Ann: West Erregulla Update, page-4

Two week delay

• WE5 drilling ahead at a depth of ~3,356m MD. • WE4 flow test paused to procure additional equipment. Strike Energy Limited (Strike - ASX: STX) provides an update on the West Erregulla Appraisal Campaign on behalf of the EP469 Joint Venture. Current Operations WE5 is drilling ahead at a depth of ~3,356m measured depth (MD) and is currently in the Woodada formation. At WE4, clean-up of the well has been paused due to the presence of sand in the production stream. The source of the sand has been identified as the Kingia Sandstone, but Strike is yet to determine whether the sand is resultant of the large perforation program (75m) or friable formation. The perforated section lies between 4,847m and 4,963m MD. Little to no sand production was observed at WE2 during the flow test, although some of the Waitsia wells have seen minor sanding issues. It is not uncommon for high quality reservoirs to produce sand initially on test, however, as the WE4 well test surface equipment is not suited to high velocity sand, Strike requires additional equipment to support the rest of the clean-up and production test. It is envisaged that it will take approximately two weeks to procure the additional equipment and given the progress at WE5, Strike will assess whether to combine the remaining flow testing of WE4 in campaign with WE5 if optimal to do so. Forward Plan Strike will source the appropriate equipment to accompany the flow test package in order to continue the testing program at WE4. This may align with the proposed WE5 flow testing if procurement times are protracted. Upon recommencement, the WE4 well will finish its clean up and then perform the planned full production test. At WE5 Strike will continue to drill the 12-1/4” intermediate hole section down to a nominal depth of ~3,750mMD, at which time wireline logs will be acquired. This will then be followed by running of casing and cementing in place. About the West Erregulla Appraisal Campaign The campaign comprises three appraisal wells drilled in the West Erregulla field, which is located in EP469. The appraisal wells are planned to be drilled down to ~5,000m. West Erregulla 4 and