Announcement PDF APPRAISING NEW EAST COAST GAS SUPPLY APPRAISING NEW EAST COAST GAS SUPPLY 27 October 2026 Investor Presentation 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 theCompany’s CEO and Managing Director Mr David Spring, who is a Member of Petroleum Exploration Society of Australia andhas sufficient experience to 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-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 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 estimate)). 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 Prospectus dated 5December 2025andReplacement Prospectus dated12 December 2025, 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-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. Disclaimer Disclaimer Why Eastern Gas Why Eastern Gas 3 \ Surat Basin Strategic Gas Assets • Queensland gas assets with 100% ownership preserves full exposure to appraisal success • ~479 PJ* (2C) and ~970 PJ (3C)* certified gas resources • Located near established gas infrastructure • Focused on new East Coast gas supply • A staged appraisal program designed to increase project value • Venus-2H • Connected to Venus-1 • Substantial contact with target coal • Repeated excellent gas shows • Flow testing is the next key evidence step Project Venus | ATP 2051 ✓ 130.3 PJ of 2C contingent gas resources provides material scale if commercial deliverability is demonstrated ✓ Walloon coal seam gas fairway ✓ Established producing region ✓ Near existing pipelines and gas markets ✓ Venus-2H appraisal is testing well deliverability ✓ Value potential from resource maturation, development, partnering or other commercialisation pathways Project Venus (ATP 2051) – Near-term Appraisal Focus Project Venus (ATP 2051) – Near-term Appraisal Focus 4 Cautionary statement The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relating to prospective resources relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. 5 Geosteering Results Results announced 28 August 2026 Drilling measure Result Venus-1 intersection ~927m measured depth Total depth 1,450m measured depth Interpreted net coal 445m (cumulative) Continuous coal interval 148m (within total) Peak total gas reading* 42.3% * Refer to the ASX announcement released 14 September 2026. Gas shows are not flow rates or a measure of future productivity. SCD Rig 34 on Venus-2H Venus-2H: Drilling Results 445 metres of interpreted net target coal establishes substantial reservoir contact for production testing Macalister 6 Venus-1 provides the route to surface • Horizontal placement to test coal continuity and deliverability • Connection established by drilling • Venus-1 and Venus-2H form the integrated production-test system • Planned sequence: • Complete and commission the system • Dewater to reduce reservoir pressure • Measure water, pressure and gas flow Venus-2H Maximising Coal – Wellbore Contact Venus-2H Maximising Coal – Wellbore Contact Venus-2H schematic only—not as-drilled geometry or installed completion detail Flow-testing Will Guide the Next Decisions Flow-testing Will Guide the Next Decisions 7 • Complete remaining well and surface preparations • Confirm communication between Venus-2H and Venus-1 • Commence dewatering and monitor initial response Commission the System • Monitor water rate and pressure reduction • Observe gas breakthrough and subsequent flow behaviour • Assess sustained performance over an appropriate test period • Interpret gas and water behaviour together Measure Reservoir Response • Integrate test results with the geological model • Support independent resource/reserves review when sufficient data are available • Assess deliverability and development implications • Prioritise further appraisal and commercial pathways • Commit capital subject to results, approvals and funding Evaluate the Project Each successful evidence step can reduce uncertainty and inform the next value- creating decision: a staged pathway to value creation 8 Commercial Approach • Evaluate partnering to share appraisal cost and risk • Match future activity to funding and technical evidence • Keep Venus as the immediate operational focus and Windorah upside option Cooper Basin: Longer-term Upside Optionality 100% owned Project Windorah | ATP 927 Four historical wells flowed gas; commerciality remains to be established. Why Windorah Project? • Established gas-producing basin • Historical evidence of moveable gas • Regional processing and pipeline infrastructure • Substantial volume • 15-year Potential Commercial Area (PCA) awarded • Existing pipeline licence provides a potential route towards nearby Moomba infrastructure • Condensate and NGL may enhance future project economic • Further technical evaluation required 9 Sources: AEMO 2026 GSOO; Australian Government Q4 2026 gas supply outlook; EGA submission dated 24 September 2026. • Near-term east coast supply adequacy has improved – Q4 2026 expected to remain well supplied • Southern production continues to decline • Short-term balance does not remove the structural replacement challenge Near Term Balance • Consultation on the exposure-draft legislation closed on 24 September 2026 • Domestic supply obligations commence from 1 January 2028 • Ley AER methodologies, baselines abd certificate rules remain unsettled Policy Status • Reservation can improve the allocation of gas already produced • Durable energy security requires investment in new, deliverable supply • Market settings must support full- cycle returns and avoid crowding out domestic only projects Investment Test Near-Term Supply Improved – Long Term Investment Remains Essential Near-Term Supply Improved – Long Term Investment Remains Essential Successful appraisal could position Project Venus as a strategically relevant new Queensland gas supply opportunity near established infrastructure The scheme remains subject to legislation and later AER rules. Eastern Gas has no approved additionality arrangement or entitlement to certificates. Team with a proven track record of delivering oil and gas development projects Experienced Board and Management Experienced Board and Management 10 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 Corporate Snapshot @ 26 October 2026 ASX Ticker EGA Shares on Issue 90m Share Price A$0.15 Market Cap $13.5M Performance Rights 9m Options on Issue 9.3m options at 30c Cash at 30 June 2026 A$3.3M Substantial Shareholder Pure One Jeff Le Compte 40+ years’ finance and corporate leadership experience across accounting, investment banking, ASX-listed companies, corporate advisory, governance and business development. CFO Finance and capital discipline • Jeff Le Compte appointed CFO • 40+ years of finance and corporate experience • Prioritise testing, evidence and staged capital decisions P +61 2 9955 4008 E investor@easterngas.com.au W www.easterngas.com.au David Spring P +61 497 000 177 E david.spring@easterngas.com.au Contact Contact 11