3D Oil Limited provided an update on the upcoming 2024/2025 East Coast drilling exploration campaign with ConocoPhillips Australia, operator of the VIC/P79 and T/49P exploration permits. TDO has a participating interest of 20% in both exploration permits. Drilling Campaign: ConocoPhillips Australia has provided an update on planned Otway Basin exploration activities to identify gas reserves to supply the domestic east coast gas market and contribute to Australia's energy security.

ConocoPhillips Australia is currently preparing a drilling Environmental Plan ("EP") for up to 6 exploration wells between 2024-2028. The EP will cover both permits, providing flexibility to drill multiple locations within the permits during the EP window. ConocoPhillips Australia has initiated the consultation process with stakeholders and continues to progress towards the determination of final drill targets in parallel.

Two (2) exploration wells are to be drilled as a part of the exploration campaign, which is planned over a window spanning late 2024/2025. TDO has a carry of one exploration well on each of T/49P and VIC/P79 permits, which together amount to the value of approximately USD 65 million as part of the T/49P and VIC/P79 farmout agreements with ConocoPhillips Australia. Program commencement is dependent on regulatory approvals and rig availability and may commence as early as October 2024.

Final drill targets will be selected upon finalisation of a risked and ranked prospect inventory across both permits, following completion of the Sequoia 3D MMS processing and interpretation, as well as 3D seismic reprocessing and interpretation activities in VIC/P79. The Company has a USD 35 million carry on an exploration well in VIC/P79 as part of the Farmout Agreement. As the VIC/P79 exploration well falls within the primary term of the work programme (the first three (3) years), NOPTA considers the work commitment as `guaranteed' and the commitment is unlikely to be reduced.

The current expiry date of the Primary Term is in February 2025. 3D Oil also has a USD 30 million carry on an optional exploration well in T/49P, a Year 6 work program commitment. Phase 3/3 of the Sequoia 3D processing is expected in First Quarter 2023 and TDO anticipates the release of updated prospective resource estimates in mid-2023.

Exploration Well Planning: Well planning is currently progressing as ConocoPhillips Australia considers possible synergies with other operators planning drilling campaigns around a similar window within the area. ConocoPhillips Australia has progressed the well planning process and is actively looking to secure an appropriate rig. Preparation for relevant regulatory approval(s) is occurring concurrently.