Path to Commercial Gas Production

Key raising details Pro-forma Capital Structure Post-capital raise pro-forma $6.7m raise Pre-raise ordinary shares 1,209.4m 90.4% Pre-raise market capitalisation¹ $78.6m Target New shares issued (Placement) 128.0m 9.6% Total Target shares post-raise 1,337.4m 100.0% Issue Price $0.052 Implied market capitalisation (at Issue Price) $69.6m Cash² $11.1m Implied enterprise value (at Issue Price) $58.5m Performance rights³ Options4 25m 139m 1. As at last close of $0.065 per share on 22 April 2022 2. 3. 4. Includes existing cash of $4.4 million at 31 December 2021 plus $6.7 million capital raise (excluding cap raise fees and legal costs) ASX releases - 25 November 2021 (8,000,000), 16 December 2021, (16,000,000) and 4 January 2022 (1,000,000) for employee incentives. ASX release 30 September 2021 - 7,000,000 options exercisable at $0.15 expiring 30 June 2022, 90,000,000 options exercisable at $0.045 expiring 30 June 2023 and 12,000,000 options exercisable at $0.045 expiring 22 September 2024. ASX release 25 November 2021 - 4,000,000 options exercisable at $0.10 expiring 31 October 2024. ASX release 4 February 2022 - 4,000,000 options exercisable at $0.12 expiring 1 February 2025.ASX release 20 April 2022 - 12,000,000 options exercisable at $0.09 expiring 19 April 2025. 10,000,000 broker options yet to be announced. 18

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