3,610 Boe Operator: Cypress E&P
Net acres: 282
TExAS
1Q 2013 Production: 19,835 Boe
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Strike Energy Limited - US OVERVIEW PRESENTATION

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oPERATIoNAL ovERvIEw

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Eagle Ford Shale: Strike Acreage Overview

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Strike participates in leases covering 40,987 gross acres (Strike’s net interest is 10,729 acres) in the Cypress Eagle Ford Shale project, located in Lavaca and Fayette Counties, Texas

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Strike Energy 40,987 gross acres
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• Acreage acquired over three years

• Favourable positioning on-trend with highly productive fields in Lavaca and Dewitt counties in the optimum gas-condensate window

• Extensive leasing and increasing production rates from wells adjacent to Strike acreage have demonstrated north-eastern extension of the Eagle Ford Shale trend

Strike Energy Limited - US OVERVIEW PRESENTATION

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Eagle Ford Shale: Hydrocarbon Fairways

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The Eagle Ford Shale trend can be sub-divided into three primary hydrocarbon productive fairways based on depth and thermal maturity of the source rocks; the dry gas fairway, the gas condensate fairway and the volatile oil fairway

• Continued exploration and drilling activities has confirmed the extension of these windows into Lavaca and Fayette counties.

• Strike’s acreage is located 75% in the gas condensate window (analogous to BHP in Dewitt County) and 25% in the volatile oil window based on drilling results to date.

• These two windows are the most favoured of the Eagle Ford play with typically strong initial flow rates and high average EUR’s. BHPB’s Blackhawk Dewitt EUR’s range from 750 to 1,000 Mboe in the gas condensate window.

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Volatile Oil
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Gas Condensate
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Gas

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Volatile Oil
Window
-10,000’ to
-11,500’
Fayette
Gonzales
Gas Condensate
Window
-11,500’ to
-12,500’
Lavaca
Dewitt 10 Miles
-11,500’
-12,500’
-10,000’
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Cypress JV estimates

Strike Energy Limited - US OVERVIEW PRESENTATION

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Eagle Ford Shale: Recent Lavaca and Fayette Activity

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Drilling and commercial production results demonstrate the north-eastern extension of the Eagle Ford Shale trend

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north-eastern extension of the Eagle Ford Shale trend Strike’s Eagle Ford Shale acreage is well
positioned based on excellent industry offset
• Commercial production rates are being achieved from Penn Virginia (PVA) well results in Lavaca and Fayette Counties.
and Magnum Hunter Resources in Lavaca County with Sanchez Energy
achieving similar results from their Fayette County, Prost wells.
Fayette
• Joint Venture analysis indicates that variability of production rates
and estimated ultimate recoveries appear correlated to trend window,
completion horizon and lateral lengths.
Gonzales
1,753
Lavaca and Fayette County wells
Announced average production rates
1,500 Bigham 1H
1,503 IP (Boe/d) Concentrated drilling
activities from various
30 day Avg (Boe/d)
operators
1,201 Lavaca
1,000
Recent wells in eastern portion of PVA’s acreage,
939 located in gas condensate window (on-trend with
STX) delivering outstanding results
849
703 Douglas Raab 1H, Netardus 1H, Hinze 1H
644 awaiting completion
500
521 Othold 1H - IP 1,629 Boe/d
Martinsen 1H - IP 1,878 Boe/d
Magnum Hunter
Acreage acquired by PVA - April 2013
Penn virginia
Sanchez
magnum Hunter Sabine3 wells Sanchez3 wells virginiaPenn virginia Penn Dewitt Sabine 10 Miles
22 wells 15 wells 2 wells
Sabine Oil & Gas Company Update May 2013 Sanchez Energy Presentation PVA April 2013 Investor Presentation PVA May 2013 Investor Presentation
-11,500’
-12,500’
-10,000’
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Strike Energy Limited - US OVERVIEW PRESENTATION

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Eagle Ford Shale: Recent Corporate Activity

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Recent corporate activity has placed a strong value on producing acreage in Lavaca County and nearby Gonzales County.

• April 2013 – Penn Virginia (PVA) purchase price of approximately $400 million for 19,037 net highly contiguous acres in Gonzales and Lavaca Counties from Magnum Hunter Resources (MHR)

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Prospect Area Gross Acres Net Acres
Peach Creek (MHR) 19,722 9,166
Peach Creek (Hunt JV) 13,340 6,499
Shiner (GeoSouthern JV) 4,674 2,119
Shiner 2,829 1,253
Total 40,565 19,037
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• Acquired acreage located in volatile oil window

• 46 producing wells

• Acquired MHR assets:

• Average Gonzales County IP/30 day rate of 1,065/678 Boe/d

• Average Lavaca County IP/30 day rate of 1,503/849 Boe/d

• PVA’s current EUR estimates:

• Gonzales County wells EUR ≥ 465 MBOE

• Lavaca County wells EUR ≥ 590 MBOE

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Fayette
Gonzales
Lavaca
Primary acquisition acreage -
Peach Creek (net 9,166)
Strike’s acreage (net 11,271)
10 Miles
-12,500’
-11,500’
-10,000’
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PVA April 2013 Investor Presentation

Strike Energy Limited - US OVERVIEW PRESENTATION

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Eagle Ford Shale: Evaluation Plan and Potential Value Uplift

• The learning from analysis of production data from Bigham together with results by offset operators has enabled the JV to determine the optimum conditions for successful completions.

• production sweetspots

• scale benefits

• repeatable high EUR’s

• The Joint Venture now plans to apply the drilling and completion techniques which have proven successful in the Lower Eagle Ford on-trend in the next stage of our evaluation program.

PVA acquisition price for Magnum Hunter resources acreage

• Two Lower Eagle Ford wells planned in H2 2013 to further evaluate commerciality of acreage.

• Fully funded drilling and completion program for both wells.

• optimise drilling and completion • expanding acreage commerciality • downspace development • multi-well pads • multiple pay horizons

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Potential value uplift as early drilling results
and offset wells from nearby operators confirm • downspace development
commerciality of acreage • multi-well pads
• multiple pay horizons
De-risk acreage
• on-acreage drilling
• results from offset operators
Leasing
Evaluation Prove concept
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$/acre

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25,000
20,000
10,000
2,000
Commercial Production
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Strike Energy Limited - US OVERVIEW PRESENTATION

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Permian Basin: Next Stage of Evaluation

The Permian basin is the USA’s most prolific oil producing region and has the country’s largest oil reserves after Alaska. Strike’s Permian Basin Joint Venture covers a 170,000 acre area of mutual interest (AMI) within the Midland Sub-Basin.

• The Joint Venture’s first acquisition - the MB Clearfork Project - is 7,500 acres (1,875 acres net to Strike) with existing conventional oil production and reserves. The potential upside is from the highly prospective Lower Clearfork Shale, estimated to contain original-oil-in-place (OOIP) of 180,000 barrels per acre.

• Strike’s joint venture partner, Torch Energy (operator) has a successful track record spanning more than 30 years in the energy sector.

• Two vertical wells are planned in H2 2013 to test the Lower Clearfork Shale following encouraging results from data obtained from the MBCU#16 well drilled in 2012. The evaluation program is focused on testing the productivity of these areas, including potential recoveries and production rates. Both wells are fully funded through the facility.

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170,000 acres
AmI
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Strike Energy Limited - US OVERVIEW PRESENTATION

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Eaglewood JV (Louise field)

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TExAS
Austin
Houston
San Antonio
Louise
TExAS
Eagle Ford Shale Trend
Wilcox Trend
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Strike has a 40% working interest (282 net acres) in the 704 gross acre Louise gas-condensate field in Wharton County Texas operated by Cypress E&P Corporation.

• The Louise Gardner-Duncan 1 well was drilled and completed in April 2010.

• The well continues to produce gas and condensate.

• The well produces approx. 20,000 barrels of oil equivalent

• (Boe) each quarter.

Strike Energy Limited - US OVERVIEW PRESENTATION

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PRODUCTION ovERvIEw

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Production Overview

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Estimated Operational Summary
Eaglewood JV (Louise) Permian Eagle Ford Shale
Pro Forma operation (conventional) (conventional/unconventional) (unconventional)
Est. - No. wells 1 19 1
30.06.13
- net production (Boe/d) 230 20 50
Est. - No. wells 1 21 [1] 3
31.12.13
- net production (Boe/d) 215 25 [1] 360
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1 Includes two Lower Clearfork Shale test wells contributing evaluation and test volumes only

Estimated Exit Rate Production (Boe/d)

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Boe/d
600
500
400 360
300
50
20 25
200
Eagle Ford Shale
Permian
100
230 215
Louise
0
(est) Jun 2013 (est) Dec 2013
~ 100% Growth
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Strike Energy Limited - US OVERVIEW PRESENTATION

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Summary Highlights

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Strong position in Eagle Ford Shale Significant de-risking underway

Funded growth plan Substantial value upside potential

Experienced management and strong partner relationships

Strike Energy Limited - US OVERVIEW PRESENTATION

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Important Notice

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IMPORTANT NOTICE

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 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.

COMPETENT PERSONS STATEMENT

The reported reserves in this presentation are based on information compiled by Mr Ben A Thomas. Mr. Thomas is the Manager of Strike’s US operations and has consented to the inclusions of the reserves information in this report. Mr. Thomas holds a B. Sc in Petroleum. He is a member of the Society of petroleum Engineers and has worked in the petroleum industry as a practising reservoir engineer for over 40 years.

Strike Energy Limited - US OVERVIEW PRESENTATION

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