Ann: AGM Presentation by Managing Director, page-113

VERY Good news Tui.
First one could have filled all the swimming pools in WA but now this one looking like it will help to power up plenty about the place in WA.
Excellent news and will make for further guidance for our drilling campaign at L7/437.
Looking like some oil as well to go with the gas............Ohhh Yeahhhhh.
Its lip licking stuff if we all get the same result as this with our drill campaign.....Significant PB Discovery

Significant natural gas discovery at North Erregulla Deep-1

MinRes is pleased to advise of a significant natural gas discovery following completion of drilling, coring and wireline logging at the North Erregulla Deep-1 (NED-1) conventional gas exploration well.
This is the second major natural gas discovery MinRes has made from three wells drilled over the last two years on its wholly owned onshore Perth Basin holdings.
The NED-1 well is situated on Exploration Permit EP 368 in the northern section of the onshore Perth Basin, approximately 8.3km south-east of the Lockyer Deep-1 natural gas discovery1.

Drilling commenced on 28 April 2023 and the Kingia Sandstone objective was reached at 4,205m measured depth relative to the rotary table (MDRT).
Elevated gas readings and high rates of penetration were encountered during full coring of the reservoir,
which indicated excellent conventional properties. Drilling was completed to a total depth of 4,446m MDRT.
Wireline logging has confirmed a 37m gross pay interval between 4,205m and 4,242m MDRT.
The interpreted net gas pay within this interval is approximately 28m.

This net pay zone is of exceptional quality, with an average porosity of 17%.
Based on the available pressure and log data to date, no gas water contact is evident.
Reservoir pressure measured near the top of the Kingia Sandstone pay interval was 6,736 psi2, which suggests the North Erregulla Deep structure is a discrete natural gas field.
Future gas appraisal wells will be required to determine the free water level and to further define the gas resource potential of the North
Erregulla gas field.
Production casing has been run and cemented to total depth and a completion string will be installed across the Kingia Sandstone pay interval.
A well test will be completed in July 2023 to evaluate gasflow rates and gas composition.

An oil zone was also identified in the secondary objective Dongara Sandstone at 3,238m MDRT.
Oil fluorescence was observed over a gross 90m section from the top Dongara Sandstone into the Wagina Formation.
Wireline log evaluation indicates a net oil pay within this interval of approximately 47m, with an average porosity of 13%.
Future appraisal wells will further define any resource potential.