Kupe Re-Contracting Opportunity

• 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

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