Equus Gas Project

The Project is designed as a modular, phased development that leverages existing offshore and onshore infrastructure to minimise capital outlay and accelerate delivery. The Project is uniquely positioned to supply both WA’s domestic gas market and the international LNG market, with multiple opportunities o backfill existing gas processing infrastructure and strategically placed to contribute vital new volumes of LNG.

The Company will seek to pursue the commercialisation of the Project by leveraging off existing offshore and onshore gas processing infrastructure that provides access to both international and domestic gas markets.

On 4 September 2025, Western Gas (70 R) Pty Ltd executed a binding gas sales and funding agreement with Alcoa of Australia Limited. Alcoa will provide three tranches of pre–Front-End Engineering Design conditional funding to WG Subsidiary 70R of up to US$5 million and has an option to contribute a further US$25 million during FEED.

The Board considers that the Acquisition presents Shareholders with the opportunity to hold a position in an established oil and gas project with the potential to develop operations in the short to medium term, subject to the successful implementation of the Company’s business model and strategy.

The Board have significant expertise and experience in the oil and gas industry and will aim to ensure that funds raised through the Public Offer will be utilised in a cost-effective manner to advance the Company’s business.

The future performance of the Company and the value of the Shares may be influenced by a range of factors, many of which are largely beyond the control of the Company and the Directors.