#1New Zealand Oil & Gas Investor Presentation New Zealand Oil & Gas, 12 April 2022 bruce#2• Disclaimer and Important Notice I 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. 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Disclaimer: To the maximum extent permitted by law, each of the Company, Jarden Securities Limited, and their 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. 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 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. 2 טח#3Table of Contents 1. About Us 2. Production and Reserves 3. Asset overview 4. Company Close-Up 4 8 15 22 29 Appendix 1: Reserves Statement & Condensed Statement of Financial Position 3#4• New Zealand Oil & Gas at a Glance 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% OFFSHORE SOUTH TARANAKI, NEW ZEALAND KUPE: New Zealand Oil & Gas 4% MAARI: Cue Energy Resources 5% EAST JAVA, INDONESIA SAMPANG PSC: Cue Energy Resources 15% CUE ENERGY RESOURCES (ASX: CUE] Cue NEW ZEALAND OIL & GAS 50.04% energy 4#5• Company Snapshot CLEAR STRATEGY Invest in high quality assets, low-cost operating model. Focus on current production with attractive development opportunities. Near-field, lower-risk exploration provides upside. Non-operated positions in quality assets. Globally connected cornerstone shareholder. ACTIVE IN STABLE REGIONS Listed on both ASX and NZX. Established in 1981, headquartered in Wellington, New Zealand. Low risk regional exposure to healthy oil and gas markets. 4% interest in Kupe and 50.04% interest in ASX-listed Cue Energy. Acquired a material interest in the Amadeus gas fields in 2021. Focused on growing in Australia. GROWTH FOCUS Transformative acquisition led to near 5x increase in 2P reserves in 2021. Amadeus assets provide direct link to East Coast Australia gas market. Amadeus development campaign ongoing. Exploration drilling aimed at approximately doubling Amadeus reserves. Kupe development well will bring gas into a healthy NZ gas market.* Cue assets adding significant reserves and value. *Subject to final investment decision STRONG FUNDAMENTALS Share Price (based on closing price on 12 April 2022] Market cap (based on closing price on 12 April 2022) Debt Consolidated cash balance (31 Dec 21) 2P reserves 2P reserves + 2C + 2U upside potential 51 cents per share $83.9 million Nil $33.4 million 18.0 mmboe** 38.0 mmboe** **Reserves are as at 1 Jan 2022. See Reserves Statement in Appendix. mmboe million barrels of oil equivalent = 5 сл#6• Good to Grow AMADEUS ACQUISITION CHANGED THE GAME MAHATO DELIVERING FOR CUE Near-Term Growth Catalysts Mereenie flare gas recovery project Palm Valley and Dingo exploration/development wells. Ongoing Mahato Drilling Further Palm Valley appraisal and potential Mereenie infill wells. Ongoing Mahato Drilling Kupe development well and potential Mereenie and Palm Valley infill wells Financial years. Indicative. Cashflow Positive. Potential Mereenie infill wells. 1H22 2H22 1H23 2H23 1H24#70.8 OGOG offer increased 0.7 0.6 0.5 0.4 OGOG offer for 100% • NZO Share Price OGOG offer rejected Ironbark drilling мир Trend since Amadeus Ironbark exploration well nears ми Mr Ironbark not successful Нит Amadeus acquisition completes M 0.3 Apr 19 Aug 19 Jan 20 May 20 Sep 20 Feb 21 Jun 21 Nov 21 Mar 22 7#8Section 2 Production and Reserves#91.6 1.2 Significant Production Added Annual Production in millions of barrels of oil equivalent [mmboe] Kupe Dingo Mereenie Palm Valley Maari Oyong Wortel Mahato 0.8 0.4 0 FY18a FY19a FY20a FY21a FY22e* *FY22 estimated production is as per the Company's 2021 annual report. Graphic reports 100% of Cue's interest. New Zealand Oil & Gas has a 50.04% interest in Cue. 6#100 mmboe 10 30 40 2P Total Reserves + 2C Contingent & 2U Prospective Resources as at 1 Jan 2022, mmboe net to NZO (including Cue share] 20 17.1 3.9 2 P Total at 1 July20 2P Total at 1 July21 Interim Production -0.8 Mahato Upgrade Total 1.1 2P Total at 1 Jan 22 18.0 Mereenie 2C Solid Recent Reserves Additions With Upside Opportunities Increase 1.1 7.5 Palm Valley 2C Mahato 2C 1.1 TO 0.1 Paus Biru 2C PV Prospective 2U Decrease 6.1 Dingo Prospective 2U Total Asset Potential 4.0 38.0 GCOS* 2U** Palm Valley- Arumbera. Expected 1HFY23 24% 37.5 Dingo- Areyonga. 19% 16.0 Expected 1HFY23 Dingo- Pioneer 19% 8.5 Expected 1HFY23 * GCOS: Geological Chance of Success ** 2U: Net 2U Unrisked Prospective Gas (PJ) The above 2P reserves, 2C contingent and 2U prospective resources included are as per the Mahato PSC Update -Reserves Upgrade and company reserves as at 1 January 2022 release, dated 29 March 2022. New Zealand Oil & Gas confirms it is not aware of any new information or data that materially affects the information included in that 29 March 2022 release and all the material assumptions and technical parameters underpinning the 2P reserves, 2C contingent and 2U prospective resources continue to apply and have not materially changed. New Zealand Oil & Gas 1P Total Reserves as at 1 Jan 2022 are 13.0mmboe. See the reserves statement in the Appendix. Graphic reports 100% of Cue's interest. New Zealand Oil & Gas has a 50.04% interest in Cue. 10#11$'000s 50,000 37,500 25,000 12,500 50,000 37,500 25,000 12,500 Revenue Production Feeding the Bottom Line $9.8m attributable to newly acquired Amadeus Basin assets Net Operating Cash Inflow Forecast Forecast 20,000 15,000 10,000 5,000 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun 22 Net Investing Cash Outflow Successful Amadeus acquisition Unsuccessful Ironbark exploration 100,000 1 75,000 Forecast 50,000 25,000 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun 22 Cash Balances Amadeus Basin assets acquired $34m Forecast Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun 22 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun 22 The Amadeus Basin assets contributed revenues of $9.8 million from acquisition on 1 October 2021 to 31 December 2021. If the Amadeus Basin assets were included for the full six months, the Group pro forma revenues would have been $41.2 million and net profit before tax would have been $3.1 million higher. The effective date of the transaction was 1 July 2020. Revenue earned between the effective date and completion date was recognised as a change to the purchase price adjustment. See the company's financial statements for the half year ended 31 December 2021 here. 11#12• Our Assets, Placed for Growth Development and exploration wells in the Amadeus Basin Development well moving towards final investment decision at Kupe Cue's success at Mahato, Indonesia Selling into healthy markets Cue's Paus Biru development in Indonesia 12#13WHAT PRODUCTION ENHANCEMENT M&A DEVELOPMENT EXPLORATION WHEN 2021 < < Notional Activities Timeline Amadeus Acquisition Kupe Compression M WHERE AMADEUS BASIN, AUSTRALIA CUE, INDONESIA KUPE, NEW ZEALAND 2022 Mereenie Coil Tubing Mereenie Flare Gas Compressor 2023 ? Amadeus De-Bottlenecking ! Kupe Drilling M ½ PV-12 PV Drilling Mereenie Drilling ? Dingo-5 Mereenie Drilling 9 Mahato wells 4 Mahato wells ? More Mahato wells ! Sampang Development PV-12 Deep PV-12 and Dingo-5 are exploration and development wells. ¼ Dingo-5 Deep 2024 Stairway appraisal or exploration success follow on Completed Firm, Final Investment Decision Taken ! Firm, No Final Investment Decision ? Not Firm 13#142016 $ZN KUPE RE-CONTRACTING OPPORTUNITY OCTOBER 2023 New Zealand gas prices are healthy 25 NZ GAS SPOT PRICE 20 15 10 LO 5 NZ Govt. ར་ན་ག་གསས་ offshore ban 2017- 2018- 2019- 2020- QUANTITY [PJ] 600 400 1400 1200 1000 800 2000 1800 1600 2200 Healthy Energy Markets AMADEUS GAS SALES LINKED TO AUSTRALIA EAST COAST MARKET Forecast supply constraints are anticipated to create price pressure 200 0 2023 2024 2025 2026 2027 2028 2029 2031 2031 2032 2033 2021 2022- Source: Enerlytica FORECAST PRODUCTION FROM UNDEVELOPED 2P RESERVES FORECAST PRODUCTION FROM DEVELOPED 2P RESERVES (INCLUDINGNT FLOWS & IMPORTS] DEMAND (DOMESTIC & LNG SPAS] DEMAND [DOMESTIC, LNG SPAS & FORECAST SPOT & ADDITIONAL SALES] DEMAND (DOMESTIC & MAXIMUM SUSTAINED LNG EXPORT CAPACITY] Source: 2023-33 ACCC forecast supply from 2P reserves and demand in the east coast, ACCC Gas inquiry 2017 - 2025: Interim [January 2022] 2016 US$ 50 2017 100 2018 14 OIL PRICE TRENDING UPWARDS POSITIVELY IMPACTING MAHATO REVENUES 2019 - 2020 BRENT OIL PRICE 2021 Source: Rystad 2022#15Section 3 Asset Overview#16Sampang 0.70 Maari 0.61 • Total 2P Reserves By Country Indonesia 2.12 mmboe New Zealand 2.58 mmboe Mahato 1.42 Kupe 1.97 Dingo 2.81 Australia 13.30 mmboe Palm Valley 2.03 Mahato reserves are from the reserves statement included in the Mahato PSC update 29 March 2022. Reserves are effective from 1 January 2022 and include 100% of Cue's interest. New Zealand Oil & Gas has a 50.04% interest in Cue. See the reserves statement in the Appendix. Mereenie 8.46 16#17□ Production facilities 0 Petroleum wells Gas pipeline Oil pipeline Track Unsealed Road Permits Northwest Mereenie 1- 195 26 22west Mereenie 1 21 18 150 897m Walanka National Park Legend Watana Permits Gas Oil Gas Pipelines Oil Pipelines 23 5 13 3 20 OL4 11 Mereenie 1 14 16 • Amadeus Basin, Australia NT Tennant Creek Mount Isa Alice Springs QLD WA SA 10 8 42 30 Mereenie Central East 33 Treatment Plant Mereenie 135 : 1422 21 43 34 39 4144 40 38032870 1620 1397 m 1510 m Mereenie OL4 & OL5 NZOG 17.5%, Cue Energy 7.5% Kilometers 0 10 20 40 60 80 13 OL5 45 30 19 15 Mereenie Eastern 260 West Satellite Station MacConnel National Park 1255m MACDONNELL RANGES Palm Valley OL3 912 Park NZOG 35%, Cue Energy 15% Reserve Tourist Drive 80 24 25 6010 Hugh Crees Shart Hary GREAT DIVIDI Dingo L7 NZOG 35%, Cue Energy 15% IMPROVING COMMERCIAL OUTCOMES Multiple short and medium term gas contracts Improving average realised price Near and medium term development opportunities MEREENIE GAS FIELD Acreage of 281km² on two permits 71 existing wells Two production facilities Pipeline linked to Northern Territory and East Coast MEREENIE FIELD DEVELOPMENT PROGRAM ENHANCED PRODUCTION Coiled Tubing campaign in targeted wells DEVELOPMENT 2021 2022 Potential low-cost Mereenie Flare Gas Compression [reduces CO2 emissions] de-bottlenecking Further infill wells Appraise Stairway 27PJ of 2C Contingent [net to NZO] 2023 2024 17#18EXPLORATION TARGET PALM VALLEY DEEP GAS 1770m ← 1500m 3553.2m • Amadeus Basin, Australia PRODUCTION LATERAL OPTION KEY OPPORTUNITIES Near term development and exploration drilling Improving commercial opportunities Multiple short and medium term gas contracts Improving average realised price PALM VALLEY GAS FIELD Acreage of 616km² 10 existing wells Production facility Pipeline linked to Northern Territory and East Coast 2065.6m 45° GAS TARGET 37.5PJ [net to NZO including Cue] 2U unrisked prospective resourses PACOOTA SANDSTONE PALM VALLEY FIELD EXPLORATION, APPRAISAL AND DEVELOPMENT PROGRAM DEVELOPMENT Exploration and development targets PV-12 net 2.5PJ of 2C Contingent Increase rates by up to net 3.5TJ/d Potential for low-cost de-bottlenecking EXPLORATION UPSIDE Deepening PV-12 well Arumbera formation net 37.5PJ [2U unrisked prospective resources] JV reviewing plans for further potential infill wells *GAS SHOWS AT OFFSET WELLS ARUMBERA SANDSTONE * 2021 2022 2023 2024 18#19Arumbera Intra-formational seal Reservoir Zone EXPLORATION TARGET DINGO DEEP GAS PRODUCTION WELL Top Depth 3410m GAS TARGET 8.5PJ [net to NZO incl Cue] 20 Unrisked Prospective Resources 2963.4m • Amadeus Basin, Australia KEY OPPORTUNITIES Near term development and exploration drilling Long-term take-or-pay gas contract with Power and Water Corporation providing power for Alice Springs DINGO GAS FIELD Acreage of 468km² Two existing wells Production facility Linked to local markets ARUMBERA SANDSTONE DINGO FIELD EXPLORATION AND DEVELOPMENT PROGRAM DEVELOPMENT Exploration and development targets Dingo-5 4.1PJ net of 2P reserves and maintain contract capacity 60° GAS TARGET Top Depth 3636m 16PJ [net to NZO incl Cue] 2U Unrisked Prospective Resources PIONEER EXPLORATION SANDSTONE * UPSIDE Total Depth 3743m *GAS SHOWS AT OFFSET WELLS AREYONGA FORMATION* Deepening of the Dingo-5 well Potential for net 24.5PJ of 2U unrisked prospective resources 2021 2022 Potential for surface compression 2023 2024 19#20KEY OPPORTUNITIES Improving commercial opportunities • Taranaki, New Zealand Significant future un-contracted gas in a healthy market Kupe re-contracting opportunity October 2023 Legend Permits Gas Oil Gas Pipelines Oil Pipelines Kilometers 05 10 20 30 40 PML 38146 Kupe PMP 38160 Maari Cue Energy Resources 5% NZOG 4% KUPE GAS AND CONDENSATE GAS FIELD Acreage of 256km² 3 existing production wells Dedicated production facilities extracting gas, LPG and condensate Pipeline linked to domestic market I KUPE FIELD DEVELOPMENT PROGRAM Gas sales from Kupe since the inlet compressor was brought online have been higher than forecast. This has accelerated sales of gas, LPG and condensate in strong markets, resulting in an inability of the field to continually deliver to 77TJ/d. Field performance continues to deliver strong volumes. The operator is investigating further opportunities to accelerate sales including potential in-well work and drilling the potential KS-9 infill well. I 12 emission reduction initiatives targeting a reduction of net 660t/year of CO2e emissions 2021 Compression project Potential KS-9 infill well, 1.8PJ net 2P resources. Final investment decision expected soon 2022 2023 2024 20#21N Malaysia Mahato PSC Cue 12.5% Singapore Legend Gas Oil Permits Bandar Lampung Jakarta • Cue Developments in Indonesia Yogyakarta Sampang PSC Cue 15% Kilometers 0 75 150 300 450 600 SAMPANG PSC Cue 15% Offshore gas Development Opportunity 2021 MAHATO PSC Cue 12.5% ONGOING and Future Onshore Development Drilling 92.8 million barrels (in place] field discovered in 2020. 8 production wells delivered (1 Jan 22]. Production up from 0 to 5,500 bopd. Recently announced material increase in 2P Total Reserves to 1.4mmstb net to Cue. 5 Mahato development wells 8 Mahato production wells delivered by 1 Jan 2022 2022 Further Mahato drilling potential identified 2023 Paus Biru discovery, ~7PJ 2C resources net to Cue. Development through the existing Sampang infrastructure and on to gas-to-electricity market. Final investment decision mid-2022. NEW ZEALAND OIL & GAS HAS A 50.04% INTEREST IN CUE. CUE'S FULL INTEREST IS SHOWN. 2024 21#22Section 4 Company Close-up#23Andrew Jefferies, Managing Director • Expert, Stable Management Team Paris Bree, General Counsel Catherine McKelvey, CFO Daniel Leeman, GM Assets & Engineering Dr Chris McKeown, VP Business Development Michael Wright, GM Commercial Andrew has been working in the global energy industry for over 30 years, including 17 years for Shell and 5 years for OMV. A certified Petroleum Engineer and deeply experienced Director, Andrew holds a BE, MSc and MBA. Paris has been working in the energy industry for over 15 years. In addition to her role as General Counsel, she acts as Company Secretary and leads our legal commercial and sustainability activities She holds a LLB and BA. Catherine has worked in finance for over 30 years, including 9 years in the energy sector, and 5 years as CFO. Deeply experienced in corporate finance, and a Chartered Management Accountant, she holds a BA in Economics. Daniel has worked as a Reservoir Engineer for over 14 years. He leads our engineering and assets teams and is integral to our growth aspirations. He holds a MEng and a MSc and is a certified Petroleum Engineer. Chris has been working in the energy industry for 25 years in a range of senior executive roles. He is responsible for our business development, M&A and exploration activities and holds a BSc and PhD in Geology. Michael has nearly 40 years experience in the energy sector, particularly gas and electricity contracts and projects. He has a key role in our commercial contracting and business. development activities and holds an MPhil. 23#24• Deeply experienced board Dr Rosalind Archer. Samuel Kellner, Chairman Marco Argentieri Independent director Andrew Jefferies, Managing Director Alastair McGregor Rod Ritchie, Independent director Samuel has held a variety of senior executive positions with the Ofer Global group since 1980. He is deeply involved in offshore oil and gas, shipping and real estate activities for the group. He holds an BA, MBA and PhD in Applied Economics. Ros has been a Petroleum Engineer for over 20 years and is currently Head of Engineering at Griffith University. A deeply experienced engineer, she holds a BSc and PhD in Petroleum Engineering. Marco has worked for the Ofer Global group since 2006. He is Senior Vice President and General Counsel and has a key role in in driving strategy and structuring financing activities for the group. He holds a B.A., a J.D., and MBA. Andrew has been working in the energy industry for over 30 years, including 17 years for Shell and 5 years for OMV. A certified Petroleum Engineer and deeply experienced Director, Andrew holds a BE, MSc and MBA. Alastair has been actively involved in the oil & gas sector since 2003. Prior to entering the oil & gas industry Alastair was a banker for 12 years. Alastair is currently CEO of O.G. Oil & Gas Limited and holds a BEng and MSc. Rod has almost 40 years experience in senior leadership roles in Health, Safety, Security and Environment in oil and gas, including being SVP of HSSE at OMV in Vienna. He holds a BSc. 24#25• ESG Performance Matters to Us 2,000-10,000 NATIVE TREES FUNDED COMMITTED TO CLIMATE -2021- freesthatcount.co.nz Carbon conscious production. We offset our Scope 1 New Zealand emissions, back up solar and displace coal use. RAINBOW TICKS CERTIFIED www.rainbowtick.co.nz TCFD 1500 16 M POSTIAC Met skun 14 ГЛАЛТА Teens Al 12 12 DEMIO a cum by Dott gestion 17 TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES 1 PRET 2 SSS Duque for వ Geventing with an A www 3 MAPPING THE OIL AND GAS INDUSTRY TO THE SUSTAINABLE DEVELOPMENT GOALS S W trans N You Genetic hla, Dar ure C N We report on the Sustainable Development Goals [UN's 2030 Agenda for Sustainable Development) and in line with the Taskforce on Climate- Related Financial Disclosure framework. The only oil and gas company in our region to achieve a Rainbow Tick. Support for research into long term CO2 sequestration. Support for initiatives that help our community. SALK INSTITUTE FOR BIOLOGICAL STUDIES Dunedin Curtain Bank warmth - hapori - sustainability 11 JONG ABLO DEN 10 wwwwww 25#26• Our Values Tikanga. The Right Things the Right Way We operate safely and do what we say we will do. We display respect and understanding for other people, opinions and cultures. We respect values, rules and laws. Mahi Tahi. Work Together, Collaborate, Cooperate, With Teamwork We are open, honest and transparent. We actively pitch in and help. We have fun and work with passion. We put big issues on the table so they can be resolved. Pakaki. Consumed With Curiosity We seek to better understand ourselves, and the world, with the goal of constantly improving. We explore new areas to add value to our work. We work with initiative and imagination. Tauhokohoko. Barter, Bargain, Trade We seek to continually add value through the application of skills, brains and hard work. We develop mutually beneficial relationships with key stakeholders and partners. We deliver excellent commercial outcomes. 26#27Distribution of shareholdings 1 - 999 0.47% 1,000 - 1,999 0.77% 2,000 - 4,999 10,000,000 Over 69.86% 1.79% 5,000 - 9,999 1.73% 10,000 - 49,999 5.64% 50,000 - 99,999 2.94% 100,000-499,999 5.21% 500,000 - 999,999 3.43% 1,000,000 - 9,999,999 8.16% As at 24 March 2022 27#28NEW ZEALAND OIL & GAS "We are building a great business by investing in producing oil and gas assets in our region, selling into healthy markets that have a demand for ethical production. The world needs our energy. The time is right to invest in the growth of our producing assets." Andrew Jefferies, Chief Executive and Managing Director#29Appendix Reserves Statement & Condensed Statement of Financial Position#30• Reserves Statement Oil and gas reserves, and contingent and prospective resources, are reported as at 1 January 2022, unless otherwise stated, and follow the SPE PRMS Guidelines [2018]. The volumes presented are net to New Zealand Oil & Gas, including Cue's reserves and resources at 100% [noting New Zealand Oil & Gas holds 50.04% of the shares in Cue]. In the Amadeus basin, all fields and prospects are non-operated by New Zealand Oil & Gas, with the operator being Central Petroleum Limited. New Zealand Oil & Gas holds 17.5% equity in Mereenie and Cue holds 7.5%. At Palm Valley and Dingo, New Zealand Oil & Gas holds 35% and Cue holds 15% equity. In New Zealand, all fields and prospects are non-operated by New Zealand Oil & Gas. The operator at Kupe is Beach Energy and at Maari the operator is OMV. Cue currently holds an equity position of 5%, 15% and 12.5% in the Maari, Sampang and Mahato assets respectively, though Production Sharing Contract (PSC) adjustments at the Sampang and Mahato fields affect the net equity differently across reserve categories. The Paus Biru discovery, sits on the Sampang PSC where the field is operated by Medco and Cue holds 15% equity. Mereenie, Palm Valley and Dingo reserves are based on historical field production data and various well intervention and drilling campaigns. This data has been combined with available seismic data and evaluated using analytical and numerical analysis methods, combined with a set of deterministic reservoir simulation and network models. In place volumes have been calculated using probabilistic methods, with deterministic workflows used for recoverable volumes. The reserves and resource volumes stated have not been adjusted for risk. Kupe reserves are determined by deterministic reservoir simulation modelling conducted by the operator Beach Energy. At Maari, a combination of deterministic and analytical methods have been applied by New Zealand Oil & Gas in determining remaining reserves. At Sampang deterministic methods are used to evaluate the reserves on the basis of historical production. Mahato reserves and resources are based on the available historical field production data and drilling results in the first 8 wells in the field. This data has been combined with available seismic and petrophysical models along with a network reservoir model. In place volumes have been developed using probabilistic methods, with deterministic workflows used for recoverable volumes. The reserves and resource volumes stated have not been adjusted for risk. The Mahato volumes reflect the SKK Migas approved Plan of Development [POD] and the approved 2022 work program and budget for 5 additional wells [taking the total producers to 13], as well as a view of further potential drilling opportunities beyond this which will require further evaluation and approvals prior to drilling and hence are placed. in contingent resources (development pending]. The extraction method for Mahato is via an export pipeline to local pipeline networks (ultimately through to the Dumai terminal]. Paus Biru contingent resources have been sub-classified as "Development Unclarified" under the PRMS Guidelines by Lemigas (who are the competent person for those resources), which represents a discovered accumulation where project activities are under evaluation, the potential for a commercial development is unknown based on available information and plans to develop are not yet considered near-term. As such, further work is required on the development and commercialisation options before bringing forward to reserves status. A deterministic methodology was used to categorise the contingent resources. The Amadeus 2C contingent and 2U prospective resources [best estimate) included are as per the Amadeus notice of special meeting released to NZX on 25 May 2021. New Zealand Oil & Gas confirms it is not aware of any new information or data that materially affects the information included in that 25 May 2021 release and all the material assumptions and technical parameters underpinning the 2C contingent and 2U prospective resources continue to apply and have not materially changed. For the Amadeus prospective resources, 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. These risks for discovery and development for the prospective resources are as stated in the 25 May 2021 announcement, they will be evaluated through the drilling of the upcoming Palm Valley-12 and Dingo-5 wells. The Paus Biru 2C contingent resources are as per the market announcement made by Cue on 19 August 2020. New Zealand Oil & Gas confirms it is not aware of any new information or data that materially affects the information included in the 19 August 2020 release and all the material assumptions and technical parameters underpinning the 2C contingent resources continue to apply and have not materially changed. Net reserves are net of equity portion, government take under all relevant agreements net of royalties, taxes, fuel and flare (as applicable). All reserves and resources reported refer to hydrocarbon volumes post-processing, net of fuel, and immediately prior to point of sale. The volumes refer to standard conditions, defined as 14.7psia and 60°F. Tables combining reserves have been calculated arithmetically and some differences may be present due to rounding. At all fields, economic modelling has been conducted to determine the economically recoverable quantities. For the conversion to equivalent units, standard industry factors have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ, 1 tonne of LPG to 8.15 boe and 1TJ of gas to 163.4 boe. This reserves and resources statement is approved by, based on, and fairly represents information and supporting documentation [for all fields other than Paus Biru] prepared by New Zealand Oil & Gas General Manager Assets & Engineering Daniel Leeman. Daniel is a Chartered Engineer with Engineering New Zealand and holds Master's degrees in Petroleum and Mechanical Engineering as well as a Diploma in Business Management and has over 10 years of experience. Daniel is also an active professional member of the Society of Petroleum Engineers and the Royal Society of New Zealand. New Zealand Oil & Gas reviews reserves holdings at least twice a year by reviewing data supplied from the field operator and comparing assessments with this and other information supplied at scheduled meetings. Daniel is currently an employee of New Zealand Oil & Gas. 30#31Condensed Statement of Financial Position $000 ASSETS Current assets For the half year ended 31 December 2021 Unaudited Half Year 31 Dec 2021 Audited Full Year 30 Jun 2021 Unaudited Half Year 31 Dec 2021 Audited Full Year 30 Jun 2021 Cash and cash equivalents 33,444 Funds held in escrow 70,730 28 Receivables and prepayments 11,981 9,144 LIABILITIES Current liabilities Payables Lease provision Contract liabilities 8,123 272 7,283 215 5,217 Inventories 4,078 1,137 Deferred consideration 25,368 Right of use assets 151 Current tax liabilities 3,259 2,164 Total current assets 49,503 81,191 Total current liabilities 42,239 9,662 Non-current assets Non-current liabilities Exploration and evaluation assets 1,202 Rehabilitation provision 42,759 26,088 Oil and gas assets 150,097 53,477 Contract liabilities 5,439 Property, plant and equipment 206 173 Deferred consideration 4,250 Right of use assets 524 330 Lease provision 279 282 Other intangible assets 2,953 1,875 Deferred tax liability 945 3,391 Deferred tax asset 6,846 Total non-current liabilities 53,672 29,761 Other financial assets 6,363 6.276 Total liabilities 95,911 39,423 Total non-current assets 168,191 62,131 Net assets 121,783 103,899 Total assets EQUITY 217,694 143,322 Share capital 211,901 211,901 Reserves 6,756 4,961 Retained earnings (105,947) [117,543] Attributable to shareholders of the Group 112,710 Non-controlling interest in subsidiaries 9,073 99,319 4,580 Total equity 121,783 103,899 Net asset backing per share (cents) 73.0 61.9 31 Net tangible asset backing per share [cents] 67.0 60.8