Cooper Energy Limited provided the following update in relation to its gas and oil Rese and Contingent Resources at 30 June 2022. Cooper Energy's 2P gas and oil Reserves at 30 June 2022 are assessed to be 39.5 MMboe Key factors contributing to the reduction in Reserves since 30 June 2021 include: production of 3.3 MMboe in FY22; a decision to defer further development of the Henry gas field to a future campaign, resulting in a revised classification from Undeveloped Reserves to Contingent Resource. There was also a reduction at Henry due to a revised subsurface interpretation; and the divestiture of Cooper Basin permit PPL 207 to Bass Oil Ltd. Contingent Resources Cooper Energy's 2C gas and oil Contingent Resources at 30 June 2022 are assessed to be 36.9 MMboe.

The increase is primarily due to the addition of reclassified Henry undeveloped Reserves to Contingent Resource and upwards revisions at the Annie gas field. Notes on calculation of Reserves and Contingent Resources; Cooper Energy prepares its petroleum Reserves and Contingent Resources in accordance with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). The estimates of petroleum Reserves and Contingent Resources contained in this Reserves statement are as at 30 June 2022.

The Company is not aware of any new information or data that materially affects the estimates of reserves and contingent resources, and the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Unless otherwise stated, all references to Reserves and Contingent Resources quantities in this document are Cooper Energy's net share. Cooper Energy has completed its own estimation of Reserves and Contingent Resources for its operated Otway and Gippsland Basin assets.

Elsewhere, Reserves and Contingent Resources estimation is based on assessment and independent views of information provided by the permit operators (Beach Energy Limited for PEL 92). Reference points for Cooper Energy's petroleum Reserves and Contingent Resources and production are defined points where normal operations cease, and petroleum products are measured under defined conditions prior to custody transfer. Fuel, flare and vent consumed prior to the reference point is excluded.

Petroleum Reserves and Contingent Resources are prepared using deterministic and probabilistic methods. The Reserves and Contingent Resources estimate methodologies incorporate a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. Project and field totals are aggregated by arithmetic summation by category.

Aggregated 1P and 1C estimates may be conservative and aggregated 3P and 3C estimates may be optimistic due to the effects of arithmetic summation. Throughout this announcement, totals may not exactly reflect arithmetic addition due to rounding. The conversion factor of 1 PJ = 0.163 MMboe has been used to convert from sales gas (PJ) to oil equivalent (MMboe).

Reserves; Under the SPE PRMS 2018, "Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. The Otway Basin totals comprise the arithmetically aggregated project fields (Casino, Henry and Netherby). The Cooper Basin totals comprise the arithmetically aggregated PEL 92 fields.

The Gippsland Basin totals comprise Sole Reserves only. Contingent Resources; Under the SPE PRMS 2018, "Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies". The Contingent Resources assessment includes resources in the Gippsland, Otway and Cooper Basins.