STRIKE ENERGY LIMITED — Capital/Financing Update 2021

May 6, 2021

==> picture [148 x 36] intentionally omitted <==

----- Start of picture text -----

7 [th] May 2021
----- End of picture text -----

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

Share Purchase Plan closes heavily oversubscribed

Strike Energy Limited (ASX: STX) ( Strike or the Company ) announces that the Share Purchase Plan offer announced on 15 April 2021, ( SPP Offer ) was closed early at 5 pm AEST, Monday 3 May 2021 and was heavily oversubscribed with ~$30 million of acceptances received. The Company received over 1,500 applications during a 7 business day period.

The Board appreciates the extraordinary level of interest from the Company’s shareholders in the SPP Offer and, in the exercise of the Board’s discretion to do so, has determined to double the SPP Offer amount to $10 million. This increase in the SPP Offer amount will result in a lesser proportionate scale back of applications and shareholders who applied in the SPP Offer will now receive an allocation of approximately a third of their application amount. The additional funds will be used to further supplement the Company’s activities as outlined in the use of funds for the share placement announced on 17 April 2021 including to better progress and advance the Company’s Greater Erregulla Gas Project, the fertiliser development at Project Haber, testing of the Mid-West Geothermal resource and its broader Perth Basin opportunities.

While the members of the Strike board subscribed to a full allocation in the SPP Offer, they have elected to forgo their applications to allow for further participation from other shareholders.

The Company will issue up to a total of 33,333,333 of fully paid ordinary shares pursuant to the SPP Offer. Below is the indicative timetable for the issue and commencement of trading of those shares.

Event	Date
Issue of SPP shares	Monday,10 May2021
Commencement of tradingof SPP shares	Tuesday,11 May2021

Important note for shareholders

The Company encourages its shareholders to elect to receive communications from the Company electronically through its registry, Boardroom Pty Ltd. The form to enable this communication method to ensure shareholders receive timely and important notices is attached with this announcement.

This announcement is authorised for release by the Strike Board of Directors.

Company Contact Investor & Media Relations

Stuart Nicholls Paul Ryan Managing Director & CEO Citadel-MAGNUS email: stuart.nicholls@strikeenergy.com.au Phone: 0409 296 511 Email: pryan@citadelmagnus.com

==> picture [590 x 60] intentionally omitted <==

All correspondence and enquiries to:

Sign Here – This section must be signed for your instructions to be executed

Company or Trust in which Investment is Held

Full Name(s) of Registered Holding Registered Address

==> picture [117 x 24] intentionally omitted <==

Smart Business Solutions GPO Box 3993 Sydney NSW 2001 Tel: 1300 737 760 (within Aust) Tel: + 61 2 9290 9600 (outside Aust) Fax: + 61 2 9279 0664 www.boardroomlimited.com.au enquiries@boardroomlimited.com.au

Reference Number

You are required to insert this number

Post Code

Email Collection Form

This form must be forwarded to Boardroom Pty Limited.

Use a black pen. Print in CAPITAL letters inside the boxes

A Election

B

I/We authorise you to act in accordance with my/our instructions set out above. I/We acknowledge that these instructions supersede and have priority over all previous instructions in respect to my/our securities.

• Director

• Director/Company Secretary Sole Director and Sole Company Secretary Day Month Year / /

Privacy Statement

The personal information in this form is collected by Boardroom Pty Limited (‘Boardroom”), as registrar for the issuer of the securities you hold. Boardroom’s privacy policy can be viewed on our website (www.boardroomlimited.com.au).

Your personal information is required for administration of the register of securityholdings. Should some or all of the requested information not be provided correct administration of your securityholding may not be possible. Your personal information may be disclosed to the issuer of the securities you hold, its or our related bodies corporate, external service companies such as print or mail service providers or otherwise as permitted by law. If, in accordance with the provisions of the Corporations Act the issuer of the securities you hold approves, you may be sent marketing material in addition to general corporate communications. You may elect not to receive marketing material by contacting Boardroom Pty Limited. You can obtain access to you personal information and (if required) advise of any incorrect, inaccurate or out of date data information held, by contacting Boardroom Pty Limited on 1300 737 760