Top End Energy Limited provided an update on its activities, including the independent assessment by Discover Geoscience of the Company's first Prospective Resources at the Coolibah Prospect on ATP 1069. Coolibah Prospect: The Coolibah conventional gas prospect was identified following the completion of the Company's prospectivity review of its 100% owned Authority to Prospect (ATP) 1069. The Coolibah prospect is a large structural feature (278km2) identified from geological and geophysical studies focussed on assessing the conventional gas potential of Devonian aged formations including the Buri Limestone.

The Buri Limestone is of equivalent age to the producing formation of the nearby Gilmore Gas Field. The intention of the forward work program is to further increase the geological chance of success of the prospect ahead of a potential exploration well. While multiple plays exist across the permit, the Company focused its technical review and assessment on conventional natural gas potential in the under-explored Adavale Basin.

Digitising vintage seismic data and undertaking Pre-Stack Time Migration processing of 220km of vintage seismic lines formed the basis for the review of the play fairways, dry hole analysis, stratigraphic interpretation, charge modelling and prospect identification. A proven working petroleum system exists in the Adavale Basin as evidenced by the Gilmore Gas Field which is situated approximately 50km west of ATP 1069. The prospectivity assessment carried out by the Company has resulted in the identification of three high graded areas of interest, with the Coolibah Prospect in the southwest portion of the block of particular interest.

All high graded areas are focussed on the Adavale Basin portion of the Permit. 2D Seismic Acquisition: On the back of the work completed to date, the Company has refined the scope of the intended infill seismic acquisition of up to 120km of new 2D lines. The focus of the campaign will be the Coolibah Prospect and is intended to be undertaken in First Quarter 2023.

The objectives of the infill seismic campaign will be to reduce subsurface geological risk by: assessing the likely distribution and quality of hydrocarbon reservoirs and confirmation of a structural closure with sealing capacity; and identifying possible drilling locations for an exploration well to be drilled later in 2023. The Company has provisioned seismic contractors to undertake the acquisition and continues to negotiate land access agreements with relevant owners for the revised campaign. Northern Territory: Exploration Permit 258: Earlier this month, the second on country meeting (OCM) with the native title holders of Exploration Permit (EP) 258 was held in Tennant Creek.

The purpose of this meeting was for native title holders to decide whether to agree to the terms of the proposed exploration agreement ancillary to an agreement under section 31(1)(b) of the Native Title Act (the Exploration Agreement). Heading into the meeting, the Company had reached an agreed position with representatives of the Northern Land Council (NLC) on the in- principle terms of the Exploration Agreement subject to instruction from native title holders, and amended for feedback from the native title holders following the first OCM in September. All key decision makers from the native title holder group were in attendance at the November OCM and feedback from the NLC was positive.

During the meeting, no further changes to the Exploration Agreement were proposed, and there were no further questions for the Company in relation to the intended exploration activities on the permit. A number of key decision makers who were unable to attend the first OCM have, however, requested more time to consider the agreement. The Company is working with the NLC to determine the most timely and efficient means of facilitating a decision, acknowledging the upcoming ceremonial business period in December.

In the meantime, the Company continues to progress key approvals and access agreements to maintain the timetable for the intended 2023 work programs, including the planned acquisition of up to 150km of 2D seismic survey in H1 2023. The objective of the proposed seismic survey is to confirm the extension of the proven play system that hosts the significant discoveries which have been made in the Beetaloo Basin, including the conventional Bessie Sandstone and unconventional Velkerri Shale reservoirs, into the Company's application areas on the Southern McArthur Basin margin, and ultimately aid in the identification of drilling targets.