Investor Presentaiton

Armour Energy and controlled entities armourenergy.com.au Review of operations and activities continued for the year ended 30 June 2020 CHIEF EXECUTIVE OFFICER Mr Brad Lingo joined Armour in June 2020. Mr Lingo has had a distinguished career spanning over 30 years in a diverse range of oil and gas leadership roles, including business development, new ventures, mergers and acquisitions, and corporate finance. Mr. Lingo has been actively involved in oil and gas exploration, development, and production activities in the Cooper Basin since 1993. He was Managing Director and CEO of Drillsearch Energy Ltd for 6 years building the company from a 200BOPD oil producer to a leading S&P/ASX 200 index Cooper Basin focused oil and gas company. During his time at Drillsearch, the market capitalisation of the company Som increased from $40m to ~$800m. Mr. Lingo has received recognition as an oil and gas industry leader winning the S&P/ASX200 Energy Best CEO of the Year award in 2014 in the annual SMH/East Coles awards. Prior to taking on the role at Drillsearch, he was Head of Oil and Gas for the Commonwealth Bank of Australia. Mr. Lingo started his career in the Cooper Basin as VP and Head of Business Development for Tenneco Energy and following the acquisition of Tenneco by El Paso Corporation, he was a co-founder of Epic Energy which became one of Australia's leading developer, owner and operator of natural gas infrastructure. COVID-19 RESPONSE MEASURES COST REDUCTIONS SA Armour is taking steps to reduce corporate costs by a minimum of 35%. This includes all head office staff reducing remuneration by 20% and unfortunately includes a number of redundancies. The Executive Chairman and Non-Executive Directors have also reduced their fees by 20%. Future consideration will be given to the partial payment of Director fees in shares, subject to any necessary shareholder and regulatory approvals. In addition, Armour is seeking to reduce to the full extent possible all other overheads including contractor hours and rates, administration costs and office rent. These remuneration reductions are anticipated to remain in place for at least a six-month period and will be reviewed and updated as and when required. STRATEGY Armour continues to progress its 4-Phase growth strategy. Armour's Growth Strategy: A Portfolio for Domestic Supply Phase 2 Kincora Restart 2016-2017 Restart Dry Gas Circuit ✓Commission Newstead Gas Storage for Production Phase 1 Kincora Acquisition 2015-2016 Finalise Kincora Acquisition Planning & Design for Kincora Recommissioning Works ✓ Exploration Program Planning Commence Oil Production ✓ Commence 5 TJ/day Sales Commission Wet Gas Circuit LPG, Condensate Sales Completed Completed Achieving Armour is not aware of any new information or data that materially afects the information included in the relevant market announcement & that all the material assumptions & technical parameters underpinning the estimates in the relevant market announcement continue to apply & have not materially changed. Figure 2 Armour's 4 Phase Growth Strategy Growth Phase 3 Phase 4 Multi TCF Armour Growth 2018-2023+ . " " Balance sheet - Refinance Assets Surat Basin development- Execute stimulation programs & increase production Surat Basin appraisal Appraise fields with new gas & oil drilling Surat Basin sales - Targeting increasing sales up to 20 TJ/day with further Increase up to 30 TJ/Day Surat Basin exploration Commence exploration across "Roma Shelf portfolio Cooper Basin exploration - High-grade prospect pipeline to generate 3-5 drill- ready prospects for 2021 drilling Surat Basin expansion-generate resources to support development of new 100+TJ/d gas plant Kincora Production Growth 2018-2020 Commence 9TJ/Day Sales ✓Commission Field Compressors ✓ Drill New Production Gas Wells • Exploit New 3D Over Surat PL's Secure Further Gas Sales Agreements Focus on increasing production To support Armour's Growth Strategy, the Company has targeted five priorities for the next 12 months to bring Phase 3 to a conclusion and position Armour for Phase 4. These priorities are: Action Priority 1 Priority 2 Armour is also aiming to reduce operating expenditure at its Kincora Gas Project by approximately 20%, while maintaining its ability to reliably maintain production in a safe and environmentally compliant manner. This will include revised staff rostering and schedules. Priority 3 Priority 4 Priority 5 Deliverables Deliver sales production increase of 4-6 TJ/day from 2021 Surat development work program on time and within budget Secure exploration and development farmin joint venture partner for NT McArthur Basin Project Extract value through commercialisation of under-utilised assets (e.g. Newstead Gas Storage) Materially reduce debt Consolidate core operating focus areas and projects and rationalise non-core assets (high grading of asset portfolio) Generate sufficient free cash flow to cover all operating and corporate costs Provide reinvestment capital for further development and exploration expenditure Recover full historical investment Reduction of debt/working capital for exploration and development Secure free carry for development of existing conventional gas discoveries and comprehensive multi-year exploration work program Release/recover invested capital to reduce debt Support investment in high return growth projects Strengthened, unencumbered balance sheet allowing maximum capital and business flexibility Focus work programs, people resources and capital on high-return, high growth opportunities with reinvigorated focus on exploration 8 6

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