Announcement PDF AUSTRALIS OIL & GAS LIMITED ABN 34 609 262 937 Level 2, 215 Hay Street Subiaco WA 6008 • PO Box 8225 Subiaco East WA 6008 T +61 (8) 9220 8700 • F +61 (8) 9220 8799 www.australisoil.com ASX Announcement 02 July 2026 For Immediate Release Update on TMS Carried Work Program Australis Oil and Gas Limited ("Company") is pleased to provide an update on its activity in preparation for the first well under the US$46.25 million carried work program1. First Well Permit – Willson 1H The Company has submitted a well permit application to the Mississippi Oil and Gas Board (MSOGB) for the first carried well, designated the Willson 1H. The MSOGB hearing to approve the Company’s application is scheduled for 15 July 2026. • The Willson 1H will be drilled from an existing, previously unused pad into the new drilling unit, comprising approximately 1,900 gross acres – see Figure 2. • The Willson 1H is being proposed as a 10,000-foot lateral length in the permit application, reflecting our Development Partner's objective of evaluating the potential of extended lateral drilling. • Upon commencement of production, the acreage within the Willson unit will be added to the Company's held-by-production (HBP) acreage position. • Australis currently holds an 88% working interest in the proposed Willson unit. On satisfaction of the total US$46.25 million carry program this interest, together with any additional interests obtained prior to the spud date, will be adjusted in accordance with the transaction agreement with the Development Partner. Preparation for permitting of wells #2 and #3 in the carry program is also underway with well permit applications expected over the coming months. To learn more about this announcement and our asset please Click here. Operational Update Planning for the Willson 1H is progressing in close coordination with our Development Partner. Final decisions on well architecture, data acquisition requirements, and fracture stimulation design are nearing completion, which will enable the commencement of contracting for services. While our Development Partner has not yet confirmed a target spud date, preparations will preserve the option of a Q4 2026 start. 2 Figure 1 – The existing drilling pad that will be utilised for the Willson 1H well (see Figure 2 for map of field and showing location of the Willson unit) Leasing Program Australis and our Development Partner have been actively engaged in a leasing program, with the previously disclosed Development Partner land carry of US$1 million being strategically deployed across our TMS AMI and with a focus on planned and future drilling units. The Company will provide land updates in quarterly reports and as progress is made. New Company Website In conjunction with the upcoming carried wells and land leasing programs, Australis has launched a new company website, designed to enhance shareholder engagement and improve the timely dissemination of operational results. The Company encourages shareholders and investors to visit the website and register for email alerts to receive the latest updates as they become available (see QR code below). 3 This ASX announcement was authorised for release by the Australis Disclosure Committee. For further information, please contact either: Ian Lusted Managing Director Australis Oil & Gas Limited +61 8 9220 8700 Graham Dowland Finance Director Australis Oil & Gas Limited +61 8 9220 8700 To receive alerts for ASX announcements and the latest updates from Australis please visit our website www.australisoil.com or use the QR code and register your email address 4 ABOUT AUSTRALIS Australis (ASX: ATS) is an ASX listed oil and gas company seeking to provide shareholders value and growth through the strategic development of its quality onshore oil and gas assets in the United States of America. The Company was formed by the founder and key executives of Aurora Oil & Gas Limited, a team with a demonstrated track record of creating and realising shareholder value. With approximately 47,200 net acres (85% HBP) within the production delineated core of the proven oil producing TMS (TMS Core), Australis retains significant upside potential with approximately 160 net future drilling locations. At year end 2025 Ryder Scott independently assessed the Australis acreage held at that time with 62 MMbbls of 2P + 2C recoverable volume including 165 Mbbls 2P producing reserves providing net field cash flow2,3. The contingent oil resource is only contingent on a qualifying development program and Australis will carry out a reassessment of its undeveloped reserve position when a program is agreed with our Development Partner Corporate Strategy and Forward Plan Australis successfully completed two transactions1 in 2025 which achieved a number of corporate objectives that management have sought to address for some time. • Partnered in the TMS with an established and aligned US-listed independent oil and gas company with onshore development and exploration operations in multiple unconventional basins. • The application of up to US$46.25 million of development capital for new wells in the TMS from the Development Partner (Carry Program), including funding Australis for a 20% working interest in that program, in order to earn an 80% working interest in undeveloped HBP acreage and Term leasehold of approximately 46,100 net acres that Australis held at the time. • Australis and the Development Partner have formed an Area of Mutual Interest (AMI) within the TMS Core area. The Development Partner will carry Australis for a 20% working interest for the first US$1 million of leasing within the AMI (Initial Leasing Program) and thereafter Australis can participate at a 20% working interest in further leasing activity inside the AMI. • The Carry Program, Initial Leasing Program and strengthened balance sheet having sold 90% of its working interest in the TMS producing well inventory to EQV in the second transaction ensures that Australis is funded for the forward program. The Development Partnering Transaction was executed on 25 November 2025 and included an up-front payment of US$1 million to Australis. For more details on the deal terms please refer to the relevant announcement1. The EQV Financing Transaction was closed on 30 December 2025 (see separate announcement1). EQV assumed field production operatorship from Australis and acquired 90% of the Australis working interest in all Australis operated wells. 5 TMS Assets & Background The map shown in Figure 2 is a representation of the acreage position that Australis holds within the TMS Core and the location of the new proposed Willson unit. Figure 1 : Location of Australis acreage, TMS wells and proposed Willson unit The Tuscaloosa Marine Shale is a Cretaceous shallow marine unconventional shale that is present across central Louisiana and southwest Mississippi. The play is the same geological age as the Eagle Ford Shale in South Texas and the Woodbine Shale in East Texas. The play is relatively deep, high pressured and oil weighted. As experienced in most unconventional plays, early results (2010 – 2014) demonstrated variable production performance and relatively high well costs, driven by initial operational difficulties encountered whilst drilling and completing the wells. The activity that did take place delineated a core area of the play where production results were consistent and comparable to other, far more developed, unconventional plays such as the Eagle Ford and the Permian. This area is shown in the blue oblong in Figure 2 and represents Australis’ interpretation of the TMS Core. 6 Notes 1. See ASX Announcement titled ‘TMS Development Partnering and Financing Transactions’ released on 26 November 2025 and ASX Announcement titled ‘TMS Financing Transaction Completed’ released on 31 December 2025. 2. Estimates from the independent Ryder Scott report, effective 31 December 2025 and dated 29 January 2026, which was initially disclosed in the announcement titled “Quarterly Activities and Annual Reserve Report’ issued on 30 January 2026. The report was prepared in accordance with the definitions and disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June 2018. Ryder Scott generated their independent reserve and contingent resource estimates using deterministic methods. The achieved price and NPV(10) values quoted are for the project only, they do not include any impact from any oil price hedges that Australis had entered into at that time. Australis is not aware of any new information or data that materially affects the information included in the referenced announcement and all the material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. 3. The figures quoted are the rounded arithmetic sum of the 2P reserve and 2C resource estimate as reported in the Ryder Scott reserve report dated 29 January 2026. That report included the following reserve and resource estimates of oil. The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location. The 1C, 2C and 3C figures provided are the arithmetic summation by category. Net Oil Reserves (Mbbls) Contingent Oil Resources (Mbbls) 1P 128 1C 19,709 2P 165 2C 62,156 3P 213 3C 112,498