Investor Presentation November 2023 Disclaimer This document has been prepared by Buru Energy Limited ABN 71 130 651 437 (“Buru”) and has been authorised for release to the ASX by the Non-Executive Chairman. This presentation contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve and resource 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 delays or advancements, approvals and cost estimates. All of Buru’s operations and activities are subject to joint venture, regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements, including native title arrangements. Although Buru believes that the expectations raised in this presentation are reasonable there can be no certainty that the events or operations described in this presentation will occur in the timeframe or order presented or at all. 2 There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognised as a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. All contingent resources and prospective resources presented in this report are pursuant to the Company’s ASX releases of 26 April 2022 and 23 January 2023, respectively. The estimates of contingent and prospective resources included in this Presentation have been prepared in accordance with the definitions and guidelines set forth in the SPE PRMS. Buru is not aware of any new information or data that materially affects the information included in this presentation and all material assumptions and technical parameters underpinning the estimates in this presentation continue to apply and have not materially changed. The probabilistic method was used to prepare the estimates of the contingent and prospective resources. No representation or warranty, expressed or implied, is made by Buru or any other person that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Buru, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence if any information in this presentation or any error or omission there from. Neither Buru nor any other person accepts any responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. All references to $ are in Australian currency, unless stated otherwise. Investor Presentation | November 2023 BURU ENERGY OVERVIEW Committed to delivering material growth as an integrated energy business Who we are Founded in 2008, we are an ASX listed diversified energy company focused on exploration and production of hydrocarbon and alternative energy resources in Australia. Buru has been the most active onshore oil and gas WA explorer since its formation and is the only E&P company in the Canning Basin with contemporary production history. Key Stats Shares on issue ~596 million Market Cap ~$80 million What we do We explore for and develop hydrocarbon resources in the onshore Canning Basin of Western Australia whilst participating in the new energy economy through our subsidiary companies: GeoVault (Carbon Capture and Storage (CCS)), 2H Resources (natural hydrogen and helium exploration), and Battmin (battery minerals exploration). Share Price $0.135 Cash at 31 Oct‘23 ~$13 million, with no debt Our goal Deliver material benefits to our shareholders, the Traditional Owners and communities of the areas where we operate. 3 Investor Presentation | November 2023 BURU ASSETS Strategic operated acreage position to support exploration, development, energy transition and expansion opportunities Onshore Canning Basin, WA Adelaide Superbasin, SA Yulleroo Operating Area ~22,000 km2 # ~30,000 km2 Granted / Pending* Permits 12 (7 EPs, 5 PLs) # 9* 60-100% 100% Buru Ownership Strategy ▪ Establish an energy hub in the Northwest of WA as part of the Rafael gas development. ▪ Appraise, develop and commercialise the Rafael 1 gas and condensate discovery via a two phased project. ▪ Progress prospect and lead maturation and exploration drilling to provide backfill and growth. 4 ▪ Leverage Carbon Capture and Storage potential in the basin to support Rafael and third party generated emissions reduction. # Pre- late 2023 permit renewal and relinquishment / withdrawals ▪ Natural hydrogen and - helium exploration and development. ▪ Establish acreage positions in geologically prospective areas. ▪ Further develop exploration techniques to effectively and efficiently explore for naturally occurring hydrogen and helium. ▪ Work with infrastructure providers for development and commercialisation strategies. Investor Presentation | November 2023 PURSUING THE FIRST CONVENTIONAL GAS DEVELOPMENT IN THE KIMBERLEY With full ownership of the Rafael discovery, focus is on commercialising the resource and securing a development partner A mostly underexplored sedimentary basin, 9 times the size of the Perth Basin, has delivered its first significant conventional wet gas discovery. Rafael-1 is a high potential, high quality, liquids rich discovery with a gas column of 165m (proven) up to 630m (based on pressure data). 1 2 3 A potential world scale conventional resource Feasibility studies confirm several project options Disciplined execution to deliver value ▪ Resource independently assessed by ERCE to hold between 59 bcf and over 1 TCF of gas and up to 20.5 MMstb of condensate (probabilistic)1. ▪ Third party studies confirm several feasible project options, with a 2-phase development providing highest value. ▪ 3D seismic survey recently completed with initial results by year end. ▪ Buru deterministic resource assessment provides improved level of confidence in resource volumes to underpin project development options. ▪ Rafael is stand-alone commercial at current 1C resources ▪ Progressing to next stage of engineering. ▪ Appraisal well planning and Long Lead Item procurement for 2024 drilling progressing. ▪ Development partner selection progressing to deliver a regionally significant project. ▪ Canning Basin CCS is a key enabler for development. 1 Refer to the ASX release of 26 April 2022 for full definitions and disclosures. Buru is not aware of any new information or data that materially affects this assessment and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 5 Investor Presentation | November 2023 RAFAEL 1 – A SIGNIFICANT CONVENTIONAL GAS AND CONDENSATE DISCOVERY The Eureka moment for Buru, the Kimberley and the Western Australian resource industry Rafael 1 well was drilled in 2021 on a large structure with gas encountered in three zones. Rafael geology is a proved Canning Basin play type with conventional reservoir in Ungani Dolomite equivalents and a new play type in Upper Laurel dolomites. Encouraging initial flow rates of 7.5 mmcfd from a restricted zone with excellent quality gas <2% CO2 and ~40 bbls/mmscf condensate (light oil). Rafael 1 drilling 4Q 2021 Wide range of resources as expected at early stage of evaluation1: ▪ 1C of 59 Bscf and 1.2 MMstb condensate is the gas & condensate seen in the well, ▪ 3C of 1.024 TCF and 20.5 MMstb condensate is the inferred gas & condensate in the structural closure and backed up by pressure data, ▪ 2C of 260 Bscf and 5.3 MMstb condensate is a probabilistic calculation with no physical basis. 1 Refer to the ASX release of 26 April 2022 for full definitions and disclosures. Buru is not aware of any new Rafael 1 flow test – 1Q 2022 information or data that materially affects this assessment and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 6 Investor Presentation | November 2023 THE SIZE OF THE PRIZE Recently completed 3D seismic survey will provide confirmation of structure size and confirm potential gas column extent Rafael (Canning Basin- Independent ERCE assessment) Waitsia (Perth Basin) 350m Gas column height 165m (proven) to greater than 600m (mapped closure) 830 bcf (2P) Recoverable gas 59 bcf – 1,024 bcf (1C-3C) 50 km2 Area (blue outline) 50 km2 Structural closure (on 2D) Gas Columns (same scale) 1C (59 bcf) Gas-water contact 350m N 3C (1,024 bcf) Structural closure (on 2D) 700m 7 Pressure data indicates possible column >900m Investor Presentation | November 2023 RAFAEL FIELD APPRAISAL PROGRAM Rafael 1 Test • Flow testing demonstrated excellent quality gas with less than 2% inerts (CO2) and rich condensate with no pressure depletion or reservoir boundaries observed. Rafael 3D seismic survey acquisition completed • Will provide confirmation of the size of the structure and improve understanding of the trapping mechanism and potential column height. • Processing deliverables: - Fast track interpretation – late Nov’23 - Final processing – End Feb’24 Completed - Well test with flow from restricted zones 3D seismic Commercialisation options • 3D seismic is essential for optimal placement of the wells to reduce geological and drilling risk. Up to 2 Appraisal wells • In planning phase for 2024 drilling to address the main subsurface uncertainties (hydrocarbon column height and net/gross distribution). Resource re-evaluation Commercialisation preFEED • Long Lead Item procurement to safeguard drilling in 2024. Rafael 1 recompletion and test • 2022 flow test restricted to part of one zone because of well configuration. • Test two additional zones and retest initial zone with confidence of increased flow rates. • Test program planned to include perforation of additional intervals currently behind casing where gas flows were encountered while drilling, and the Prospective Resource zone in the Upper Laurel with interpreted rich gas condensate or volatile oil pay. 8 Appraisal drilling Rafael 1 workover Test all zones open Resource confirmation Commercialisation Feed Investor Presentation | November 2023 FEASIBILITY STUDIES CONFIRM SEVERAL PROJECT OPTIONS TO MONETISE RAFAEL Concept work to date confirms credible phased development with CCS as an enabler PHASE 2 PHASE 1 Subsurface Realisation Small-scale LNG for local consumption + Ammonia or Methanol or LNG for Export (FLNG/NWS) + + + + Condensate Condensate Condensate Condensate Low < 40 bcf Mid 400 bcf High ≥ 800 bcf 9 Investor Presentation | November 2023 PHASE 1 RAFAEL DEVELOPMENT Domestic hybrid LNG and renewables for power generation with condensate export Objective Develop a small footprint, scalable LNG supply stream, complemented by 50% renewable energy supply via solar and battery storage, to meet the long term energy needs of Kimberley. Resource Low Case Key Project Parameters First Production: 2027 Project Life: 20 years No. of wells: 1 – 2 (Rafael appraisal wells completed as producers) Gas flowrate: 8 – 16 mmscf/d Product streams: LNG (0.05 – 0.1 MTPA) Condensate (225 -450 bopd) ▪ Gas gathering system & liquids separation close to wellsite, ▪ Pipelines for gas and condensate to Central Processing Facility (CPF) at Energy Hub, Indicative basis ▪ Small scale, containerized LNG facility at Energy Hub, of design ▪ LNG trucking to Broome and regional communities, condensate trucking to Broome, and ▪ 50% renewable power generation (photovoltaic and battery storage) at each site. Market 10 Domestic power for Broome, Derby, Camballin/Looma, Fitzroy Crossing and Halls Creek, with demand creation opportunities for other industrial gas customers. Condensate for SE Asian refineries. Investor Presentation | November 2023 PHASE 2 RAFAEL DEVELOPMENT Building on Phase 1 to deliver a large-scale project with Carbon Capture & Storage (CCS) Ammonia or Methanol Liquified Natural Gas for Export First Production: 2029 2029 Project Life: 20 years 10 years No. of wells: 5 – 10 Up to 12 Gas flow rate: 55 - 110 mmscf/d 280 mmscf/d Product streams: ▪ LNG for domgas power (0.03 MTPA) ▪ Methanol or Ammonia (0.5 – 1.0 MTPA) ▪ Condensate (2,200 – 4,400 bopd) ▪ LNG for domgas power (0.03 MTPA) ▪ LNG for export (~1.6 MTPA) ▪ Condensate(5,100 bopd) Relative impact of CCS on low reservoir CO2 Rafael development: 11 Investor Presentation | November 2023 PHASED EXECUTION STRATEGY MITIGATES SUBSURFACE UNCERTAINTY Deliver early cashflows on known resource, and significant upside on appraisal success 2023 Activity 2024 VALUE CREATION 2025 2026 2027 2028 2029 Fast track results available Acquire & Interpret 3D Seismic Resource Update Resource maturation JV Partner Selection Convert Contingent Resources to Reserves Shortlist, Negotiate and Execute Appraisal / Development Drilling Drilling & Completion LLI Procm’t Appraisal Drilling Commercialisation Studies Concept Screening Phase 1 Kimberley hybrid power CONCEPT STUDIES FID TECHNICAL / COMMERCIAL DEF’N FEED FID CONCEPT SELECTION Phase 2 Clean Ammonia/Methanol/LNG DEF’N FEED VALUE REALISATION Production ENGINEERING, PROCUREMENT & CONSTRUCTION (24 MONTHS) Phase 1 Kimberley hybrid power Operate Production ENGINEERING, PROCUREMENT & CONSTRUCTION (38 MONTHS) Phase 2 Clean Ammonia/Methanol/LNG NOW 12 Timeline is indicative and is subject to capital availability, future discussions with potential asset partners, offtake arrangements , land access and regulatory approvals. Investor Presentation | November 2023 DISCIPLINED EXECUTION TO DELIVER VALUE Near Term Objectives Create and maintain value ahead of Development Partner selection Shortlist Development Complete Partners 3D Critical Seismic long lead items to interp. protect Appointed 2024 GHD for appraisal Appointed Miro Capital pre-FEED for next engineering (Rafael stage of Phase 1) Partner Completed Selection 3D process Seismic Drive certainty of outcome for development by managing Regained survey risks and reducing subsurface and development full ownership uncertainty WA Govt. of Ungani exempts Oilfield Set up development for value realisation stage Canning Basin from onshore Confirmed gas export phased ban development strategy $5m deal with MRL for Carnarvon asset Government FLNG feasibility approves DoL# study for ‘high’ Commenced Rafael development studies 13 Acquired Origin’s interests - Achieved - Near Term Objectives resource outcome #Declaration of Location Investor Presentation | November 2023 RAFAEL PARTNER SELECTION PROCESS COMMENCED : COMPELLING VALUE P ROPOSITION A discovered gas resource with a clear pathway to a clean energy development at scale enabled by material Carbon Capture and Storage (“CCS”) potential 1 Rafael Gas Discovery Commercialisation 2 Pathway ▪ Development concept studies have been completed for full range of Rafael contingent resources ▪ Phase 1 development for local gas and power supply for early cashflow, with Phase 2 export development of either clean ammonia or CNG/LNG Clean Energy Province ▪ Pathways to commercialisation supported by local large scale CO2 storage projects (CCS) facilitated by Buru’s GeoVault subsidiary ▪ The identified CCS potential of Buru’s Canning Basin permits together with Rafael gas has the potential to create a new world scale CCS and clean energy province 4 Resource Potential ▪ Buru’s permits include extensive prospective exploration acreage across the Canning Basin’s proven and producing petroleum system ▪ Mapped prospects and leads provide potential backfill for Rafael with unrisked mean Prospective Resources of > 2.0 Tcf 5 Proven Project Delivery ▪ Buru has a strong track record with native title holders and has commenced negotiations to secure indigenous land use agreements for a Rafael development ▪ Attractive opportunities for strategic partnerships 3 14 ▪ Rafael gas-condensate field has been independently assessed with up to 1 Tcf gas and 20 MMbbl condensate recoverable ▪ Rafael appraisal program ongoing, with 3D seismic survey acquisition recently completed, and further drilling and well testing planned for H2 2024 Investor Presentation | November 2023 RAFAEL PARTNER SELECTION PROCESS TARGETING STRATEGIC ENERGY PLAY ERS Buru’s acreage is uniquely suited to develop a new world class clean energy province 15 CCS Potential ▪ Buru has identified significant CCS potential within its acreage as defined by Buru’s Geovault subsidiary ▪ Independent verification of injection volume potential suggests a world class CCS scale Net Zero Enabler ▪ Buru’s CCS provides pathway for the Rafael gas development to be net zero Clean Energy Export ▪ The combination of defined gas resources with defined CCS potential will facilitate the Phase 2 clean energy upside ▪ Mid case deterministic gas resource estimated to be sufficient for 1mtpa of clean ammonia export facility CCS Import ▪ The proximity of Buru’s acreage to the coast enables a pathway to large scale CO2 importing and the creation of material carbon storage revenues Investor Presentation | November 2023 SIGNIFICANT UPSIDE EXPOSURE VIA NEW ENERGY BUSINESS 2H Resources is a 100% subsidiary of Buru Energy and is leading explorer for natural hydrogen and helium. Natural hydrogen is produced from underground accumulations in the earth and has the potential to supply low cost and very low carbon intensity hydrogen. 2H Resources has seven Petroleum Exploration Licence (PEL) and two Gas Storage Exploration Licence (GSEL) applications in South Australia covering some 30,000 sq kms. Confidence in the prospectivity of 2H Resources’ South Australian natural hydrogen and helium exploration portfolio enhanced with recent positive drilling results in adjacent area with similar geological characteristics. Buru has also applied for six Special Prospecting Authorities with an Acreage Option (SPA-AO’s) in the Perth Basin and the Goldfields area in Western Australia. These areas are highly prospective for helium and associated gases. 2H Resources has established industry leading partnerships for the exploration and commercialisation of natural hydrogen. 2H Resources’ South Australian PEL/GSEL application areas 16 Investor Presentation | November 2023 EXPERIENCED BOARD AND MANAGEMENT TEAM Deep industry experience and proven track record to deliver strategy 17 Mr Eric Streitberg Mr Thomas Nador Non-Executive Chair CEO Geology, geophysics, commercial Strategy, resource development, commercial Ms Joanne Kendrick Mr Paul Bird Independent Non-Executive Director CFO and Company Secretary Technical, engineering Finance, governance Mr Malcolm King Dr Kris Waddington Independent Non-Executive Director COO Commercial, exploration, operations Operations, stakeholder engagement Mr Robert Willes Mr Mark Devereux Independent Non-Executive Director GM Subsurface and Technical Integration Finance, commercial, M&A Exploration, technical, regulatory compliance Investor Presentation | November 2023 SUMMARY INVESTMENT DRIVERS 18 1 Buru continues to deliver on its strategy to realise significant value from its Rafael discovery through focus on rigorous execution and capital management. 2 3D seismic acquisition is completed, with early insights available in November 2023. Appraisal well planning is progressing, with Long Lead commitments required to maintain schedule. 3 Development studies completed and confirmed technical, commercial, and economic feasibility for a wide range of resource outcomes. Buru is executing a phased development to deliver early cashflows, and now focused on Native Title negotiations, concept studies and appraisal activities. 4 Rafael Development Partner Selection process kicked off. This process will provide a formal platform to attract a wide range of potential partners and create an environment for competition and deal making. 5 An early investor in natural hydrogen and helium exploration which provides significant value upside for investors at headstock level, until 2H Resources subsidiary becomes independently investible in due course. 6 A clear ‘ask’ from our shareholders. Buru requires capital to maintain momentum and deliver the plan and be in the best possible financial health to attract the most value accretive deals over the coming 6 months. Investor Presentation | November 2023 Buru Energy Limited Level 2, 16 Ord Street West Perth Western Australia 6005 PO Box 1903 West Perth WA 6872 Phone: 1800 337 330 Email: info@buruenergy.com