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As noted in her media release dated 23 April 2024, Federal Resources Minister, the Honourable Madeline King recused herself as the decision maker with respect to the PEP-11 permit under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).The Honourable Minister Ed Husic as the Minister for Industry and Science will be making any future decision on modification and related extension of the PEP-11 permit.

Noting that Minister Husic was appointed to administer the Department of Industry, Science and Resources upon being sworn-in as a Minister on 1 June 2022 and has the legal authority to take future decisions on PEP-11.The Joint Authority decision is a routine administrative decision. Any future authorisation related to drilling will require environmental approvals.

Any issues around community or environmental impacts should be transparently managed by the designated independent expert regulator.On 20 May 2024 MEC advised ASX that:1) Advent through its wholly owned subsidiary, Asset Energy Pty Ltd (“Asset”), have engaged Perth based offshore environmental consultancy specialists Klarite Pty Ltd (“Klarite”), to initiate environmental management of the Seablue-1 exploration well, due to be drilled in PEP-11, pending the current application for licence variation, suspension and extension(“Application”), regulatory approvals and rig availability. Klarite has recently prepared a detailed Environmental Approvals Strategy for the Seablue-1 exploration drilling activity for Asset.2)

The Federal Government Future Gas Strategy1 (“FGS”) and supporting documents was released by Minister for Resources Madeleine King on 9th May 2024. The FGS confirms that that gas will have a role to play in the transition to net zero by 2050 and beyond. Further the FGS states that exploration and development should focus on optimising discoveries and infrastructure in producing basins where gas will be proximal to where it is needed and will be lower cost than relying on LNG imports.

Due to the critical need for new domestic supplies of gas as stated in the FGS Asset have decided to commence work necessary for environmental approvals in advance of the PEP-11 licence Application approval, in order to be prepared to drill the Seablue-1 well, as soon as possible thereafter.Offshore gas exploration in Australia has been undertaken safely and environmentally responsibly for more than 50 years.The fact remains that NSW and Australia more broadly face a gas supply shortfall within the next four years, and gas will play a vital role in the clean energy transition.