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 5 May 2026 For Immediate Release Company Presentation Material 2026 Annual General Meeting Please find attached to this document a copy of the presentation that will be provided by Australis Oil & Gas Limited today at its Annual General Meeting. 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 2026 AGM Presentation 05 May 2026 ASX: ATS Important Notice and Disclaimer 2 This presentation has been prepared by Australis Oil & Gas Limited ACN 609 262 937 (ASX: ATS) (Australis). Summary of information: This presentation contains general and background information about Australis’ activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. The information in this presentation remains subject to change without notice. Australis is not responsible for providing updated information and assumes no responsibility to do so. Not financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire Australis securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Australis is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Australis securities. Australis assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation. Disclaimer: Australis and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Australis. Future performance: This presentation contains certain forward-looking statements and opinion. Generally, words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements, opinion and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Australis. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Not an offer: This presentation is for information purposes only. This presentation is not, and should not be considered as, an offer or an invitation to acquire securities in Australis or any other financial products and neither this document nor any of its contents will form the basis of any contract or commitment. This presentation is not a prospectus and does not contain all the information which would be required to be contained in a prospectus. Offers of securities in Australis will only be made in places in which, or to persons to whom it would be lawful to make such offers. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Australis. No Distribution in the US: This presentation is not an offer of securities for sale in the United States. Securities of Australis are not registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offer of the securities is being made in the United States and the information contained herein does not constitute an offer of securities for sale in the United States. Monetary values: Unless otherwise stated, all dollar values are in United States Dollars (US$). The information in this presentation remains subject to change without notice. 2025 Highlights 3  Key strategic objectives met through two transactions announced in November 2025 which position the company for funded growth.  Specifically the Company: − has secured an established US publicly listed oil and gas company as an aligned Development Partner in the TMS − is carried on a farmin program of up to US$46.25 million and initial leasing program of US$1 million for the Development Partner to earn an 80% interest in approximately 46,100 net acres − has the right to participate, at a 20% working interest, in future leasing within an Area of Mutual Interest (AMI) with the Development Partner − had a cash balance at the end of 2025 of US$14.2 million and has repaid all outstanding debt under its Macquarie Credit Facility following the sale of 90% working interest in the producing TMS asset  In addition, as operator of existing TMS production during 2025, Australis achieved key environmental and safety targets, whilst maximizing returns. 2025 proved to be a key transition period for the Australis business plan and our Tuscaloosa Marine Shale (TMS) asset 4 2025 Strategic Transactions NOT FOR DISTRIBUTION OR RELEASE IN THE US Key transactions in 2025 5 On 26 November 2025 Australis advised it had executed and closed on a farmout transaction with a US listed Development Partner that has active onshore development and exploration operations in multiple onshore unconventional basins1. The key terms were as follows  The funding of up to a US$46.25 million appraisal and development program in the TMS, carrying Australis for a 20% interest, to earn an 80% interest in 46,100 net acres.  The payment of US$1 million on execution and the funding of a further US$1 million initial leasing program, where Australis is carried for a 20% interest.  The Initial Test Well (ITW) is to be drilled and completed by 30 October 2026 or the development partner will pay an additional US$1 million which extends the deadline for the ITW and the initial leasing program to 30 October 2027.  Australis and the Development Partner have established an Area of Mutual Interest (AMI) within the TMS Core area within which Australis has the right to participate as a 20% WI party in all acquired lease interests. Note: Australis’s interests in the producing TMS wells were explicitly excluded from this transaction and subject to the second announced transaction Australis announced two key transactions in November 2025 1 - See announcement “TMS Development Partnering & Financing Transactions” – 26 November 2025 2026 workflow with Development Partner 6 Australis has been working with the Development Partner on multiple fronts during early 2026 with provisional locations identified for both the ITW and future carry wells.  Land – the initial leasing program has commenced with areas targeted and contact made with mineral rights owners. Broader plans for leasing within AMI to significantly increase exposure to the play have been outlined, utilising the Australis land database accumulated since 2016.  Subsurface – Australis has been providing data and operational knowledge to the Development Partner to update subsurface models which influence drilling and completion design. Additional data acquisition plans are being considered for the ITW.  Operations – As plans for the ITW firm, Australis as operator has commenced engagement to secure services and update costs for AFE approval.  Timing – A spud date has not yet been fixed and the Development Partner has flexibility under the terms of the transaction, but the workflow underway preserves the ability for a spud in 2026.  A key value driver for Australis, beyond the carried well program and technical/operational expertise the Development Partner can provide, is the aligned opportunity for growth in the land position. Preparation and Planning underway for first carried well Opportunity for increased exposure to TMS upside 7  Large contiguous land position in the TMS Core with ~47,200 net acres (none on federal lands) providing strategic control and operational benefits. − Limits new entrants acquiring large blocks in Core. − ATS has unique experience in leasing and accumulated a valuable land database.  Farmin - if Development Partner completes its farmin obligations Australis will retain ~11,250 net acres.  Initial Leasing Program is underway and focused on expiries and likely carry well locations.  Opportunity to grow acreage position – Leasing within AMI with Development Partner will look to take advantage of Australis’s previous position inside TMS Core Acreage Expiry Profile 31 March 2026 Australis has a strategic land position and an extensive data base Australis acreage position Q1 2026 (pre farmout) – 47,200 net acres Australis acreage position 2017 – 125,000 net acres 8  Australis current market capitalization US$21 million (30/4/26 – AU$0.022/share)  Australis effective cash balance US$12.3 million (End Q1 26)  If farmin is completed Australis will have been carried on a $47.25 million program (including initial leasing program)  If Development Partner targeted similar acreage position to Australis’s 2017 holding in AMI and Australis fully participated, the Company would hold 27,000 net acres  Based on Australis spacing assumptions and 7,500ft laterals this would correspond to ~100 net future drilling locations (500 gross locations)  Using Australis type curves and cost assumptions, with no further optimisation in costs or well performance over time, each net well has an NPV10 of US$4 million at US$65/bbl which is the long term strip price. (see Appendix 1 for assumptions used to generate this estimate)1  Australis believes that a material interest in an active development program with an experienced industry operator will drive significant value for shareholders Value proposition Opportunity for increased exposure to TMS upside - continued 1 – All assumptions are Australis generated and do not reflect any plans or expectations of our Development Partner Key transactions in 2025 - continued 9 On 26 November 2025 Australis advised it had executed a second transaction, which closed out on the 30 December 20251. Australis sold 90% of its working interest in the producing TMS wells to an affiliate of the EQV Group (EQV).  The sale was a wellbore only interest and had effective date of 1 July 2025.  The sale price was US$16.9 million before closing adjustments which resulted in a payment at close of US$15.6 million.  EQV assumed operatorship of the ATS position at close although Australis continued to provide transition operator services until March 2026.  Australis repaid all outstanding debt and accrued interest under the Macquarie Bank facilities and all associated security was released  By retaining a 10% working interest Australis also retained its rights under the associated Joint Operating Agreements The two complementary transaction terms allowed Australis to achieve its strategic objectives of a farmout and the financial outcome of being fully funded for the short and medium term whilst the carry program with the Development Partner takes place. Australis announced two key transactions in November 2025 1 - See announcement “TMS Development Partnering & Financing Transactions” – 26 November 2025 10 Industry Status and the TMS NOT FOR DISTRIBUTION OR RELEASE IN THE US  F&D reserve replacement dropped below 100% for the first time in 2025, continuing 10 yr trend.  Cost per boe to replace reserves remains high as established plays mature. US unconventional industry continues to mature 11 As the industry matures new resources are becoming harder and more expensive to find, leading to lower growth rates. Source: Top left - RBN “Slip Sliding Away – Organic Oil and Gas Reserve Replacement continues to dip” April 2026 and Oil and Gas Financial Analytics LLC Bottom Right – Goehring & Rozencwajg Q4 25 Market Commentary and EIA  Chart shows rapid Permian growth rate 2018/2019, and  Clear declining growth trend as asset matures. Reinvestment rates are lower and more expensive Permian growth stalls These factors drive interest in emerging quality plays such as the TMS  Gulf coast crude oil exports are surging in the existing climates, passing 5 million bpd for the first time in the week beginning 17/4/26 and volumes are destined for the APAC region.  This introduces additional demand on the US supply and may become a structural change as countries such as Australia look to diversify crude oil and product sources. New export demand pressures on US production 12 The recent events in the middle east are restructuring global oil supply chains and have introduced a new demand dynamic into the US domestic market. Source: RBN “US crude exports soar” April 2026 13 2025 ESG and Financial results NOT FOR DISTRIBUTION OR RELEASE IN THE US ESG summary - 2025 14 2024 2025 5 5 Non reportable spillA 0 1 Reportable spillA 0 0.1 Oil volume spilled within containment (bbls) 2.9 2.3 Oil volume spilled outside containment (bbls) 0.2 1.4 Produced water spilled (bbls) 21,381 17,837 Scope 1 & 2 emissions (mt CO2e) 0.076 0.075 Scope 1 & 2 intensity (mt CO2e/boe) Employee Safety Performance  Strong safety culture for field operators continued, with only one incident that did not result in an LTI as the employee returned to work the same day.  Proactive Safety Observation Suggestion (SOS) program continued to operate effectively and the key tool to maintain a safe working culture.  Another strong environmental performance with only ~2.4 bbl oil spilled across 6 events and all contained on the production pads.  Reported Scope 1 and Scope 2 emissions under TCFD framework and maintained 2024 intensity despite reduced volumes.  Full field development offers opportunities to reduce gas emissions through export or onsite utilisation, these options are being explored with Development Partner. A. Reportable threshold > 1bbl oil and/or >5 bbls produced water Australis reported another year of safe operations and reduced emissions Environmental Performance 2024 2025 0 0 Near Miss 0 0 First Aid 0 1 OSHA Reportable 0 0 Lost Time Incidents 29,775 24,609 Hours worked Fiscal summary 2025 15 2025 Units 208,100 Bbls Sales Volume (WI) 67 US$/bbl Average Realised PriceA 68 US$/bbl Average Achieved PriceB 14.1 US$MM Sales Revenue (post hedges) 0.6 US$MM EBITDA 14.2 US$MM Cash Balance (period end) 0 US$MM Total Debt (period end) WTI Collars Ceiling Price (US$/bbl) Protected Price (US$/bbl) Volume (bbls) $67 $60 1,000 April 2026 Hedge Position at end Q1 2026  Fiscal results during 2025 supported business whilst partnering efforts continued.  Sales volume reduction in line with expectation  Material G&A cost savings through part time and salary reductions  2025 field netback of US$4 million covered company operating costs, modest EBITDA contributed to amortisation commitments  Most hedges closed out at YE25 following close of sale of 90% working interest in producing assets  Hedging program to be revisited following first carried well. A. Average oil sales price realised by Australis B. Average oil price achieved by Australis after the effects of hedging Strong 2025 fiscal performance with managed costs 2025 Financial results 2025 Operating Costs 16  Operating costs are a key value driver to both our fiscal performance and the longevity of our production base − Overall Opex was reduced by 15% during 2025 − Variable costs reduced by 20%, in line with production decline − Fixed costs reduced by 3% with limited scope for significant reductions − Workover costs reduced by 37% in 2025 compared to the previous year which had already achieved a 44% reduction from 2023 figures During 2025 we continued our focus on production efficiency and production operated costs Driving down workover frequency 17  Australis’s efforts to drive down workover frequency, cost and extend run times has been effective throughout tenure as operator  Slight increase recorded in workover intervention rates, but clear trend down over time and reduced cost per workover Whilst there was a modest increase in the number of workovers, costs went down Summary 18 The Company has delivered on a number of long term strategic goals, allowing us to move to the next phase of our business strategy on a fully funded basis. We have  Secured a partner for the TMS Development with a carried work program  Retained a material interest and have the opportunity to expand the acreage position  Addressed any short or medium term liquidity issues with the sale of 90% working interest in producing assets Looking forward, we expect to be drilling the initial test well with our Development Partner and with success we are carried on a meaningful work program and can participate in accretive leasing. This will transition the TMS towards full field development and generate material value for shareholders. 2025 was a transformational year for Australis Glossary 19 Measure Unit Measure Unit Barrel of oil bbl Prefix - Billions B Barrel of oil equivalent (1bbl = 6 mscf) boe Prefix - Millions MM or mm Standard cubic foot of gas scf Prefix - Thousands M or m Billion standard cubic foot of gas Bcf Suffix - per day /d Description Abbreviation Tuscaloosa Marine Shale TMS The Australis designated productive core area of the TMS delineated by production history TMS Core Working Interest WI Contingent Resources – 1C/2C/3C – low/most likely/high C Net Revenue Interest (after royalty) NRI Working Interest after deduction of Royalty Interests Net Net Present Value (discount rate), before income tax NPV (10) Held by Production (lease obligations met) HBP Estimated Ultimate Recovery per well EUR West Texas Intermediate Oil Benchmark Price WTI Louisiana Light Sweet Oil Benchmark Price LLS Operating Costs Opex Capital Costs Capex Proved Developed Producing PDP Proved Undeveloped Producing PUD Proved plus Probable Reserves 2P Proved plus Probable plus Possible Reserves 3P Enhanced Oil Recovery EOR General & Administrative Expenses G&A Interest in a leasehold area providing the holder with the right to receive a share of production associated with the leasehold area Royalty Interest or Royalty Oil and gas sales net of royalties, production and state taxes, inventory movements, field based production expenses, hedging gains or losses but excludes depletion and depreciation. Field Netback Description Abbreviation Drilling, Completion, Tie in and Artificial Lift D, C & T Net loss / profit for the period before income tax expense or benefit, finance costs, depreciation, depletion, amortisation and impairment provision EBITDA Working Interest before deduction of Royalty Interests Net Acres The peak oil production rate over 24 hours of production IP24 The history matched production performance of 14 wells drilled in the TMS by Encana in 2014. Corresponds to an average treated horizontal length of 7,200ft. TMS Type Curve Internal Rate of Return IRR Non Productive Time NPT Percentage of free cash flow used for asset development operations Reinvestment Rate The cost to find and develop a boe of reserve F&D Cost Non M&A reserve replacement rate Replacement Rate Area of Mutual Interest – established with Development Partner for future leasing in TMS AMI Safety Observation Suggestion SOS Taskforce on Climate Related Financial Disclosures TCFD Initial Test Well – first well in the farmin carry program ITW Authority for Expenditure AFE Asia Pacific region APAC Lost Time Incident – injured personnel unable to return to work LTI 20 On slide 8 Australis provided single well economic analysis using the following assumptions − A conservative 20 year type curve as shown opposite − Well cost $10.4 million – assumes continuous rig operations − Working interest 100% − Royalty 20% − Mississippi severance tax incentive − TMS oil price premium (inc transportation) US$2.25/bbl − LOE – 2025 PDP averages − Water cut – 50% Note over time we would expect − well costs and LOE to reduce with scale and optimisation − well performance to improve with completion design optimisation) All assumptions are Australis generated and do not reflect any plans or expectations of our Development Partner Appendix 1 – Single well economic assumptions IRR (%) NPV10 ($MM) WTI Oil Price (US$/bbl) 32 3.95 $65/bbl 51 6.48 $75/bbl 73 9.01 $85/bbl Single Well Economics ATS 20yr 7,200ft lateral type curve