#1New Zealand Oil & Gas AGM Presentation New Zealand Oil & Gas, 12 December 2023#2»• Table of Contents 1. 2023: Reflecting on a year of robust growth 2. Financial health: a pillar of our strategy 3. Strategic developments and operational successes Amadeus basin assets - growth prospects Kupe assets - operational excellence Perth Basin - our exploration upside Cue assets - strategic alliance 5. Sustainable pathways: a core value 6. Global and local market perspectives 7. Investing in our future 2#3• Disclaimer Notice This presentation contains summary information about New Zealand Oil & Gas Limited [NZO or Company] and its activities which is current as at the date of this presentation and remains subject to change without notice. The information in this presentation is of a general nature and does not purport to be complete, nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement under the FMCA or a product disclosure statement or prospectus under the Corporations Act [Australia]. No information set out in this presentation will form the basis of any contract [with the exception of the paragraph labelled "Acceptance" in this Disclaimer). The historical information in this presentation is, or is based upon, information that has been released to NZX Limited [NZX] and ASX Limited [ASX]. This presentation should be read in conjunction with the Company's annual report, market releases, and other periodic and continuous disclosure announcements, which are available at www.nzx.com/companies/NZO or www.nzog.com/investor-information/. Not an offer: This presentation is not a prospectus or product disclosure statement or other offering document under New Zealand law or any other law. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. Not financial product advice: This presentation is for information purposes only and is not financial product advice or a recommendation. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives and situation and consult a financial adviser, solicitor, accountant, or other professional adviser, if necessary. Past or future performance: Information given in this presentation is based on information currently available and is for illustrative purposes only and should not be relied upon as [and is not] an indication of future performance. No representations or warranties are made as to the accuracy or completeness of such information and under no circumstances should you regard the inclusion of forward-looking statements in this document as a guarantee of future performance. Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and other factors, many of which are outside of the Company's control, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Non-GAAP/IFRS financial information: Certain financial information included in this presentation is unaudited non-GAAP/non-IFRS financial information. The Company's financial statements have been prepared in accordance with Generally Accepted Accounting Practice, comply with the New Zealand Equivalents to International Financial Reporting Standards [NZ IFRS) and International Financial Reporting Standards (IFRS) and are available via the NZX here or New Zealand Oil & Gas here. Distribution of presentation: This presentation must not be distributed in any jurisdiction to the extent that its distribution is restricted or prohibited by law or would constitute a breach by the Company of any law. This presentation is not for distribution or release in the United States. None of the company, any person named in this presentation or any of their affiliates accept or will have any liability to any person in relation to the distribution or possession of this presentation from or in any jurisdiction. Currency: All currency amounts in this presentation are in NZ dollars unless stated otherwise. Disclaimer: To the maximum extent permitted by law the Company, and its respective affiliates, related bodies corporate, directors, officers, partners, employees, agents and advisers disclaim all liability and responsibility [whether in tort (including negligence) or otherwise] for any direct or indirect loss or damage which may be suffered by any person through use of or reliance on anything contained in, or omitted from, this presentation. Reserves: The reserves and resources disclosed here for NZO's existing assets (including Cue's] are as included in our 2023 annual report, released to the market on 27 September 2023. All compliance statements included at that time remain relevant. NZO confirms that it is not aware of any material changes since that time. NZO conducts regular reviews and any material changes will be announced to the market accordingly. Prospective resources relating to the L7 and EP437 permits and farm-ins are included here as per Triangle Energy's public release on 12 April 2022. For the prospective resources (including] those potentially accessible through the Triangle farm-in, the estimated quantities of petroleum that may potentially be recovered by the application of a future development project[s] relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Acceptance: By attending or reading this presentation, you agree to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have represented, warranted, undertaken and agreed that: (i) you have read and agree to comply with the contents of this Disclaimer and Important Notice; (ii) you are permitted under applicable laws and regulations to receive the information contained in this presentation; (iii) you will base any investment decision solely on information released by the Company via ASX or NZX; and (iv) you agree that this presentation may not be reproduced in any form or further distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. m#42023: Reflecting on a year of robust growth Revenue of NZ$98.8 million up 18% on last year Net operating cashflows of NZ$32.5 million Net profit after tax of NZ$19.1 million Production up 7% on last year Palm Valley gas production up 49% on prior after tie in Reserves upgrade at Palm Valley and Dingo Mahato production boost 36% year on year growth Market Capitalisation (28 November 2023) NZ$89.8m Share Price (28 November 2023) NZ$0.39 Cash (30 September 2023) NZ$42.4m Debt NIL#5Financial health: a pillar of our strategy Revenue NZ$98.8m ↑ 18% YoY Net Profit after Tax NZ$19.1m ↓25.8% YoY Production 1.3m boe Operating cashflows NZ$32.5m ↑ 7% YoY ◆ 3.1% YoY Net Assets NZ$179.8m ↑ 10.7% YoY S#6NZ$ MILLIONS 120 Financial health: Revenue growth YEAR ON YEAR REVENUE GROWTH 18% 4 YEAR REVENUE GROWTH 165% 100 Amadeus * Kupe Cue 80 80 60 40 20 0 JUN-20 JUN-21 JUN-22 * excludes Cue's share of Amadeus revenue which is included in the Cue segment REVENUE BY COUNTRY (NZ$M) JUN-20 JUN-21 JUN-22 29 26 23 22 19 0 0 NEW ZEALAND AUSTRALIA 43 JUN-23 15 17 33 29 29 INDONESIA REVENUE BY PRODUCT 2023 Crude oil and condensate 38% JUN-23 62% Natural gas and LPG New Zealand Oil & Gas Ltd [NZO] has a 50.04% interest in Cue Energy Resources Ltd [Cue]. Cue's full interest is shown. CO#7Where our Assets are **FY23 FARMIN** PERTH BASIN, WA, AUSTRALIA L7: New Zealand Oil & Gas 25% EP437: New Zealand Oil & Gas 25% AMADEUS BASIN, NORTHERN TERRITORY, AUSTRALIA MEREENIE: New Zealand Oil & Gas 17.5% Cue Energy Resources 7.5% PALM VALLEY: New Zealand Oil & Gas 35% Cue Energy Resources 15% DINGO: New Zealand Oil & Gas 35% Cue Energy Resources 15% SUMATRA, INDONESIA MAHATO PSC: Cue Energy Resources 12.5% EAST JAVA, INDONESIA SAMPANG PSC: Cue Energy Resources 15% OFFSHORE SOUTH TARANAKI, NEW ZEALAND KUPE: New Zealand Oil & Gas 4% MAARI: Cue Energy Resources 5% WELLINGTON HEAD OFFICE CUE ENERGY RESOURCES (ASX: CUE) Cue NEW ZEALAND OIL & GAS shareholding 50.04% energy#8• Amadeus basin assets - growth prospects Context - Strategically important assets within the Northern Territory, where the local market remains strong 2,000 - Supply-demand gap in East Coast Australia continues to widen and these fields provide exposure 1,500 Updates - Palm Valley PV-12 has continued to be a strong producer, online at over 10TJ/d and producing over 2.7PJ in the year - Ongoing strong Dingo performance, combined with the above, led to a reserves upgrade across both fields Lookahead - Review of infill drilling potential in Mereenie with additional wells targeted in 2024 - Continue study for a Helium Recovery Unit at Mereenie - Review potential for additional drilling in Palm Valley and incremental compression capacity at Dingo 1,000 500 Forecast supply and demand, East Coast -AEMO Shortage 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 12P developed reserves 12P undeveloped reserves Demand E-605 8#9Kupe assets - operational excellence Context Kupe is 10% of the remaining NZ gas market and 51% of the LPG market (1) – NZ gas supply is declining with no new fields coming online through government intervention Updates - Plant reliability >99% through FY23 with no recordable safety incidents - 4-yearly statutory turnaround safely completed Lookahead - The KS-9 development well, completion pending - Progress the Kupe wind power generation study - Upgrades on the Kupe platform to enable renewable generation offshore. [1] Sourced from MBIE Petroleum Reserves 2022 data [2] From Gas Industry Council, Gas supply and demand projections - 2022 update Gas Supply & Demand in PJ/yr Supply (2P Prod) Projected Demand 250 200 150 100 50 0 Shortage (2) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 6#10Perth Basin - our exploration upside - Context - With continued success in drilling and gas delivery in the Perth Basin by the major operators, Beach, MEPAU & Strike, the timing for drilling the key gas prospects in the L7 permit is perfect Updates - NZO officially came on title for L7 & EP437 as notified by DMIRS, Thursday 16th November 2023 Seismic processing is nearing completion and aims to refine and better delineate the primary drilling targets Lookahead - Planning for a rig slot assignment continues by the operator – Booth is the planned first prospect to be drilled and could be as early as April 2024 Oil prospect Gas prospect EP437 Dongara Yardarino Waitsia Lockyer Deep North Erregulla Deep West Erregulla Beharra Springs South Errequlla 10#11• Cue: A Strategic Alliance Context NZO shareholding of 50.04% in Cue since 2015 - NZO team provide technical, legal and financial services to Cue under a Managed Services Agreement creating synergies and keeping costs down – Cue own assets in NZ, Australia and Indonesia cue energy ASX:CUE Updates - Cue continues with drilling out the Mahato Oil Field in Indonesia boosting production 36%(1) – Workovers at the Maari Oil Field in New Zealand raising production 40%(1) Revenues up 18%(¹) Lookahead - Three Mereenie infill wells - Assess further drilling at Mahato - Sampang final investment decision for Paus Biru field Field Life extensions at Maari [1] Year-on-Year, refer to Cue CEO AGM Presentation LOAN WORD 11#12We are carbon conscious ■ We back up solar power and displace coal use with our gas ▪ We support science-based initiatives We offset our travel emissions We want to reduce our carbon footprint and support New Zealand and Australia's biodiversity ▪ We support vulnerable families with their energy needs and cut emissions from heating their homes at the same time 500-2,000 NATIVE TREES FUNDED COMMITTED TO CLIMATE -2023- sthatcount.co.nz RAINBOW TICK CERTIFIED SALK INSTITUTE FOR BIOLOGICAL STUDIES Dunedin Curtain Bank warmth hapori - sustainability Our governance, risk management and disclosures align with the recommendations of the TCFD [Taskforce on Climate-related Financial Disclosures] We have reported on TCFD in our Annual Report since 2019 We are currently drafting a Transition plan for the Board Our carbon emissions intensity is dropping: Intensity factor [tCO2e per TJ] 7.00 6.00 5.00 ALDO 2018 2019 2020 2021 2022 By July 2024 we will be working towards compliance with the recently released Aotearoa New Zealand Climate Standards (XRB] By June 2025 we will comply with the full assurance requirements of the standards 12#13Empty#14The world is embracing renewables Share of electricity production from renewables Renewables include electricity production from hydropower, solar, wind, biomass & waste, geothermal, wave, and tidal sources. Our World in Data 80% 60% 40% 20% 0% 1985 1990 1995 2000 2005 2010 2015 2022 New Zealand Australia China World United States India Data source: Ember's Yearly Electricity Data; Ember's European Electricity Review; Energy Institute Statistical Review of World Energy OurWorldInData.org/energy | CC BY 14#15Why? The price of electricity from new power plants Electricity prices are expressed in 'levelized costs of energy' (LCOE). LCOE captures the cost of building the power plant itself as well as the ongoing costs for fuel and operating the power plant over its lifetime. $300/MWh $200/MWh $359 $275 $168 $135 $123 $111 $100/MWh $83 $0/MWh The price of electricity from solar declined by 89% in these 10 years. The price of onshore wind electricity declined by 70% in these 10 years. 2009 Data: Lazard Levelized Cost of Engery Analysis, Version 13.0 Our WorldinData.org - Research and data to make progress against the world's largest problems. $175 Gas peaker -37% $155 Nuclear +26% $141 Solar Thermal Tower -16% $109 Coal -2% Our World $56 $41 Gas (combined cycle] -32% Onshore wind $40 Solar Photovoltaic 2019 in Data Licensed under CC-BY by the author Max Roser. 15#16Renewables getting cheaper The price of electricity from new power plants Electricity prices are expressed in 'levelized costs of energy' (LCOE). LCOE captures the cost of building the power plant itself as well as the ongoing costs for fuel and operating the power plant over its lifetime. $359 The price of electricity from solar declined by 89% in these 10 years. $300/MWh $200/MWh $275 $168 $135 $123 $111 $100/MWh $83 $0/MWh The price of onshore wind electricity declined by 70% in these 10 years. 2009 Data: Lazard Levelized Cost of Engery Analysis, Version 13.0 OurWorldinData.org - Research and data to make progress against the world's largest problems. $175 Gas peaker -37% $155 $141 Nuclear +26% Solar Thermal Tower -16% $109 Coal -2% 2019 Onshore Wind + Solar Our World in Data Licensed under CC-BY by the author Max Roser. 16#17What about when the wind doesn't blow and the sun doesn't shine? Solar Energy Production During November 2023 % MW Wind Energy Production During November 2023 % MW Dispatchable Unit MW 5400 4800 4200 3600 3000 2400 1800 1200 600 0 6000 5400 4800 Dispatchable Unit MW 4200 3600 3000 2400 1800 1200 600 0 10 01 03 05 01 03 05 07 07 09 09 11 13 15 17 19 21 23 25 27 29 11 13 15 17 19 21 23 25 27 29 Queensland variable renewable supplies Something else is needed to 'keep the lights on' 17#18What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 Coal $109 Nuclear $155 Gas OC $175 18#19What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 ✓ Coal $109 Nuclear $155 Gas OC $175 19#20What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 Nuclear $155 Gas OC $175 20#21What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 ✓ × Nuclear $155 Gas OC $175 21#22What's the back up? Cost "Cleanliness" Power Source LCOE $100/MWh Variability Safety Gas CC $56 × Coal $109 × Nuclear $155 Gas OC $175 × 22 22#23What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 × × > > Nuclear $155 Gas OC $175 23 23#24What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 Nuclear $155 Gas OC $175 24 74#25What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 × Nuclear $155 Gas OC $175 25 25#26What's the back up? Cost Power Source LCOE $100/MWh Variability Safety "Cleanliness" Gas CC $56 × Coal $109 × Nuclear $155 Gas OC $175 26#27» GAS is a Three Letter Word for TRANSITION ALICE SPRINGS TERRITORY GENERATION HOME OF THE NEW 5MW BATTERY ENERGY STORAGE SYSTEM 1000VDC ALICE SPRINGS TERRITORY 5MW BATTERY ENERGY GENERATION STORAGE SYSTEM Proudly delivered by Vector aurecon#28Quarter Mereenie Dingo Kupe Mahato PSC Investing in our future Q3 Calendar year 2023 Calendar year 2024 Q4 Q1 Q2 Q3 2x infill wells Potential stairway appraisal Flare Gas Compressor Infill well Ongoing development drilling Ongoing seismic interpretation and well planning L7* EP437* Approved activities: Kupe well; Mereenie FGRC Others subject to further JV and other approvals 2x Exploration wells Q4 Further infill well[s] Compression Project Exploration well Development Exploration & Appraisal 28#29net mmboe Growth on a solid reserves base 90 Producing & Development 80 70 60 60 50 40 40 30 20 20 10 10 0 NZ Assets 2.0 Australian Assets 12.1 Indonesian Assets NZOG 2P Total Reserves + 2C Contingent & 2U Unrisked Prospective Resources as at 1 July 2023 millions of barrels of oil equivalent, net to NZOG (inc. Cue Share) Increase Decrease Total 2.1 16.3 EOFY23 Annual Report Mereenie 2C 5 7.5 Palm Valley 2C Appraisal 4.0 6.1 2.3 27.2 1.1 Sampang PSC 2C Development + Appraisal... Palm Valley Prospective 2U Dingo Prospective 2U Exploration 4.8 78.8 36.6 L7-EP437 Unrisked Gas 2U L7-EP437 - Unrisked Oil 2U Total Including Exploration... 29#30Conclusion#31NZOG AGM Q&A 31