Kinetiko Energy Limited provided the following update on its onshore gas exploration and production development activities. Core hole 270-03C, spudded on spudded on 24 January 2023 has successfully been completed with strong gassy geology intersected with the well achieving a TD of 605 metres. This is one of the deepest core holes drilled by the Company and has again shown that the Southern geology does intersect deeper gassy zones as anticipated.

The 270-03C exploration core hole, in some of the Company's southern-most geology and approximately 20 kms from recent successful core well 270-06C has been drilled and cored to a depth of 605m, with a thick dolerite sill from 128m to 290m, and gassy sandstones, coal and carbonaceous siltstones and mudstones below. Gas shows were nearly continuous below the dolerite during the drilling. Gas desorption analysis is being completed on the core samples of the coal intervals and wireline logs are currently being processed.

Core Well Drilling Extensions: Core well 270-03C is the second core well the Company has drilled in ER270 and has encountered deeper sandstones and coals in the region and the Company is pursuing a gas compartment discovery in the region where it plans further drilling. The success of 270-03C provides further confidence for core well drilling to the North adjacent to the Lily Gas Pipeline where multiple drill sites have already been approved. The Company is now moving its coring rig to the 270-05C location.