Ann: COE: Operational and Financial Update, page-2

The never ending story:

OGPP performance and outlook

Scheduled maintenance at OGPP was undertaken from 11 April to 17 April 2021 by plant owner and operator APA Group (ASX: APA). During this period the plant was shut down for six days for a proactive winter readiness clean in both absorbers. The plant was brought back online on 17 April and produced at rates of 45 – 48 TJ/day through to the end of April. The development of fouling earlier than expected within the absorbers subsequently limited production throughput capacity.

APA brought forward the next scheduled absorber cleans which were undertaken from 12 May to 22 May 2021. Each absorber was cleaned within three days. Production through both absorbers in parallel mode has since recommenced and the plant is currently producing at 48 TJ/day. Individual absorber cleans will be staggered every 2-3 weeks to maximise the production profile throughout winter.

Cooper Energy and APA continue to work together on the plans for further capital works in accordance with the Transition Agreement as announced on 20 August 2020.

The root cause analysis is continuing, with the objective of identifying the underlying cause of OGPP foaming and fouling.

Sole gassales volumes

Higher seasonal demand leading into winter has seen gas sales into the Sole contracts increase up to maximum daily contract quantities. Since 1 April 2021, sales volumes have averaged 51 TJ/day and have reached 59 TJ on a number of days. All nominations from the Sole customers are being met.

Throughout CY2021, Cooper Energy plans to deliver a minimum of 49 TJ/day on average under its Sole Gas Sales Agreements (GSAs). As the OGPP performance has been variable, gas supply has been sourced from Cooper Energy’s back-up supply arrangements when required. In accordance with the Transition Agreement, APA will make contributions towards costs of certain back-up supply, which provide Cooper Energy with a comparable net cash margin as if all required Sole GSA volumes had been

processed at OGPP and made available for sale.