STRIKE ENERGY LIMITED — Capital/Financing Update 2021

Mar 3, 2021

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

West Erregulla Update

• WE4 second intermediate hole section reaches final section depth of 3,906m.

• Hydrocarbons shows observed throughout the entire hole section.

• Wireline logs will now be run across this section.

Strike Energy Limited (Strike - ASX: STX) provides an update on behalf of the EP469 Joint Venture.

Current Operations

Since the last update, Strike has drilled the second intermediate hole section in 12-1/4” down to a final section depth of 3,906m into the Kockatea Shale.

During the drilling of this section hydrocarbon shows have been observed throughout and as a result, wireline logs will be run through the section. The presence of these hydrocarbons is supportive of Strike’s geological models and the results are analogous to observations seen in the West Erregulla 2 well.

Forward Plan

After completion of wireline logging operations, Strike will commence running of 9-5/8” casing before cementing in place and drilling ahead to the well’s secondary (Basal Wagina Sandstones) and primary targets (Kingia & High Cliff Sandstones). The bottom hole assembly for this section will include several logging while drilling tools for live data acquisition with real time feedback.

About the West Erregulla Appraisal Campaign

Three appraisal wells will be drilled in the West Erregulla field, which is located in EP469. The appraisal wells will be drilled down to ~5,000m. West Erregulla 4 (and 5) will appraise the reservoir distribution in the central fault block. After various coring and logging operations the wells will be flow tested (on success) and completed as future producers across the Kingia / High Cliff sequences for the proposed Phase 1 production operations. The Wagina gas discovery made in West Erregulla-2 will also be appraised during West Erregulla 4 & 5.

The West Erregulla wells are to be executed at the following coordinates:

• West Erregulla 3: 29° 22’ 40.79” S, 115° 18’ 30.70” E

• West Erregulla 4: 29° 25' 8.89" S, 115° 19' 18.15" E

• West Erregulla 5 (proposed): 29° 24’ 1.72” S, 115° 18’ 27.17” E

Strike Energy Limited operator and the holder of a 50% joint venture interest in EP469, and Warrego Energy (ASX: WGO) a holder of the other 50% joint venture interest.

This announcement is authorised for release by the Managing Director and Chief Executive Officer in accordance with the Company’s Continuous Disclosure Policy.

Investor & Media Contacts

Company Contact Investor & Media Contacts Stuart Nicholls Paul Ryan ( Citadel-MAGNUS) Managing Director & CEO Phone: 0409 296 511 Email: stuart.nicholls@strikeenergy.com.au Email: pryan@citadelmagnus.com

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West Erregulla Gas Field & Well Locations in EP469

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