Ann: NZO: EXPLORATION DRILLING COMMENCES AT PALM VALLEY, page-12

"Fully-funded: Central’s 50% share of both the Palm Valley Deep and Dingo
Deep wells are fully-funded by joint venturers under the carry component of
the partial asset sell-down completed in 2021".


PV-12 is an exploration well that will evaluate the gas potential of the Arumbera Sandstone
approximately 1300m below the known gas accumulations of the Lower Stairway and Pacoota
Sandstones. PV-12 will be drilled as a sub-vertical well from the surface to the top Arumbera
Sandstone, and then as an inclined well that builds angle with depth so that the target zone of
potential increased fracturing is intersected at a45⁰angle. The well is expected to reach the
Arumbera at a depth 3567m MD (3560m TVD)
The Arumbera Sandstone, a shallow marine and deltaic sandstone and siltstone, has not been
intersected at the Palm Valley location to date, but is inferred through seismic and well
correlations from the Dingo and Orange wells (about 120 km to the east). At the Dingo field the
Arumbera Fm encountered gas over a 24m interval with porosities ranging from 9-13% at
depths around 3,000m. Due to increased depth and potential facies change at Palm Valley the
nature of the porosity and permeability is uncertain, it may be a conventional reservoir (as is
seen at Dingo) or a fractured reservoir analogous to the Pacoota and Lower Stairway
Sandstones at Palm Valley.