Ann: AGM Presentation, page-3

So on page 4, they talk about...

• Beach’s $0.20 per share proposal delivers cash certain value to Warrego shareholders
• There are risks associated with a scrip offer for Warrego shareholders, including exposure to
movements in Strike’s share price as well as exposure, through owning Strike shares, to
Strike’s other assets
• After careful consideration of the respective offers, your Board decided to enter into a Scheme
Implementation Deed (SID) with Beach as announced on 14 November 2022

A few pages down, they go on with a giant heading "Unlocking future growth potential in WA" and proceed to showcase the untapped potential...

• Significant potential for further Reserves upgrades
• Erregulla Deep offers future substantial, low risk, growth potential in EP469

How is it in our best interest to sell everything (exc Spainish asset) for a fixed price of 20c when that price is only valuing the SP at 7.50/Boe while BPT is tading on around 10.50/BOe, and reflects zero value for the low risk, substantial upside potential (their own words)? Would someone who is in attendance kindly ask DD please?

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