RIG SIGNED UP FOR DRILLING BOOTH WELL IN L7 PERMIT

New Zealand Oil & Gas Limited (ASX & NZX: NZO) notes the press release by Triangle (ASX: TEG 50% and Operator of the L7 permit) attached. The Ventia 106 rig is signed up, all necessary approvals are obtained, and the Booth-1 well will commence drilling operations in late June 2024. This is the first prospect to be targeted using the 3D seismic acquired over the L7 and EP437 Permits in 2022. New Zealand Oil & Gas farmed into these permits in 2023 [see NZO announcement 17 Jan 23 for more detail]. The net cost to NZO for this well is forecast to be A$4.55 million in accordance with the farm in terms. "This is very exciting news and the result of a lot of work over the last year," says Chief Executive Andrew Jefferies. "It will be great to get the bit spinning on the Booth gas prospect in the prolific Perth Basin. It is a promising onshore exploration target, surrounded by recent discoveries and developments, near infrastructure, in a market that needs gas to keep folks showers warm and cook their West Australian Crayfish; as well as powering the industry and mining that will enable our low carbon future. Gas is a three-letter word for transition". The Permits' joint ventures comprises Triangle (ASX: TEG 50% and Operator); NZO (25%) and Strike Energy Ltd (ASX: STX 25%). For further information please contact the Company on: email enquiries@nzog.com phone +64 4 495 2424 End CA:00429791 For:NZO Type:GENERAL Time:2024-04-18 11:26:37