Ann: Change in substantial holding from MIN, page-73

@SkunkWorks We have a strong core, There were more than 2500 Nwe Shareholders that Chris Ellison wanted to target last week . There is more than 20 years in the 250 TJ /day gas plant from what Chris Ellison said on the 16th of December. We wants to have the minimum 250TJ plant in place by 2024 . To quote him directly “So what we want to find out is can we get a little greedy and build the plant bigger”. using V10 $6 MCF with Market value $2 MCF . This does not take into account a demand surplus in 2030 or price/cost escalations

1		NWE Fields/Prospects/Leads	Est Trap Size km2	Est/Conceptual BCF Gas in place range *	Proposed Gas plant by 2024 TJ/Day	NWE Conceptual Value /MCF at lower bound
2	LDGP	102	2,400-3,700	250 **	1.01 B
3	Lead A	4	90-150		0.04 B
4	Lead B	6	140-220		0.06 B
5	Lead C	12	280-440		0.12 B
6	Lead D	20	470-730		0.20 B
7	Lead E	65	1,500-2,400		0.63 B ***
8	Lead F	16	380-590		0.16 B
9					2.22 B or 31 c/Share

Table 1: New Leads

*Assumes 70-110 BCF/3 km2 from June 2022 announcement

** MIN AGM 22/11/2022 “So what we want tofind out is can we get a little greedy and build the plant bigger” 16/12/2022

*** “” Off particular interest to Norwest isLead E which Directors believe has the potential to be of a similar scale toLockyer”. ASX 10/1/2023 Target statement pg. 8 paragraph 8

All enclosed is my opinion, and not considered investment advice, do your own research

		Conceptual field size		Range Val
Lead		70 BCF/3km2	110 BCF/3km2			NWE's lower bound
	Km2	23.3 BCF/km2	37 BCF/km2	$2/MCF			NWE's upper bound
LDGP	102	2,377	3,774	$4,753,200,000	$7,548,000,000	1,002,925,200	1,592,628,000
Lead A	4	93	148	$186,400,000	$296,000,000	39,330,400	62,456,000
Lead B	6	140	222	$279,600,000	$444,000,000	58,995,600	93,684,000
Lead C	12	280	444	$559,200,000	$888,000,000	117,991,200	187,368,000
Lead D	20	466	740	$932,000,000	$1,480,000,000	196,652,000	312,280,000
Lead E	65	1,515	2,405	$3,029,000,000	$4,810,000,000	639,119,000	1,014,910,000
Lead F	16	373	592	$745,600,000	$1,184,000,000	157,321,600	249,824,000
		TOTAL		$10,485,000,000	$16,650,000,000
		NWE Share say 21% ave		$2,212,335,000	$3,513,150,000	2,212,335,000	3,513,150,000
						TRUE	TRUE