Synertec Corporation Limited provided a key development update in relation to its novel and proprietary Powerhouse technology, which enables the utilisation of renewable energy to fully power industrial applications in remote locations, is rapidly deployable and portable, and has no requirement for fossil-fuel standby generation. Live operation and final phase of testing commences: Powerhouse has commenced the final stage of testing on a cluster of eight production wells spread across an area of approximately 10 square kilometres in remote central Queensland. The cutover of Powerhouse to Santos' live operating and production systems to fully energise the equipment used for each of the wells, emission-free, follows successful and extensive FAT and SAT programs over the past six months that delivered operational performance which exceeded expectations.

Importantly, the successful live operation of Powerhouse enables the existing bank of gas generators to be disconnected from the operating system and prepared for decommissioning. Gas previously used to fuel the generators at the site can now be directed into the Australian gas network, increasing gas supply and revenue for the field operator. This also saves the operator operating costs such as fuel and maintenance and provides for a safe operation with minimal site visits required given Powerhouse's integrated smart remote control system.

The commercial-scale field trial is the final stage of the testing process. Next Steps: As the data from the field trial is generated and both parties are satisfied all Key Performance Indicators (KPIs) have been achieved, it is expected that the successful field trial will lead to a commercial contract for Synertec to provide the Powerhouse system to Santos on a long-term rental basis. To this end, the parties continue to progress discussions regarding commercial terms for this site and future sites.

Both parties are targeting second half fiscal year 2023 for this development. The company continues to advance plans for commercial scale production of Powerhouse, with local and international component suppliers committing to key supply chain performance criteria outlined by the company.