State and Twinza Agree Terms for Pasca A Gas Agreement

Twinza notes the media release, 24^th September 2020, from the office of the Prime Minister of Papua New Guinea, the Hon. James Marape, regarding the Pasca A Gas Agreement.

Twinza can confirm that non-binding terms were agreed between the State Negotiating Team and Twinza on 13^th September 2020 which met the State’s objectives.

The Parties are working collaboratively on the drafting of a binding Pasca A Gas Agreement.

Whilst Twinza acknowledges the support of the State of Papua New Guinea for seeking to progress the Project, Twinza is not in a position to confirm with any degree of certainty that the drafting process will deliver a satisfactory agreement. The proposed draft is not yet in a form that would allow the Project to progress for several reasons, including providing a State-take substantially higher than the agreed 61-65% quoted in the State's media release.

Twinza will provide updates as applicable and we look forward to securing a binding agreement that is acceptable to both Parties and supports the development of Papua New Guinea’s first offshore oil and gas field.