Kupe Re-Contracting Opportunity

0 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

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