Australian Oil Company Limited (ASX:AOK) announced on 24 September 2026 the appointment of Tom Streitberg as Executive Chairman with immediate effect, alongside a personal $300,000 Investment in the Company by the incoming appointee.

Business Model and Operational Footprint

Australian Oil Company Limited is an Australian-based energy company focused on under-explored, high-quality oil and gas opportunities near under-supplied markets. The Company is currently focused on conventional oil and gas exploration and production opportunities in the Surat Basin in Australia, and holds a portfolio of Natural Gas and oil producing wells in California, USA. Australian Oil is also evaluating the Acquisition of additional global producing and exploration Assets aligned with its strategic objectives.

Commodity Dynamics

The Australian Upstream oil and gas sector has attracted renewed attention given energy security considerations and the role of conventional Hydrocarbons in the domestic energy mix. The Surat Basin in Queensland is a recognised conventional oil and gas producing region. The energy security theme and the search for diversified Supply sources have opened exploration opportunities in markets and geographies that may previously have received limited attention.

Executive Chairman Appointment and Capital Injection

Tom Streitberg has been appointed as Executive Chairman of Australian Oil Company Limited for a three-year term with immediate effect from 24 September 2026. He will work closely with Managing Director Kane Marshall and the Board to accelerate the development of the Company's Australian Business and execute new business initiatives. Mr Streitberg is based in Singapore, providing the Company with access to international markets including Asia.

Mr Streitberg brings more than 25 years of experience in corporate and legal advisory, investing, and upstream oil and gas, including senior commercial and operational roles at ASX-listed companies ARC Energy Ltd and Buru Energy Ltd. He holds a bachelor's degree in Law and Arts from the University of Western Australia, an Executive MBA with distinction from INSEAD, and a Graduate Diploma in Finance and Investment from FINSIA.

Mr Streitberg has agreed to receive all director's fees and executive remuneration in the form of Zero Exercise Price Options issued in three tranches of 90,000,000 each, vesting at 10, 22, and 34 months after commencement and expiring at 12, 24, and 36 months respectively. He has also agreed to invest $300,000 in the Company, to be issued 103,448,276 shares at $0.0029 per share and 51,724,138 unlisted options exercisable at $0.006 on or before 30 June 2028.

Growth Catalysts and Critical Operating Risks

Catalysts include the acceleration of the Company's Australian business development plans, access to international Capital Markets and strategic relationships through Mr Streitberg's Singapore-based network, and the potential identification and acquisition of additional producing or exploration assets.

Key risks include the early-stage nature of the Company's asset base and the execution risks associated with the stated ambition to build a material portfolio of Australian and international oil and gas assets. The Company's share structure, including the large number of options and performance rights on issue, may result in dilution for existing shareholders.