PNG Government and Twinza Initial the Pasca A Gas Agreement

Twinza is very pleased to confirm that on Tuesday, 10th December 2024, the PNG Government and Twinza initialled the Pasca Gas Agreement in Sydney, Australia. This is a major milestone for the Company.

The Gas Agreement is scheduled to be signed in Port Moresby next week, with a target date for signature of Wednesday 18 or Thursday 19 December 2024. Further details of the Pasca Gas Agreement will be shared after the execution of the agreement.

Please find the attached media release from the PNG Government.

Twinza’s Executive Chairman, Stephen Quantrill commented:

We are thrilled to announce this important milestone towards the development of the Pasca Project in the Gulf of Papua. We would like to thank the Prime Minister Hon James Marape, the Minister for Petroleum Hon. Jimmy Maladina, and Mr. Dairi Vele, head of the PNG State Negotiating Team for their renewed and robust commitment to taking this project to production with Twinza. We are also grateful to the Governor of Gulf Province, Sir Chris Haiveta, and Managing Director of MRDC, Mr. Augustine Mano for their support. Since applying for our Petroleum Development Licence in 2015, we successfully completed our exploration drilling campaign in 2018, had our reservoir independently assessed in 2023 with a 2C resource estimate of 90mmboe of condensate and LPG and 464Bcf of recoverable gas, obtained the necessary social and environmental permits, and have approval-in-principle for our Field Development Plan. We have an exciting project development path ahead of us through Final Investment Decision, construction and first production. We are also very excited about the journey ahead through our strategic alliance with MRDC, which was set out in the agreement that was signed on 29 May 2024 and communicated at that time. We also appreciate the long-standing support of our shareholders and investors who have stood by Twinza over our journey to develop the Pasca A reservoir.