Announcement PDF UNLOCKING NEW EAST COAST GAS SUPPLY UNLOCKING NEW EAST COAST GAS SUPPLY 28 MAY 2026 Transitioning from Concept to Execution 2 Extent of Information This document has been prepared by Eastern Gas Corporation Ltd (“Company”). This Presentation, includingthe information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the Presentation, disclaimer not anything contained in such forms the basis of any contract or commitment. This Presentation does not take into account your individual investment objective, financial situation or particular needs. You must not act on the basis of any other matter contained in this Presentation but must make your own assessment of the Company. No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained in this Presentation, including the accuracy, likelihood of the achievement or reasonableness of any forecast, prospects, returns or statements in relation to future matters contained in the Presentation (“Forward-looking statements”). Any such forward-looking statements that are contained in this Presentation or can be implied by the same are by their nature subject to significant uncertainties and contingencies associated with the oil and gas industry and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Eastern Gas and their directors) which may cause the actual results or performance of Eastern Gas to be materially different from any future results or performance expressed or implied by such forward-looking statements. To the maximum extent permitted by law, none of Eastern Gas’ related corporations, directors, employees, agents nor any other personaccepts any liability, including without limitationarising from fault or negligence, for any loss arising from use of this Presentation or its content or otherwise arising in connection with it. Exclusion of Financial Product Advice This Presentation is for information purposes only and is not a prospectus or other offering under Australian law or under any others laws in the jurisdictions where the Presentation might be available. Nothing herein constitutes investment, legal, tax or other advice. This Presentation is not a recommendation to acquire shares and has been prepared without taking into account the investment objectives, financial situation or needs of individuals. Dates Any future dates mentioned in the presentationare a guide only and subject to change without notification. There are a range of factors and many of them are outside the Company’s control. No reliance should be made on the publication of a particular date. Independent Advice You should consider the appropriateness of the information havingregard to your own objectives, financial situation and needs and seek appropriate advice, including, legal and taxation advice appropriate to your jurisdiction. Geological Information The geological information in this presentationrelating to geological information and resources is based on information compiled by Mr Spring, who is a Member of Petroleum Exploration Society of Australia andhas sufficient experienceto qualify as a Competent Person. Mr Spring consents to the inclusion of the matters based on his information in the form and context in which they appear. The information related to the results of drilled petroleum wells has been sourced from the publicly available well completion reports. The Company has used a conversion factor of 1.05 to convert Bcf amounts to PJs equivalent. The Company has aggregate total estimates of 918.8 Bcf contingent gas resources (3C) AND 2.3 Tcf prospective gas resources (best-case estimate). These totals are a sum of the contingent and prospective gas resources estimates of the Windorah gas project (contingent resources of 770 Bcf (3C), 330 Bcf (2C) and 118 Bcf (1C), prospective resources of 1.76 Tcf (best-case estimate)), the Venus Gas Project (contingent resources of 157.9 PJ (3C), 130.3 Pj (2C) and 87.7PJ (1C), prospective resources of 536 PJ (best-case estimate)). This informationwas included in the technical section of the Replacement Prospectus dated12 December 2025. Cautionary Statement: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. Note 1–As reported in the Company’s announcement dated 4 May 2021, the Project Venus contingent gas resources estimates are 1C 87.7PJ, 2C 130.3 PJ and 3C 157.9 PJ with remaining prospective gas resources of 536 PJ (best-case estimate). In connection with the above estimates, the Company refers to the announcement by Real Energy Corporation Limited (ASX:RLE), a predecessor of the Company that delisted from the ASX on 25 March 2021. Note 2 –The Contingent resources is a summary of 2 reports for the Windorah Gas Project. One estimate prepared by DeGolyer and MacNaughton, a leading international petroleum industry consulting firm in June 2015 in respect of the Queenscliff Area and one estimate prepared by Aeon Petroleum Consultants in respect of the Tamarama area completed in August 2019. The prospective resources estimate of 1.76 Tcf (is based on the work by DeGolyer and MacNaughton adjusted for the permit that was relinquished by the Company with a recovery factor of 40% applied toOriginal-Gas-In-Place resources of 4.4Tcf) Forward-Looking Statements: This presentation may contain ‘forward looking statements’ concerning the financial conditions, results of operations and business of the Company. All statements other than statements of fact are or may be deemed to be ‘forward looking statements’. Often, but not always, ‘forward looking statements’ can be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, ‘outlook’, and ‘guidance’ or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement date and expected costs, resources and reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions, but known and unknown risks and uncertainties could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to, price fluctuations, actual demand, currency fluctuations, drilling and production results, resource and reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. To the maximum extent permitted by law, Eastern Gas and their respective affiliates, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, fairness, sufficiency or completeness of the information contained in this presentation and expressly disclaim all responsibility and liability for any loss or damage arising in respect of any reliance of the accuracy, fairness, sufficiency or completeness of the information contained in this presentation, or any opinions or beliefs contained in this document. The Company is under no obligation to update or keep the information contained in this presentation current, or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Important Information Important Information • ~479 PJ* (2C) and ~970 PJ (3C)* certified gas resources • Located near major infrastructure and gas hubs • Drilling catalysts in Q2 2026 • 100% owned strategic gas assets in the Surat and Cooper Basins • Compelling exposure to East Coast gas supply tightness • Favourably located to address gas reservation requirement • Experienced team with 40+ years upstream expertise *Source: Page 2 EGA Investor Presentation Mar-26 (https://easterngas.com.au/wp-content/uploads/2026/01/Eastern-Gas-Corporation-Limited-Investor-Presentation-2026.pdf) and technical section of the Replacement Prospectus dated 12 December 2025 Investment Highlights Investment Highlights 3 Recent market developments underpinning new Domestic Gas Supply Recent market developments underpinning new Domestic Gas Supply 4 • Middle East instability supporting oil and LNG pricing • Renewed focus on energy security and supply resilience • Stronger investor interest in near-term production and infrastructure-linked development opportunities Global Energy Markets • Australian Government progressing proposed Domestic Gas Reservation Scheme • Draft framework consultation currently underway ahead of proposed July 2027 commencement • Increasing policy focus on securing long-term east coast domestic gas supply • Infrastructure-connected projects with near-term development pathways becoming increasingly strategic and valuable Australian Domestic Gas Policy • Strategically located assets near major infrastructure • Adjacent to established operators and producing regions • Recent competitive bidding activity by major industry participants around EGA acreage reinforces the strategic importance of these regions • Positioned to support future domestic gas supply Implications for EGA * Average daily ex ante gas prices by quarter for each STTM hub (Source: https://www.aer.gov.au/industry/registers/charts/sttm-quarterly-prices) ^ ACCC Gas Inquiry 2017-2030 – Interim update on east coast gas market (June 2024) East Coast Gas Market Entering Structural Supply Deficit East Coast Gas Market Entering Structural Supply Deficit 5 Domestic gas prices structural band shift from $4-6/GJ to $10-15/GJ Expected LNG netback pricing through to 2030 • Declining supply from mature southern basins • LNG export linkage supporting higher domestic pricing • Increasing policy focus on energy security • Growing industrial and power generation demand Structural Drivers • ACCC forecasts supply shortfalls from ~2027 • Domestic gas pricing increasingly linked to LNG netback economics • New infrastructure-connected gas supply becoming strategically important Market Outlook • Strategically located gas assets near key infrastructure • Exposure to tightening east coast gas fundamentals • Multiple operational catalysts through 2026 Implications for EGA Strategic gas assets across two prolific petroleum basins Eastern Gas Asset Overview Eastern Gas Asset Overview 6 Located adjacent to Wallumbilla Gas Hub and Moomba processing and pipeline infrastructure Access to domestic and export markets Leveraged to additional commercialisation options * Source: Page 2 EGA Investor Presentation Mar-26 (https://easterngas.com.au/wp-content/uploads/2026/01/Eastern-Gas-Corporation-Limited-Investor-Presentation-2026.pdf) and technical section of the Replacement Prospectus dated 12 December 2025 * Based on 4.4TCF OGIP estimate and 40% recovery factor Located on the highly productive Walloon CSG fairway, Surat Basin Highlights: ✓ Certified Resources –130PJ (2C), 158 PJ (3C) ✓ Adjacent to major producers Shell, APLNG, Santos, Senex ✓ Over 10,000 wells drilled along the fairway ✓ Horizontal wells targeting commercial flow rates and Reserves conversion ✓ Clear pathway to development or sale/farmout Recent regional transactions demonstrate strong industry interest – assets with 2P Reserves have traded between $1.15 to $2.30/GJ Project Venus (ATP 2051) – near-term appraisal and development catalyst Project Venus (ATP 2051) – near-term appraisal and development catalyst 7 Macalister Seam of the Upper Juandah • Coal properties within ATP 2051 consistent with the producing play fairway • Macalister is one of the primary contributors to production in producing fields around Chinchilla Queensland and Miles • UJCM Macalister Seam/s correlated across ATP 2051 currently considered the most prospective for commercial hydrocarbons based on minimum permeability cut-offs Project Venus – Target Coal Seam Project Venus – Target Coal Seam 8 Macalister Seam Drill and flow test two horizontal wells Venus-2H located in NE area of ATP 2051 Objectives: • Demonstrate commercial gas flow rates • Convert Contingent Resources to Proven Reserves • Progress development pathway Potential value re-rating on successful results Venus-2H Drilling Catalyst Venus-2H Drilling Catalyst 9 Concept Detailed Design Drilling Flow Test Certification Near-Term Milestones Near-Term Milestones 10 RIG TO BE DEPLOYED FOR THE UPCOMING APPRAISAL PROGRAM AT THE VENUS PROJECT (ATP 2051) INDICATIVE TIMING FOR UPCOMING DRILLING CATALYSTS Timing Catalyst Q2 2026 Rig mobilisation Q2/Q3 2026 Horizontal drilling program Q3 2026 Flow testing results Q3/Q4 2026 Reserves conversion assessment 2026 Potential strategic partnering discussions Mar Apr May Jun Jul Aug Sep Oct Nov Large Basin-Centred Gas Opportunity 100% owned asset located in the prolific Cooper Basin 4 wells drilled off structure with gas to surface proving a substantial moveable gas resource Windorah Gas Project (ATP 927) Windorah Gas Project (ATP 927) 11 New lease of life in Cooper Basin: • Santos/ Beach successful bids in 2025 competitive bid round in tight play • 6 Blocks in 2026 competitive bid round • $357m Moomba Central Optimisation project to unlock production growth Strategic advantages: • 15-year Potential Commercial Area (PCA) awarded • Pipeline licence PPL2041 allowing connection to Santos Moomba infrastructure • Condensate effectively provides oil-linked pricing embedded in a gas project • Multiple commercialisation options Team with a proven track record of delivering oil and gas development projects Experienced Board and Management Experienced Board and Management 12 James Canning-Ure Extensive corporate leadership and capital markets experience Chairman David Spring 40+ years global upstream experience, former executive Senex, Exxon, Maersk Oil, BHP MD & CEO Scott Brown MD Pure One, 30+ years public company leadership including energy and technology companies NED Adam Gallagher Highly experienced and independent Chartered Company Secretary and officeholder serving ASX-listed companies for over 15 years CoSec Peter Dingle 35 years' experience in oil & gas exploration and production, leading an operations team with decades of in-seam drilling in the adjacent Bowen Basin Operations Execution Manager Positioned Ahead of Major Operational Catalysts • Horizontal drilling and flow testing program scheduled for 2026 • Current valuation represents pre-drilling positioning • Significant leverage to reserves conversion and commercialisation success Corporate Snapshot ( ASX Ticker EGA Shares on Issue 90m Share Price A$0.135 (27 May 2026) Market Cap $12.2M Performance Rights 9m Options on Issue 9.3m options at 30c Cash (end of Mar-26) A$4.36M Substantial Shareholder Pure One P +61 2 9955 4008 E investor@easterngas.com.au W www.easterngas.com.au David Spring, Managing Director P +61 497 000 177 E david.spring@easterngas.com.au This presentation was authorised for lodgement with the ASX by the Board EASTERN GAS CORPORATION LIMITED ABN 71 692 331 838 119 Willoughby Road Crows Nest NSW 2067 Contact Contact 13