Announcement PDF QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 1 of 9 Key Activities & Highlights 29 July 2026 Australis Oil & Gas Limited ABN: 34 609 262 937 ASX: ATS Australis is an upstream 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’s acreage within the core of the oil producing TMS provides significant upside potential for ATS with 62 million bbls of 2P+2C net reserves and resources including 165 thousand bbls producing reserves2,3 . The Company was formed by the founders and key executives of Aurora Oil & Gas Limited, a team with a demonstrated track record of creating and realising shareholder value. Address 2nd Floor, 215 Hay Street Subiaco, WA 6008 Australia Suite 3680 3 Allen Center 333 Clay Street Houston, Texas U.S.A 77002 Contact Telephone: +61 8 9220 8700 Facsimile: +61 8 9220 8799 Email: [email protected] Web: www.australisoil.com Having secured a farmin with a large US publicly listed oil and gas company to participate in an appraisal and development program in the TMS the focus during this reporting quarter has been preparation for the Willson 1H (Initial Test Well). Our Development Partner is required to carry Australis’ interest on the first US$46.25 million work program to earn certain interests in our undeveloped acreage1. Development Activities  Permit approved for the Willson 1H.  Permit application process initiated for second Carried Well.  Detailed planning for Willson 1H drilling and completion design underway.  Carried Initial Leasing Program and permitted unit leasing progressing.  Post the reporting period Australis received confirmation from our Development Partner to proceed with drilling and completing the Willson 1H well. The planned spud date will be driven by rig availability, which can now be secured, but is targeted for Q4 2026. Production and Finance  Sales volume during the quarter from the retained 10% working interest in the TMS producing well inventory totalled 4,644 bbls.  Australis held cash and cash equivalents of US$11.2 million at the end of Q2 2026 (vs US$13.6 million in Q1 2026), reflecting the US$1.3 million paid to EQV in April 2026 as the final non- recurring post-closing purchase price adjustment reflecting revenue received by Australis on behalf of the WI sold to EQV during the Q1 transition period. To learn more about this announcement and our asset please Click Here QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 2 of 9 DEVELOPMENT TRANSACTION ACTIVITIES In late November 2025 Australis executed a farmin transaction with our Development Partner which is a US-listed independent oil and gas company with a multi-billion dollar enterprise value and active onshore development and exploration operations in multiple US unconventional basins. Australis has continued to progress multiple workflows with our Development Partner. Land Australis and the Development Partner have identified and shared data on preferred focus areas within our Area of Mutual Interest (AMI) for leasing activities. The Development Partner is managing the deployment of the US$1 million carried Initial Lease Program. Australis is managing the leasing associated with the permitting of new units, which has now commenced. During the Mississippi State Oil & Gas Board (MSOGB) hearing held on 15th July 2026, the well permit for the Willson 1H was approved. Australis has also commenced the process of applying for the permit for the second Carried Well, the Mathieu 1H. Our lease position inside the TMS Core increased by 100 acres to 47,300 net acres during the quarter, with 84% being HBP status. The 4,000 net acres due to expire in 2026 are subject to a one-year extension option in our favour and the majority would be converted to HBP status by the planned Carried Well program. Figure 1 below showing the lease expiry profile as at 30 June 2026. Figure 1 : Expiry profile of ATS TMS acreage QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 3 of 9 Operations Staff continue to work with counterparts at the Development Partner across multiple disciplines including drilling, completions and production. FIELD PRODUCTION OPERATIONS Australis handed transition operatorship to EQV at the end of Q1 2026 and so has retained non operator status throughout this reporting period. Production during the quarter was broadly in line with expectations and there were three workovers during the period. Australis exercised its rights and proposed one of these workovers to ensure that HBP status of the associated unit was maintained and increased its working interest in this well to 98.8% until payout. All three workovers were operated by EQV and were completed at or below AFE. Key Operating and Financial Results The following Table 1 summarises key operating and financial results in the quarter relating to our retained working interest in producing wells. Key Metrics Unit Q2 2026 TMS Core Land (Net) Acres 47,300 Net Oil resource (2P + 2C) MMbbls 622,3 Sales Volumes (WI) Bbls 4,644 Average Realised PriceA US$/bbl $96.90 Average Achieved PriceB US$/bbl $47.53 Sales Revenue (WI)B US$MM $0.2 Field NetbackB US$MM -$0.2 Table 1: Key Revenue metrics for Q2 2026 A excludes effect of hedge contracts settled, marketing fees and prior period adjustments B includes the loss from the settlement of hedge contracts of US$0.031 million (Q1 2026: loss of US$0.24 million), US$0.005 million in marketing fees and a prior period adjustment of US$0.193 million reflecting adjustments relating to a legacy well that reached payout during a previous reporting period. QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 4 of 9 FINANCE AND CORPORATE Cash and Capital Results for the quarter include: • Sales Revenue (WI) of US$0.221 million from our retained interests in the TMS wells, which includes reductions associated with hedging losses of US$0.031 million and a non-recurring one off payment made of US$0.193 relating to a prior period adjustment (production months from 2014 to 2025 at pre divestiture WI) as two legacy wells reached payout. • The Average Achieved Oil Price excluding impact of prior period adjustment and marketing costs was $89.09. • The Company had a cash position of US$11.2 million at the end of the quarter. In April 2026 Australis made the final adjustment payment to EQV of US$1.3 million which included gross revenue paid to ATMS as transition operator for January and February 2026 production offset by operating costs paid on behalf of EQV and transition services charges owed to Australis for Q126. Oil Price Hedging During the reporting quarter Australis realised a modest hedge loss of US$0.031 million (Q126: US$0.024) on the close out of the final hedges retained following the sale of 90% of PDP at the end of 2025. Australis has no other hedges in place but will continue to review its hedge program and position from time to time, including when the Development Partner elects to drill new wells as part of the contemplated carry program. Business Development and Corporate Strategy The continued conflict in the Middle East during this reporting quarter has had a profound effect on commodity prices and the US oil and gas industry as a whole. The US has significantly increased its export volumes with the Gulf Coast facilities working at maximum capacity. Whilst there have been modest increases in production from the established plays the bulk of this additional volume has been sourced from storage, with significant draw down of the Strategic Petroleum Reserve (SPR), which is now at 40-year lows and approaching minimum operating capacities. As a result, there is an increased focus on security of supply for the US domestic market and Australis believes that quality undeveloped tight oil inventory such as the TMS will be targeted. This has led to an increased interest in undeveloped oil assets and Australis continues to explore opportunities with interested parties for further development within the TMS Core outside the AMI established with our Development Partner. QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 5 of 9 Change of Address Australis advises that in accordance with ASX Listing Rule 3.14 from Friday 7th August the registered office address and principal place of business will change to: Level 1, 162 Grand Boulevard Joondalup, WA 6027 The Company’s postal address, telephone number and other contact details remain unchanged. Appendix 5B Attached is a copy of the Appendix 5B for the quarter ended 30 June 2026. This ASX announcement was authorised for release by the Australis Disclosure Committee. Further Information: Ian Lusted Graham Dowland Managing Director Finance Director Australis Oil & Gas Australis Oil & Gas +61 8 9220 8700 +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 Ends QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 6 of 9 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 47,300 net acres (84% HBP) within the production delineated core of the proven oil producing TMS, 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 achieve 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 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.  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 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 in addition to the US$1 million initial leasing program commitment. 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. QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 7 of 9 TMS Assets & Background The map shown in Figure 2 is a representation of the acreage position that Australis holds within the TMS Core. Figure 2 : Location of Australis acreage, TMS wells and permitted 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. QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 8 of 9 GLOSSARY Unit Measure Unit Measure B Prefix – Billions bbl Barrel of oil MM Prefix – Millions boe Barrel of Oil equivalent (1bbl = 6 mscf) M or k Prefix – Thousands scf Standard cubic foot of gas /d Suffix – per day Bcf Billion cubic feet of gas Term Definition 1P Proved Developed Reserves (PDP + PDNP) 2P Probable Reserves 3P Possible Reserves AMI Area of Mutual Interest within the TMS Core where Australis has the right to participate with Development Partner at a 20% working interest in any new leases taken C Contingent Resources (1C/2C/3C equivalent to low/most likely/high) Carry Program The carried TMS development work program contemplated by the Development Transaction, pursuant to which Development Partner will carry Australis for a 20% working interest Development Partner A US listed independent oil and gas company with a multi-billion dollar enterprise value and active onshore development and exploration operations in multiple unconventional US basins Development Transaction A transaction executed on 25 November 2025 whereby, among other things, Australis agreed to farm down 80% of its working interest in undeveloped acreage to the Development Partner on conclusion of a carried work program of $46.25 million and satisfaction of other obligations EQV An affiliate of the EQV Group EUR Estimated Ultimate Recovery of a well Field Netback Oil and gas sales net of royalties, production and state taxes, inventory movements, hedging gains or losses and field-based production expenses but excludes depletion and depreciation Finance Transaction A Transaction closed on 30 December 2025 whereby Australis sold 90% of its working interest in producing TMS wells for US$16.9 million, subject to customary closing adjustments HBP Held by production – within a formed unit a producing well meets all lease obligations within that unit. Primary term remains valid whilst well is on production Initial Leasing Program US$1 million lease program within the AMI under the Development Transaction where Australis is carried by the Development Partner for a 20% working interest IP30 The average oil production rate over 30 days of production following clean up Initial Test Well The first carried well to be drilled under the Development Transaction Net or NRI Company beneficial interest after royalties or burdens Net Acres Working Interest before deduction of royalties or burdens NPV(10) Net Present Value (@ discount rate) PDNP Proved Developed Not Producing Reserves PDP Proved Developed Producing Reserves Royalty Interest in a leasehold area providing the holder with the right to receive a share of production associated with the leasehold area TMS Tuscaloosa Marine Shale TMS Core The Australis designated productive core area of the TMS delineated by production history QUARTERLY ACTIVITIES REPORT | 2nd Quarter 2026 Page 9 of 9 TMS Type Curve The history matched production performance of 15 wells drilled in the TMS by Encana in 2014. Corresponds to an average treated horizontal length of 7,200ft. Refer to the Appendix of the Australis Corporate Presentation WI Company beneficial interest before royalties WTI West Texas Intermediate oil benchmark price YE Year end 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 is 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. Forward Looking Statements This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements concerning Australis’ planned operation program and other statements that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Although Australis believes its expectations reflected in these statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Net Oil Reserves (Mbbls) Contingent Oil Resources (Mbbls) 1P 128 1C 19,709 2P 165 2C 62,156 3P 213 3C 112,498 Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity AUSTRALIS OIL & GAS LIMITED ABN Quarter ended (“current quarter”) 34 609 262 937 30 JUNE 2026 Consolidated statement of cash flows Current quarter $US’000 Year to date (6 months) $US’000 1. Cash flows from operating activities 207 1,425 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (94) (1,034) (d) staff costs (823) (2,593) (e) administration and corporate costs (554) (984) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – Represents net amount received / paid on behalf of operations / development partner (including $1.3m received in Q126 on behalf of Operator and repaid in Q226) (1,280) 18 1.9 Net cash (used in) operating activities (2,544) (3,168) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $US’000 Year to date (6 months) $US’000 (e) investments - - (f) other non-current assets (21) (21) 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (interest received) 99 162 2.6 Net cash from / (used in) investing activities 78 141 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (1) (4) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities (1) (4) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 13,634 14,230 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,544) (3,168) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 78 141 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $US’000 Year to date (6 months) $US’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) (1) (4) 4.5 Effect of movement in exchange rates on cash held 17 (15) 4.6 Cash and cash equivalents at end of period 11,184 11,184 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $US’000 Previous quarter $US’000 5.1 Bank balances 11,184 13,634 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 11,184 13,634 6. Payments to related parties of the entity and their associates Current quarter $US'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 - 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $US’000 Amount drawn at quarter end $US’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $US’000 8.1 Net cash from / (used in) operating activities (item 1.9) (2,544) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,544) 8.4 Cash and cash equivalents at quarter end (item 4.6) 11,184 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 11,184 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: The net cash used in operating activities for the quarter includes a non recurring one off payment of $1.3 million received in Q126 on behalf of operator and repaid in this quarter. Excluding this amount the net cash used in operating activities for the quarter was $1.2 million and estimated quarters of funding available are 9. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 July 2026.............................................................. Authorised by: .. By the Disclosure Committee................................................................................. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.