Amadeus Operations Update

Posted on 11/05/2022

New Zealand Oil Gas has rec eived new information from the Operator (Central Petroleum, ASX: CTP Operator of the Palm Valley and Dingo permits. Given the Company’s renounceable rights issue offer is currently open, we are sharing this information now, before matters have developed and before any decision s have been made.1 Key elements of the information received from Operator and known at present are as follows.

New Zealand Oil Gas has received new information from the Operator (Central Petroleum, ASX: CTP Operator of the Palm Valley and Dingo permits. Given the Company’s renounceable rights issue offer is currently open, we are sharing this information now, before matters have developed and before any decision s have been made. 1 Key elements of the information received from Operator and known at present are as follows.

A further near term appraisal opportunity in the Pacoota P3

•  The Operator has advised that, following new insights from a technical review, it has identified a potentially attractive additional appraisal opportunity in the Palm Valley Pacoota P3 formation which may warrant further assessment.
•  The Joint Venture JV will undertake the required joint work to properly understand the options available and will pursue those that optimise the JV’s position
•  Subject to JV approval, the P3 appraisal opportunity could be integrated into the current PV-12 drilling programme which in turn could result in changes to the timing, sequence, duration, and potential costs of the remaining drilling programme.
• The PV 12 well is expected to intersect the P3 formation in circa 2 3 weeks as it drills to the PV Deep prospect (the Arumbera formation). The JV is currently considering activities to log the Pacoota P3 during this time
• Any decisions regarding an addition to the appraisal targets of the PV 12 drilling programme are expected to be made once the total depth of the current Palm Valley well has been reached and the Arumbera formation has been evaluated
• The purchase of certain long lead equipment necessary to preserve the opportunity to appraise the P3 formation is currently being considered by the JV An indicative diagram is included below.
• One of the key drivers for appraising the P3 formation as part of the PV 12 well is the context of the current East Coast gas demand and spot pricing Evidence of this is seen in our announcement of 5 May 2022 and there are positive indications of this continuing Further updates will be provided on the full extent of the Pacoota P3 opportunity and any associated changes as they become available.