Ironbark Weekly Drilling Update As At 10 December 2020 NZT

As at 06:00 10 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 4362 metres and are currently preparing to run casing and cement. In the past week the Operator completed drilling the 16 1/2 " hole. The Ironbark well will test the Triassic Mungaroo Formation with multiple sand objectives. The reservoir has been explored nearby at comparably shallower depths and includes discoveries at the Gorgon, Goodwyn and North Rankin gas condensate fields. The primary target is at a depth of 5668 metres TVD subsea in water depths of 301 metres. The well is expected to take around 85 days to drill. Participants in WA-359-P are BP Developments Australia Pty Ltd (Operator, 42.5%), Cue Exploration Pty Ltd (21.5%), Beach Energy limited (21%) and NZOG (Ironbark) Pty Ltd (15%). For further information please contact the Company on: email enquiries@nzog.com phone +64 4 495 2424 End CA:00364835 For:NZO Type:MKTUPDTE Time:2020-12-11 09:00:05