#1November 2023 Investor Presentation COOPER ENERGY#2Disclaimer COOPER ENERGY This document contains summary information about Cooper Energy and its activities as at the date of this document and should not be considered to be comprehensive or to comprise all the information which a shareholder or potential investor in Cooper Energy may require in order to determine whether to deal in Cooper Energy shares. The information is a general summary only and does not purport to be complete. It should be read in conjunction with Cooper Energy's periodic reports and other continuous disclosure announcements released to the Australian Securities Exchange, which are available at www.asx.com.au. This document contains forward looking statements. These statements are subject to risks associated with the oil and gas industry. Cooper Energy believes the expectations reflected in these statements are reasonable. A range of variables or changes in underlying assumptions may affect these statements and may cause actual results to differ. These variables or changes include but are not limited to price, demand, currency, geotechnical factors, drilling and production results, development progress, operating results, engineering estimates, reserve estimates, environmental risks, physical risks, regulatory developments, approvals and cost estimates. Cooper Energy makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. Except as required by applicable law or the ASX Listing Rules, Cooper Energy disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. The following are non-IFRS measures: EBITDAX (earnings before interest, tax, depreciation, depletion, exploration, evaluation and impairment); EBITDA (earnings before interest, tax, depreciation, depletion and impairment); EBIT (earnings before interest and tax); underlying profit; and free cash flow (operating cash flows less investing cash flows net of acquisitions and disposals and major growth capex less lease liability payments). Cooper Energy presents these measures to provide an understanding of Cooper Energy's performance. They are not audited but are from financial statements reviewed by Cooper Energy's auditor. Underlying profit excludes the impacts of asset acquisitions and disposals, impairments, hedging, and items that fluctuate between periods. Numbers in this report have been rounded. As a result, some figures may differ insignificantly due to rounding and totals reported may differ insignificantly from arithmetic addition of the rounded numbers. Approved and authorised for release by Jane Norman, Managing Director and CEO, Cooper Energy Limited, Level 8, 70 Franklin Street, Adelaide 5000. Key Contacts Investor enquiries: Morgan Wright, Investor Relations Lead. +61 437 569 711 Media enquiries: Bindi Gove, Head of External Affairs. +61 406 644 913 INJ COOPER 2 ENERGY#3Cooper Energy investment case The E&P pure play on the Australian East Coast gas market COOPER ENERGY New gas supply needed in Southeast Australia to support energy transition Integrated infrastructure position with expansion potential Cash generative and strong balance sheet Near-term, actionable development opportunities, close to market ESG focus and carbon neutral since FY201 1Scope 1, scope 2 and relevant scope 3 emissions. See page 15 of Cooper Energy 2023 Sustainability Report for further information COOPER 3 ENERGY#4COOPER ENERGY The pure play in Australia's largest domestic gas market Located in known basins with untapped resources and access to structurally short gas market Adelaide Company overview SA Casino/Henry/ Netherby- producing gas fields Athena Gas Plant- production from CHN and significant processing capacity up to 150 TJ/d VIC NSW Ticker ASX:COE Number of shares outstanding, MM 2,628.7 30-day VWAP to 31 Oct 2023, A$/share 0.106 Market capitalisation, A$MM 278.6 Melbourne Net debt at 30 Sep 2023, A$MM 110.5 Enterprise value, A$MM 389.1 Bass Strait Sole-producing gas field 2P Reserves at 30 Jun 2023, PJe 222.2 2C Resources at 30 Jun 2023, PJe 295.9 TAS Orbost Gas Plant- Hobart production from Sole with plateau beyond 2028, 68 TJ/d capacity INJ COOPER 4 ENERGY#5COOPER ENERGY Positioned to capture long-term supply gap Market supports long-term growth opportunities at LNG import parity Southern states forecast supply/demand (source: AEMO), PJ/year¹ 500 Developed & committed Anticipated Other gas flow from North Gippsland, Otway & Bass Basins, WM commercial reserves (PJe)² 3,524 675 375 250 125 Gas diverted from LNG export - - - Demand Growing supply gap 494 308 227 140 0- 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 Gippsland Basin JV Beach Energy Cooper Energy Ofer Mitsui & Co Others Cooper Energy is the only company focused purely on the short Southeast Australian gas market and has the third largest commercial reserves² within the region, based on Wood Mac data 1Cooper Energy analysis of 2023 AEMO GSOO Report | 2Wood Mackenzie Upstream Australasia Insight Report (July 2021). Amounts shown here are Wood Mackenzie assessed commercial reserves. Wood Mackenzie Disclaimer: The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such data and information. COOPER 5 ENERGY#6COOPER ENERGY Positioned to support further integration of variable renewables South Australia is a window into the future role of gas supply in Southeast Australia's power mix South Australian electricity supply by type (~70% renewables annually), MW¹ 3,000 2,000 1,000 0 -1,000 National² electricity supply by type (~37% renewables annually), MW1 30,000 20,000 10,000 0 Tuesday 7/11/23 Wednesday 8/11/23 Thursday 9/11/23 Friday 10/11/23 ------------------ ■Imports Gas ■Battery (Discharging) ■Wind Solar Saturday 11/11/23 Coal Gas Hydro Wind Solar Sunday 12/11/23 1Data sourced from www.opennem.org.au | 2National electricity supply refers to the National Electricity Market (NEM), incorporating all Australian states and territories excluding Western Australia and the Northern Territory Monday 13/11/23 COOPER 6 ENERGY#7Significant cash generation potential Gippsland production is highly geared to the East Coast spot gas price Orbost, operating leverage, A$mm Athena, average processing rate (100% gross), TJ/d Sole/OGPP FY24 EBITDAX, A$mm ■ 400 300 200 100 COOPER ENERGY 65 TJ/day AGP processing capacity 150 TJ/d 90 60 TJ/day 55 TJ/day 45 24 26 22 21 50 TJ/day H1 FY22 H2 FY22 H1 FY23 H2 FY23 Sole GSA MDQ1: 47.7 TJ/day Indictative Annie Only Indicative OP3D 0 T T 10 15 20 25 30 35 40 Spot Gas Price, A$/GJ At A$10/GJ spot prices and a 10 TJ/d increase in processing rates, the Gippsland Basin hub can generate an additional ~A$35 million EBITDAX² A$450-800MM estimated replacement cost³ 4-5 year estimated time to obtain regulatory approvals and develop Third-party gas processing opportunities Future re-purposing opportunities (gas storage or CCS) Potential for 6x the current average processing rate OP3D to deliver step change in production 1Sole GSA MDQ represents aggregate maximum daily quantity sold under Cooper Energy's gas sale agreements. Based on calendar year 2023 contract quantities | 2Rate and spot price for illustrative purposes | ³Cooper Energy estimates based on publicly available analogue gas plant costs escalated to Jan 2023 ENERGY COOPER 7 150#8COOPER ENERGY Otway Basin gas hub-visible near-term growth Six prospects identified with high assessed chance of geological success Otway phase-3 development Development of Annie gas discovery 64.6 PJ 2C (100% basis) 1 through Athena Drilling campaign based around Annie + 2 low-risk exploration wells - Close to market and fast tie-back opportunity Timing of FID now subject to economics and JV alignment Mean Prospective Resources 2,3 Legend Gas pipeline Proposed gas pipeline Umbilical Proposed umbilical Existing well Gas field Gas prospect SEA Gas Port Campbell to Adelaide Pipeline SEA Gas Port Campbell to lona Pipeline South West Pipeline Pecten East Netherby Athena Gas Plant lona Gas Plant Prospect Gross (Bcf) COE net (Bcf) Pg4 Amplitude support Henry Elanora 161 81 67% Isabella 149 74 70% Elanora Heera 86 43 63% Pecten East 76 38 73% Nestor 64 64 81% Juliet 49 24 84% Total 585 325 Otway 181 Annie Minerva Juliet Subsea pipeline (32.6km) Casino Isabella Nestor Heera Plan area Portfolio of high-quality prospects, close to existing infrastructure, provides next wave of growth and cash flow generation 1Annie 2C resource included as part of the Otway Basin 2C number in the FY23 Reserves and Contingent Resources ASX release on the 25 August 2023 | 2Prospective Resources of the unrisked volume estimated to be recoverable from the prospect attributable to the Cooper Energy joint venture interest. The estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) relate to undiscovered accumulations | 3Mean Prospective Resource for the Otway prospects was announced to the ASX on 9 February 2022 | 4Pg represents the estimated probability of finding moveable gas COOPER 8 ENERGY#9Gippsland Basin gas hub Foundation to develop Cooper Energy's proven and prospective Gippsland gas portfolio Manta and Gummy Contingent Resource estimates (COE 100% interest) 1 1C 2C 3C Eastern Gas Pipeline Orbost Gas Plant Gas PJ 95 185 343 Patricia-Baleen Pipeline Patricia-Baleen Gas Field and Umbilical (25km) Condensate MMbbl 2.5 4.9 9.7 Future development option, COE interest 100% ■ Manta-3 appraisal well planned in future campaign Deepening Manta-3 tests Manta Deep exploration prospect May utilise existing infrastructure e.g., existing pipelines to OGPP Mean Prospective Resources (COE 100% interest) 2,3 Prospect COE net (Bcf) Gummy Deep 401 Manta Deep Chimaera East 414 250 242 Longtom BASS STRAIT Manta Pipeline and Hydraulic Umbilical tieback to Patricia-Baleen (35km) Wobbegong Pg4 Legend 33% 18% 23% 29% Gippsland 149 Manta Gas Field Two well subsea tieback (130m water depth) Existing pipeline Future pipeline Existing umbilical Future umbilical Gas field Oil field Prospect Leatherjacket Basker Oil Field Manta Electrical Umbilical to Sole (33km) COOPER ENERGY Sole Gas Pipeline and Umbilical (65km) Sole Gas Field Two well subsea tieback (water depth 125m) Wobbegong Prolific hydrocarbon basin immediately adjacent to the Southeast Australian gas market 1Contingent Resource for the Manta gas and liquids resource was announced to ASX on 12 August 2019, Contingent Resource for Gummy gas and liquids resource was announced to ASX on 25 August 2023 | 2Prospective Resources of the unrisked volume estimated to be recoverable from the prospect attributable to the Cooper Energy joint venture interest. The estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) relate to undiscovered accumulations | ³Prospective resources for Gummy Deep, Manta Deep, Chimaera East and Wobbegong were announced to the ASX on 15 May 2023 | 4Pg represents the estimated probability of finding moveable gas COOPER 9 ENERGY#10Strong balance sheet with significant funding flexibility Cash on balance sheet plus fully committed senior secured bank debt Existing fully committed capital, plus accordion ■ ■ Overview ■ Fully committed A$400 million RBL + A$20 million working capital facility Additional A$120 million accordion to fund growth Five-and-one-quarter year term September 2027 A$180 million balloon at expiry No near-term maturities A$ million ☐ 400.0 158.0 20.0 7.8 301.7 120.0 COOPER ENERGY 421.7 47.5 Cash & cash equivalents 30/09/2023 RBL committed funding Drawn portion at 30/09/2023 Working capital facility Utilisation 30/09/2023 Cash and committed Additional accordion Adjusted subtotal undrawn including funding accordion 30/09/2023 Balance sheet set to fully fund BMG Accordion in place to add further funding flexibility for growth COOPER 10 ENERGY#11Focus on delivering business priorities Positioning for the next phase of growth in FY24 Q3 FY24 Q1 FY24 Q2 FY24 Orbost performance Orbost performance improvement plan BMG abandonment Cost savings Gas sales agreements Mid case avg: mid 50's TJ/d High case avg: high 50's TJ/d BMG wells abandonment Comprehensive cost out initiative, including targeting G&A >10% Otway partner alignment Otway / OP3D EnergyAustralia GSA extended reflecting market prices, 5 PJ/year commencing 2026 COOPER ENERGY Q4 FY24 Re-contracting existing gas sales agreements Accelerate growth plans including OP3D to FID COOPER 11 ENERGY#12Cooper Energy― certified carbon neutral organisation¹ since FY20 Independently verified and certified by Climate Active² ✓ Committed to maintaining carbon neutral¹ status: Efficiency Site/operations focus Reduce emissions intensity Carbon credit portfolio Investment and partnerships in carbon offset projects Role in the energy transition Gas remains core 20 23 COOPER ENERGY Sustainability Report 1Scope 1, scope 2 and relevant scope 3 emissions. See page 15 of Cooper Energy 2023 Sustainability Report for further information | 2Cooper Energy has been certified by Climate Active as a carbon neutral organisation for its scope 1, scope 2 and relevant scope 3 emissions (embedded energy and business travel). See the 2023 Sustainability Report for further information. INJ COOPER 12 ENERGY COOPER ENERGY#13Appendix#14COOPER ENERGY Increasing exposure to higher term and spot gas prices Group annual contracted gas quantities (Gippsland/Sole¹ + Otway/Casino Henry Netherby) PJ/annum 30 20 10 0- 2023 2024 2025 Price reviews/contract extensions have commenced 2026 2027 2028 ■Existing price (indexed) 2 ■Buyer extension option ³ 3 TJ/day (approximately) 82 ■Capped price review 4 Uncontracted/extension at market price 5 2029 2030 Continue to deliver even greater exposure to Southeast Australia spot gas prices 1Indicative annual contract quantity volumes shown assuming OGPP firm capacity of 55 TJ/d | 2Fixed price indexed to CPI | ³ Buyer option to extend under current terms | 4Price review subject to +/-20% movement in gas price 5Scope for parties to agree contract extensions on revised terms 55 - 27 COOPER 14 ENERGY#15COOPER ENERGY Multiple growth opportunities within portfolio High graded offshore exploration and appraisal prospects to backfill existing infrastructure Future exploration options¹ Near term exploration'¹ Development/ appraisal² Production³ Lower risk Higher risk Chimaera East Gummy Deep Manta Deep Wobbegong Heera Pecten East Juliet Nestor Elanora Isabella Gummy Henry Gippsland Basin (COE net share 100%) Otway Basin (COE net share 50%, except Nestor) Manta Annie Sole CHN 222 PJe 2P reserves, 296 PJe 2C resources and >1 Tcf mean resource potential, close to market, and with a clear pathway to commercialisation via operated gas plants (Athena 150 TJ/d, OGPP 68 TJ/d) 1Bubble size of exploration prospects is based on unrisked mean recoverable resource estimate (Cooper Energy net share) | 2Bubble size of Henry, Manta, Gummy and Annie bubble size is based on 2C Contingent Resources estimate (Cooper Energy net share) at 30 June 2023 | 3Bubble size of Casino-Henry-Netherby (CHN) and Sole is based on 2P Reserves estimate (Cooper Energy net share) at 30 June 2023 COOPER 15 ENERGY#16COOPER ENERGY Exploration success rates in the Offshore Otway Basin are world class 94% success rate for seismic amplitude supported prospects Waarre Formation seismic amplitude map showing target prospects ☐ - 29 exploration wells drilled in the Offshore Otway Basin 16 gas field discoveries to date (success rate 55%) Modern seismic data has dramatically improved success rates Very strong correlation between presence of gas and seismic amplitude 94% success rate for seismic amplitude supported targets All targets drilled― Offshore Otway Basin 45% 55% Success Failure All seismic amplitude supported targets drilled-Offshore Otway Basin 6% 94% Martha Pecten East Reservoir Absent ecten-1 etherby Annie Annie-1 Netherby Waarre Reservoir limit Elanora Henry Herry-1ST1 Isabella Heera Casino-3 Casino-1 Casino Casino-2 Juliet CHN pipeline Nestor 10km Minerva Minerva-2 Waarre reservoir amplitudes HIGH LOW Total wells = 29 Total wells = 171 Cooper Energy has six Otway seismic amplitude supported targets ready to drill in the Otway COOPER 16 ENERGY 1Eight of the 17 seismic amplitude targets were drilled on Cooper Energy acreage