Armour Energy Limited provided surat work programme operational update. Warroon #1 Fracture Stimulation Update: The Warroon#1 well fracture re-stimulation was successfully completed on 10 January 2022. All fracture stages were successfully pumped with a total proppant placement of 159,826 lbs versus planned 157,500 lbs (just over 101%).

Since the last market update on 4 February 2022, Warroon #1 has continued to clean up producing gas and liquids to sales through the gathering network. As the total fluid recovery volume increases, the well continues to show encouraging signs of stronger production. To assist accelerated fluid recovery, an intermittent timer was installed to routinely cycle the well and keep fluids moving through the formation.

The daily average production rate now exceeds 400 MSCF/D with associated condensate production. Myall Creek-2 Programme Update: On 19 January 2022, Armour announced that it had successfully perforated and re-completed the Tinowon C formation in Myall Creek-2. The Tinowon C was the primary target of the work programme and initial analysis of the logging data confirmed that the zone was hydrocarbon bearing and over pressured. Subsequent data collection using a Down-Hole-Shut-In-Tool to capture the bottom hole build up pressure has confirmed that the Tinowon C formation is a viable fracture stimulation candidate.

With the support of funding partner, Armour will be 100% free carried through the fracture stimulation currently being planned for June 2022. The Myall Creek-2 programme also assessed the potential of other reservoirs intersected in the Myall Creek region. Of particular interest are the Upper Rewan and Bandana Sandstones that also appear to be gas saturated.

Work is continuing on the feasibility of accessing these zones for future potential stimulation. 1000-day Environmental Milestone: Armour is proud to report an outstanding environmental compliance milestone of 1000 days reportable incident free. Armour is fully committed and focused on Operational strategies and practices that protect the environment and the communities in which operate.

The Kincora Gas Project contains numerous operating oil and gas field across numerous petroleum leases in the Surat region of Queensland covering an area of 289,748 ha incorporating 12 PLs and 9 ATPs. Armour's area of operations include the Kincora Gas Processing Plant and LPG Terminal, Myall Creek & Parknook Fields including in-field compression facilities, Newstead Reinjection Reservoir, Emu Apple Oil facility plus 55 operational wells and 421km of gathering lines. Armour took over operatorship of the Kincora Gas Project in 2016 and continues to work on growth opportunities that maximise the use of existing assets.