STRIKE ENERGY LIMITED — Capital/Financing Update 2021

Jul 19, 2021

ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement

Strike increases exposure to West Erregulla

• Strike increases economic interest in the West Erregulla gas project to 54% via acquisition of ~8% of Warrego Energy Limited.

• Strike now Warrego’s largest independent shareholder.

Strike Energy Limited (“Strike” or the “Company”, ASX: STX) is pleased to confirm that it has increased its economic interest in the West Erregulla gas project to 54% via the acquisition of an 8.16% strategic stake in the listed equities of Warrego Energy Limited (“Warrego”, ASX: WGO).

Strike’s Board of Directors considered that the increase of a further 4% economic interest for ~$22 million represented an attractive transaction to increase its exposure to EP469, and the West Erregulla Gas Project, which it considers to be valuable assets with significant potential.

Strike believes that as a consequence of the exploration, appraisal and development activities to date, EP469 and the West Erregulla Gas Project have material long-term value. Increasing Strike’s exposure to these assets is consistent with the strategy to generate value from the Perth Basin. In the Company’s recent capital raise it indicated a portion of the use of funds was for business development activities. This investment is consistent with that disclosure and Strike remains fully funded to deliver against its exciting development, exploration and appraisal programs in the second half of 2021.

For the avoidance of doubt, Strike’s Board has not formed an intention with regards to any future transaction that may involve Warrego. Strike is comfortable with the level of investment in Warrego at this time and Strike will continue to consider value accretive transactions from time to time should market conditions allow.

As the single largest shareholder in Warrego independent of Board and management, Strike looks forward to working with the Warrego Board in order to maximise long-term value for Warrego shareholders whilst honouring the inherent low-cost profile of the primary asset.

This announcement is authorised for release by the Board of Directors in accordance with the Company’s Continuous Disclosure Policy.

Company Contact Stuart Nicholls Managing Director & CEO Email: stuart.nicholls@strikeenergy.com.au

Investor & Media Contacts

Paul Ryan ( Citadel-MAGNUS) Phone: 0409 296 511 Email: pryan@citadelmagnus.com

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Future Statements

Statements contained in this release are or may be forward looking statements. All statements in this release regarding the outcomes of preliminary and definitive feasibility studies, projections and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike. Actual results, performance, actions and developments of Strike Energy may differ materially from those expressed or implied by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. Refer to the ‘Summary of Key Risks’ section of the release titled “Equity Raising and Corporate Update April 2021” released to ASX on 15 April 2021 for a summary of certain general, Strike specific and acquisition specific risk factors that may affect Strike. There can be no assurance that actual outcomes will not differ materially from these statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including the risk factors set out in the aforementioned ASX release. Investors should consider the forward-looking statements contained in this release in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this document will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this release.

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