Announcement PDF Eastern Gas Corporation Limited ABN: 71 692 331 838 Annual Report 2026 Highlights Completed the initial public offering and commenced trading on the ASX on 26 February 2026. Raised $5.5 million (before costs) through the issue of 27,500,000 shares at $0.20 per share, establishing the Company’s funding base to advance Project Venus. Progressed well design, approvals, land access, contracting, site preparation and operational readiness for Venus-2H. Executed the drilling contract for Venus-2H and secured the specialist drilling, well engineering and technical services required for the program. Continued technical and commercial evaluation of the Windorah Project and refined the proposed partnering pathway. Established the governance, reporting and market-disclosure systems required for an independently listed company. Mobilised the drilling rig and commenced Venus-2H. Successfully intersected the existing Venus-1 vertical well at approximately 927 metres measured depth. Established approximately 445 metres of interpreted net Macalister Lower coal in the completed production wellbore between the Venus-1 intersection and total depth. Recorded repeated gas shows across the target intervals, including a peak total gas reading of 42.3% in the second sidetrack. Reached total depth at 1,450 metres measured depth and concluded drilling without undertaking a third sidetrack after the final coal exit at 1,359 metres. Commenced preparations for completion, dewatering and production testing of the integrated Venus-2H and Venus-1 well system. Appointed Jeff Le Compte as Chief Financial Officer on 31 July 2026. Signed an indicative, non-binding term sheet on 25 September 2026 for a proposed research and development loan facility of up to $10 million, with a proposed first drawdown of $1.5 million. Note: The drilling gas readings are hydrocarbon measurements obtained from drilling returns. They are not production-test results and should not be interpreted as demonstrating a commercial gas flow rate. 2 Annual Report 2026 2 3 Eastern Gas Corporation Limited ABN: 71 692 331 838 3 4 Annual Report 2026 4 Highlights 3 Contents 5 Chairman’s Letter 6 Managing Director’s Report 8 Project Venus (ATP 2051) 14 Windorah Project (ATP 927) 18 Health, safety, environment, landholders and community 20 Resources statement 22 Outlook and likely developments 26 Directors’ Report 28 Auditor’s Independence Declaration 38 Financial Statements and Notes 40 Consolidated Statement of Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Notes to the Consolidated Financial Statements 46 Directors’ Declaration 64 Independent Auditor’s Report 66 Additional Information 70 Corporate Governance Statement 71 Corporate Directory 76 CONTENTS 5 Eastern Gas Corporation Limited ABN: 71 692 331 838 Chairman’s Letter Dear Shareholders, On behalf of the Board of Eastern Gas Corporation Limited (Eastern Gas or the Company), I am pleased to present the Company’s Annual Report for the financial year ended 30 June 2026. The 2026 financial year was a significant period in Eastern Gas’s development. On 26 February 2026, the Company was admitted to the Official List of ASX following completion of its initial public offering (IPO), which raised $5.5 million before costs through the issue of 27,500,000 new shares at $0.20 per share. In conjunction with the IPO, the Company issued 62,500,000 shares to its major shareholder, Pure One Corporation Limited (Pure One), as consideration for the transfer of the Company’s two projects to Eastern Gas. The IPO marked an important milestone in the Company’s evolution, providing capital to advance exploration activities and support Eastern Gas’s next phase of development. Since listing, management has focused on implementing the exploration strategy outlined in the Prospectus. Project Venus – ATP 2051, Surat Basin During the year, management focused on preparations for the appraisal of Project Venus in ATP 2051, near Miles in Queensland’s Surat Basin. This work included progressing the approvals, land access, well design, drilling arrangements and funding required for the Venus-2H well. Drilling commenced in August 2026, after the end of the financial year. Venus-2H successfully intersected the existing Venus-1 vertical well. The completed production wellbore contains approximately 445 metres of interpreted net Macalister Lower coal, and repeated gas shows were recorded during drilling. Our immediate focus is the completion, dewatering and flow testing of the well to assess deliverability and inform the next stage of appraisal, with results expected in the first quarter of 2027. The results are expected to improve our understanding of the prospectivity of ATP 2051. Any decision to undertake further drilling will take into account those results and the Company’s capital priorities for 2027. 6 Annual Report 2026 Windorah Project – ATP 927, Cooper Basin At the Windorah Project, the Board’s priority is to pursue a disciplined appraisal pathway while seeking a suitable partner with whom to share costs and technical risk. The existing Tamarama and Queenscliff wells have demonstrated gas flows to surface. The next proposed field activity is fracture stimulation of Queenscliff-1, subject to funding, approvals and the outcome of partnering discussions. Outlook Both projects are located in established gas provinces with a history of commercial gas discoveries, production and access to existing energy infrastructure. The Board considers that these regions retain exploration potential, particularly in the context of Australia’s continuing focus on domestic energy security and reliable gas supply. Exploration is inherently high risk, and the Board remains committed to disciplined capital management and the responsible deployment of shareholder funds. We will continue to apply a scientific and data- driven approach, allocating capital to each project having regard to the evidence generated at each stage of appraisal. On behalf of the Board, I thank our shareholders, including Pure One, for their confidence and ongoing support; our employees and consultants for their dedication; and our contractors and advisers for their contributions during this important year. Eastern Gas enters the 2027 financial year with funding secured through the IPO, an experienced technical and corporate team, and prospective assets in established gas basins. The Board remains focused on disciplined execution of the Company’s exploration and appraisal programs and on creating sustainable value for shareholders James Canning-Ure Chairman Eastern Gas Corporation Limited 7 Eastern Gas Corporation Limited ABN: 71 692 331 838 Managing Director’s Report 8 Annual Report 2026 8 Dear Shareholders, Establishing Eastern Gas FY26 was a foundational year for Eastern Gas Corporation Limited. The Company completed its initial public offering, raised approximately A$5.5 million before costs and commenced trading on the Australian Securities Exchange on 26 February 2026 under the code EGA. The listing established Eastern Gas as an independently governed and funded Australian gas company with a clear objective: to appraise and progress our 100%-owned Queensland gas assets in a technically rigorous, commercially focused and capital-disciplined manner. Our portfolio comprises Project Venus in the Surat Basin and the Windorah Project in the Cooper Basin. Both are located in established petroleum provinces and near existing gas infrastructure. Project Venus is our immediate operational priority because it offers a defined contingent resource, comparatively shallow appraisal targets and a practical pathway to testing reservoir deliverability. Windorah provides a larger, longer-term basin-centred gas opportunity that we intend to advance through technical work and industry partnering. The period between listing and 30 June was short, but it was operationally important. Our first task was to convert the strategy described in the Prospectus into an executable field program. We secured the necessary funding, approvals, land access, drilling services and specialist technical support to move the Venus-2H horizontal appraisal well from planning toward execution. Project Venus, within ATP 2051, contains independently assessed contingent gas resources in the Upper Juandah Coal Measures. The project is situated within the established Walloon coal seam gas fairway and is close to existing gas production, processing and pipeline infrastructure. Venus-2H was designed to intersect the existing Venus-1 vertical well and create an integrated production pilot. Under this configuration, the horizontal wellbore provides extended contact with the target coal, while Venus-1 is intended to provide the pathway for producing water and, ultimately, gas during the dewatering and production-testing phase. Preparing Project Venus for execution 9 Eastern Gas Corporation Limited ABN: 71 692 331 838 During FY26, the Company progressed the detailed well design and operating program, regulatory and environmental requirements, land-access arrangements, contractor selection, site preparation and procurement of long-lead equipment. We appointed Silver City Drilling to provide the drilling rig and engaged specialist well engineering, completions, geological and operational support. This preparation was essential. Appraisal wells of this nature must answer specific technical questions while maintaining safety, well integrity and capital control. The Board and management therefore used staged approvals and defined decision points throughout the program. MANAGING DIRECTOR’S REPORT 10 Annual Report 2026 Venus-2H subsequent to year-end Following the end of the financial year, the drilling rig was mobilised and Venus-2H commenced. The well successfully intersected Venus-1 at approximately 927 metres measured depth, completing a key element of the integrated pilot design. The completed production wellbore contains approximately 445 metres of interpreted net Macalister Lower coal between the Venus-1 intersection and Total Depth. Drilling recorded repeated gas shows across the target intervals, including multiple readings above 8% and a peak total gas reading of 42.3% in the second sidetrack. These readings provide useful evidence of gas associated with the target coal encountered during drilling. They are not, however, production-test results and do not establish a commercial flow rate. The drilling also demonstrated that the Macalister Lower coal is more structurally complex in the immediate well area than indicated by the pre-drill geological model. The original wellbore and two sidetracks provided valuable information on coal geometry, drilling response and geosteering. After the well exited the final coal interval at 1,359 metres measured depth and subsequent drilling did not relocate the seam, we made the disciplined decision to conclude drilling at 1,450 metres rather than incur the additional cost and operational risk of a third sidetrack. This decision was consistent with our approach to capital allocation. The well had achieved the Venus-1 intersection, established substantial aggregate coal contact in the production wellbore and generated new geological and operational information. The next priority is to obtain dynamic reservoir-performance data through completion, dewatering and production testing. 11 Eastern Gas Corporation Limited ABN: 71 692 331 838 MANAGING DIRECTOR’S REPORT What the production test is intended to establish The production test is the next major value-defining stage for Project Venus. It is intended to assess the rate and duration of water removal, pressure response, gas desorption, gas and water production behaviour and the potential for sustainable gas flow from the integrated well system. These results will be integrated with the drilling, geosteering and geological data to update the subsurface model and determine the appropriate next appraisal step. That assessment may include changes to future well placement or orientation, seismic acquisition, further drilling or other technical work. Any pathway toward reserve recognition or commercial development will remain subject to production performance, further technical evaluation, approvals, funding and commercial arrangements. Windorah and portfolio strategy The Windorah Project, within ATP 927 and PCA 341 in the Cooper Basin, provides Eastern Gas with exposure to a substantial basin-centred gas opportunity in the Toolachee and Patchawarra formations. Four historical wells drilled within the project area flowed gas to surface, confirming an active petroleum system, although further appraisal and an improved completion and stimulation approach are required to establish commercial deliverability. During FY26, our work focused on reviewing the existing technical data, maintaining the tenure and work-program position and considering the most appropriate commercial pathway for further appraisal. Given the scale and capital requirements of the project, our preferred strategy is to seek an aligned industry partner to participate in the next phase of technical and field activity. This preserves EGA’s exposure to the opportunity while maintaining capital focus on Project Venus. 12 Annual Report 2026 12 Domestic gas opportunity Eastern Gas’s strategy is supported by the continuing need for new gas supply in eastern Australia. Gas remains important to industry, households and electricity-system reliability, while production from established southern sources is declining. Sustainable supply will require investment in the appraisal and development of new projects as well as the efficient use of existing production. In our engagement with government and industry, we have advocated measures that encourage genuine additional supply. Commercial arrangements such as appraisal support, gas prepayments, long-term domestic offtake, infrastructure participation and other bankable mechanisms may help smaller companies progress undeveloped gas resources while delivering additional gas to domestic customers. Project Venus is relevant to this discussion because it is a 100%-owned resource in an established Queensland gas province, close to infrastructure and major domestic markets. The immediate task is nevertheless technical: to establish reservoir performance and define the next appraisal decision using actual flow-test data. 13 Eastern Gas Corporation Limited ABN: 71 692 331 838 13 Project Venus ATP 2051 Project setting Project Venus is located in Queensland’s Surat Basin within the established Walloon coal seam gas fairway. The principal appraisal target is the Macalister interval within the Upper Juandah Coal Measures (UJCM) at an approximate vertical depth of 400 to 500 metres in the Venus area. The permit is located near existing gas production, processing and pipeline infrastructure and eastern Australian gas markets. Resource position The UJCM at Project Venus contains independently assessed contingent gas resources of 87.7 PJ 1C, 130.3 PJ 2C and 157.9 PJ 3C. Further detail, including the independent evaluators, effective dates and reporting basis, is set out in the Resources Statement on page 22. Contingent resources are not reserves. Commercial development remains dependent on demonstrating sufficient deliverability, establishing a viable development plan and satisfying technical, commercial, funding and regulatory conditions. MANAGING DIRECTOR’S REPORT ATP2051 Regional 14 Annual Report 2026 Venus-2H well objective and design The primary objective of Venus-2H was to drill a horizontal well through the Macalister Lower coal and intersect the existing Venus-1 vertical well. The integrated configuration was intended to provide extended reservoir contact through Venus- 2H and enable dewatering and gas production through Venus-1. The well also aimed to obtain new information on coal continuity and geometry, gas indications, drilling response and the effectiveness of geosteering within the target interval. These data are relevant to future well placement, orientation and appraisal design. Previous appraisal During FY26, Eastern Gas advanced Venus-2H through detailed planning and contracting. The scope included well design, well engineering and risk review; regulatory and environmental requirements; land access and landholder engagement; wellsite and access preparation; contractor selection; procurement and logistics; and preparation of the Venus-1 well for its intended role in the integrated production pilot. FY26 activity During FY26, Eastern Gas advanced Venus-2H through detailed planning and contracting. The scope included well design, well engineering and risk review; regulatory and environmental requirements; land access and landholder engagement; wellsite and access preparation; contractor selection; procurement and logistics; and preparation of the Venus-1 well for its intended role in the integrated production pilot. The Company executed a drilling contract with Silver City Drilling during the year and appointed specialist service providers for well engineering, completions, testing, geological evaluation and operational support. The drilling program was designed around staged decision points to manage geological uncertainty, well integrity, safety and cost. Venus-2H, -3H Well Design Schematic 15 Eastern Gas Corporation Limited ABN: 71 692 331 838 MANAGING DIRECTOR’S REPORT Activity subsequent to year-end The following activity occurred after 30 June 2026 and before the date of the annual report. It did not occur during FY26 but is included because it is material to the Company’s operations and future appraisal program. Following mobilisation and commencement of drilling on 10 August 2026, Venus-2H was drilled toward the existing Venus-1 vertical well. A first sidetrack commenced at approximately 775 metres measured depth (mMD) to refine the well trajectory. The well successfully intersected Venus-1 at approximately 927 mMD and approximately 426 metres vertical depth (mTVD) within the Macalister Lower coal. After the intersection, the ranging assembly was replaced with geosteering equipment, drilling continuously within the target seam. At approximately 1,117 mMD, Venus-2H exited the target seam. Drilling and geosteering data were interpreted to indicate fault displacement of approximately four metres. The first sidetrack was extended to delineate the structure but did not establish a sustained re-entry into the Macalister Lower coal. Using all the geological and geosteering information obtained to that point, the drilling team commenced a second sidetrack from approximately 1,047 mMD. The second sidetrack drilled in the target coal from approximately 1,061 metres to 1,118 metres before exiting the seam at the interpreted structural displacement. The well was then steered approximately four metres deeper and re-entered the Macalister Lower coal at approximately 1,181 mMD. It remained within the target seam from 1,181 metres to 1,329 mMD, with a further 10 metres of coal encountered from approximately 1,349 metres to 1,359 mMD. The well exited the final coal interval at approximately 1,359 mMD. Subsequent drilling did not relocate the seam. After assessing geological information, established coal contact, cost and operational risk, Eastern Gas elected not to undertake a third sidetrack and concluded drilling at a total depth of 1,450 mMD. Venus-2H contains approximately 445 metres of interpreted net Macalister Lower coal between the Venus-1 intersection and Total Depth, aggregated across the coal intervals established in the final production wellbore. Drilling recorded repeated gas shows in the target coal, including a peak total gas reading of 42.3% in the second sidetrack and multiple readings in the range 8-23%. Total gas readings represent the hydrocarbon fraction measured from drilling returns and may include methane and heavier hydrocarbon components. They provide information about hydrocarbons encountered during drilling but are influenced by drilling and sampling conditions. They are not equivalent to a stabilised flow rate, do not establish reservoir deliverability and should not be used alone to assess commerciality. Technical interpretation Venus-2H achieved several important appraisal objectives. The well successfully intersected Venus-1, established approximately 445 metres of interpreted net Macalister Lower coal in the completed production wellbore and recorded repeated excellent gas shows whenever the target coal was encountered, including a peak total gas reading of 42.3%. The drilling encountered substantial intervals of well- developed target coal. Coal cuttings were commonly recorded at 80% to 100% over parts of the target interval and were described at the wellsite as black, firm to hard, bright to sub-vitreous coal. These observations, together with the repeated gas shows, provide encouraging evidence of gas associated with the Macalister Lower coal intersected by the wellbore. The program also demonstrated the ability to intersect Venus-1 and use active geosteering to locate, re-enter and remain within the target coal across a more structurally complex setting than represented in the pre-drill model. In particular, the geological and geosteering information obtained from the first sidetrack enabled the drilling team to design and execute the second sidetrack, re-enter the Macalister Lower coal and establish additional sustained coal contact in the completed production wellbore. The original well path and two sidetracks have materially improved the Company’s understanding of coal position, local geometry, structural displacement and the response of the well trajectory to geosteering decisions. These learnings will inform the positioning, orientation and geosteering strategy of future appraisal wells and the assessment of whether additional seismic acquisition would improve well placement. 16 Annual Report 2026 Taken together, the successful Venus-1 intersection, the approximately 445 metres of interpreted net target coal, the observed coal characteristics and repeated excellent gas shows provide an encouraging technical basis for progressing to completion, dewatering and production testing. The gas readings are drilling indications and do not represent production rates. The deliverability and commercial significance of the intersected coal intervals can only be assessed after the integrated well system has been completed, dewatered and production tested. Completion dewatering and production testing The integrated well system is intended to produce formation water and gas through Venus-1. Initial operations will focus on establishing well integrity, installing the required downhole and surface equipment and commencing controlled water production. As reservoir pressure is reduced through dewatering, gas may desorb from the coal and move through the horizontal wellbore toward the Venus-1 production conduit. The test program is expected to monitor water rate, gas rate, pressure response, fluid levels, gas composition and the evolution of production over time. The timing and magnitude of gas response cannot be reliably predicted before testing and may depend on the extent and duration of dewatering. Project Venus next steps Following completion of drilling operations on Venus-2H the following activities will be undertaken over the following four to five months: •  complete and commission the Venus-2H and Venus-1 well system; •  undertake dewatering and production testing and collect representative gas, water and pressure data; •  integrate the dynamic test data with drilling, geological and geosteering results; •  update the structural and reservoir interpretation, including assessment of local coal geometry and future well orientation; •  evaluate the relative value of additional seismic acquisition and further appraisal drilling; •  determine whether the available data support progression toward reserve assessment and commercial studies; and •  agree the proposed ATP 2051 renewal-term work program with the regulator. Eastern Gas Venus-2H 17 Eastern Gas Corporation Limited ABN: 71 692 331 838 17 MANAGING DIRECTOR’S REPORT Windorah Project ATP 927 Project setting and tenure The Windorah Project comprises a 100% interest in ATP 927 in the Cooper Basin of south-west Queensland, approximately 100 kilometres west-north-west of the Eromanga township. The retained project area covers approximately 488 square kilometres. Potential Commercial Area No. 341 (PCA 341) was granted in April 2025 for a 15-year term. The project targets basin-centred gas in the Permian Toolachee and Patchawarra formations. Existing regional infrastructure includes gas gathering and transmission systems connecting Cooper Basin production toward Moomba and eastern Australian markets. Historical drilling and testing Four wells have been drilled in the block, Tamarama-1 and Queenscliff-1 in 2014 and Tamarama-2, and -3, in 2018. Each well was drilled off structural closure and encountered gas, flowing gas to surface during testing, confirming an active petroleum system. Historical test results also demonstrated variable decline and water production, and the wells did not establish commercial deliverability under the completion and stimulation approaches applied at the time. The available data indicate gas within the Toolachee and Patchawarra formations and the presence of condensate or natural gas liquids. Further appraisal is required to establish reservoir continuity, effective stimulation design, sustainable production performance and commercial potential. ATP 927 18 Annual Report 2026 Windorah Project next steps •  Complete the technical and commercial farm-out materials and controlled data-room package. •  Engage potential industry partners with relevant tight-gas and stimulation capability. •  Refine the scope, cost and decision criteria for Queenscliff-1 diagnostic and fracture stimulation activity. •  Limit near-term EGA expenditure primarily to tenure maintenance, technical evaluation and the partnering process unless otherwise approved by the Board. Resource position Contingent resources have previously been assessed for the Tamarama and Queenscliff areas by independent evaluators. These resources are classified as development on hold under the applicable petroleum resource management framework. Further detail, including the independent evaluators, effective dates and reporting basis, is set out in the Resources Statement on page 22. FY26 activity and forward strategy During FY26, Eastern Gas maintained the tenure and technical database, reviewed historical drilling and testing information, and considered the preferred scope for the next appraisal phase. The current work program contemplates further diagnostic and stimulation activity at Queenscliff-1 together with technical evaluation. Given the scale, subsurface uncertainty and capital required for further appraisal, Eastern Gas intends to seek an aligned industry partner. A partner may contribute capital, technical capability and commercial alignment while allowing Eastern Gas to retain exposure to the potential value of the project. 19 Eastern Gas Corporation Limited ABN: 71 692 331 838 19 MANAGING DIRECTOR’S REPORT Health, safety, environment, landholders and community Eastern Gas is committed to conducting its activities safely and responsibly, protecting the environment and maintaining constructive relationships with landholders, Traditional Owners, regulators, contractors and local communities. The Company recognises that effective health, safety and environmental management is fundamental to its role as an operator. Eastern Gas’s activities are undertaken under approved safety and environmental management arrangements and in accordance with applicable legislation, tenure conditions, environmental authorities and land-access agreements. Health and safety During FY26, the Company’s principal operational activities related to the planning, approvals, site preparation and operational readiness required for the Venus-2H drilling program. The drilling program commenced after 30 June 2026. It was managed through a structured operating framework that included contractor prequalification, well-design and risk reviews, site inductions, daily operational meetings, permit- to-work requirements, journey management, well-control procedures, incident reporting and defined safety-critical responsibilities. Eastern Gas worked closely with Wellsafe, Silver City Drilling, and the other specialist contractors engaged for the Venus-1 workover and Venus-2H drilling program. Contractors were required to operate in accordance with the approved well program and the Company’s health, safety and environmental requirements. No fatalities, lost-time injuries, recordable injuries, high-potential incidents or reportable well-control events occurred during FY26 or the subsequent Venus-2H drilling campaign. The final exposure hours will be confirmed following reconciliation of personnel and contractor records. Environmental management Eastern Gas’s Queensland activities are subject to environmental regulation, including the conditions of the applicable environmental authorities and petroleum tenure. Environmental considerations were incorporated into the planning and execution of the Venus program. A new well pad was constructed for Venus-2H because the well was required to be drilled vertically before being deviated horizontally to intersect the existing Venus-1 wellbore. The surface footprint was managed by concentrating drilling and associated activities within a single defined operating area, using existing access roads wherever practicable and limiting additional land disturbance to that necessary to safely construct and operate