Australian Oil Co Limited (ASX:AOK) announced on 24 September 2026 the appointment of Tom Streitberg as Executive Chairman, effective immediately. The appointment is accompanied by a personal $300,000 Investment by Streitberg in the company, along with a remuneration structure under which he receives his entire compensation in Equity — preserving cash for operational deployment and aligning his interests completely with those of shareholders. Managing Director Kane Marshall described the appointment as part of the Board's ongoing programme to revitalise the company and transform it into an operator of a material package of Australian and international oil and gas assets.

Tom Streitberg's Background and Role

Tom Streitberg brings extensive operating experience in the Australian Upstream oil and gas sector and has been involved in much of the company's strategic thinking for many months. He is Singapore-based, providing international access and perspectives described as crucial to accelerating new Business initiatives in Asian markets. His role as Executive Chairman goes beyond non-executive oversight, providing critical additional capacity to support the growth of the Australian business and the development of new international business opportunities. The Board noted that his belief in the company's direction is demonstrated by the sizeable personal investment and his willingness to receive his entire remuneration in equity.

Personal Investment and Remuneration

Streitberg committed to make an immediate $300,000 personal investment in the company. His remuneration package is structured entirely in equity, with no cash salary component. The Board described this structure as maximising the cash available for Shareholder value creation and aligning his interests completely with those of shareholders. The remuneration is aligned to shareholder outcomes and share price performance.

About the Company

Australian Oil Co Limited is an ASX-listed oil and gas company in the early stage of building a portfolio of Australian and international upstream assets. Under Managing Director Kane Marshall, the company has been executing a board renewal and strategic revitalisation program aimed at repositioning it as an operator of material oil and gas Assets with both domestic and Asian-market exposure.

Risks

Australian Oil Co is at an early stage with no material producing assets currently disclosed. The investment case rests entirely on the management team's ability to identify, acquire, and develop assets.

The $300,000 personal investment, while demonstrating commitment, is modest in the context of oil and gas asset Acquisition and development costs.

An all-equity remuneration structure preserves cash but creates ongoing potential dilution for existing shareholders as equity compensation is issued.

New business initiatives in Asian markets are at a very early stage and have not been specifically detailed — the strategic direction carries significant execution uncertainty.

Singapore-based leadership, while providing Asian market access, may introduce complexity for Australian regulatory and day-to-day operational matters.

What to Watch Ahead

Announcement of specific asset acquisitions or farm-in agreements that reflect the expanded strategic capacity Streitberg is expected to bring.

Details of international business opportunities being pursued, particularly in Asian markets where Streitberg's Singapore base is advantageous.

Any Capital raising activity to fund asset acquisitions, signalling the next phase of company development.

The next quarterly activity report, which will be the first formal operational update under the new Executive Chairman structure.

Specifics of the 'material package of Australian and international oil and gas assets' referenced in the announcement — none of which have yet been publicly disclosed.