Australis Oil & Gas (ATS) Investor Presentation summary

Strategic positioning and asset overview

• Holds ~47,500 net acres in the TMS Core, the largest leaseholder with 160 net well locations and significant expansion potential identified.

• TMS Core offers contiguous, scalable acreage with long lease life, providing control and development flexibility.

• Proximity to Gulf Coast refineries and midstream infrastructure enhances operational efficiency and market access.

• Asset benefits from low-cost land, supportive regulation, and operator-friendly field rules.

• Access to comprehensive historical data and technical knowledge supports future development.

Market context and industry trends

• US unconventional oil production is dominated by the Permian, Eagle Ford, and Bakken, but Tier 1 inventory is declining and consolidation is high.

• Permian production has plateaued, with well performance and inventory quality decreasing and breakeven costs rising.

• Industry is shifting focus to earlier-stage and previously overlooked plays as established areas become inventory-constrained.

• Recent transactions in emerging plays highlight growing interest in new opportunities outside traditional basins.

TMS Core technical and economic highlights

• TMS Core is a proven Tier 1 oil shale play, delineated by over 90 wells with consistent high productivity.

• Substantially de-risked across land, subsurface, drilling, and completion categories, with validated geomechanical and subsurface models.

• Well productivity and costs are comparable to established plays, with base-case IRR of 33% at $65/bbl and significant upside from modern techniques.

• Premium pricing to WTI, low royalties (~20%), and low transportation costs enhance project economics.

• Multiple upside opportunities exist, including further cost reductions and longer laterals.