Norwest Energy NL : Managing Director Presentation to AGM

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Managing Director's Presentation

to Annual General Meeting

22 November 2021

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Important Information

The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by or on behalf of Norwest Energy NL ("NWE") or their respective employees, agents or consultants ("Information") is provided to the Recipients on the terms and conditions set out in this notice.

The Presentation contains reference to certain intentions, expectations and plans of NWE. Those intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operations of NWE may be influenced by a number of factors, many of which are outside the control of NWE. No representation or warranty, express or implied, is made by NWE or any of its respective directors, officers, employees, advisers or agents, that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved.

The Presentation does not purport to contain all the information that any existing or prospective investor may require. It is not intended to be a complete or accurate statement of material information. In all cases, before acting in reliance on any information, the Recipient should conduct its own investigation and analysis in relation to the business opportunity and should check the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers.

The Recipient should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters and should consult its own advisers. NWE and its advisers take no responsibility for the contents of this Presentation.

NWE makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the information. NWE and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Presentation, except liability under statute that cannot be excluded.

NWE is not aware of any new information or data that materially affects the information included in	market	referenced throughout the Presentation and that all
material assumptions and technical parameters underpinning the estimates in the relevant		and have not materiallychanged.
Prospective Resources are the estimated quantities of petroleum that may potentially be		project(s) and relate to undiscovered
accumulations. These estimates are quoted as gross (100%) and have both an		exploration, appraisal and evaluation is
required to determine the existence of a significant quantity of potentially moveable

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A Truly Transformational 12 Months

• The Lockyer Deep-1 exploration well has confirmed a very significant conventional gas discovery
• Results thus far exceed pre-drill High Case expectations
• Encountered exceptional Kingia Sandstone reservoir quality
• Pressure data indicates a very substantial gas column
• Preparing for production testing early Q1 CY 2022
• Appraisal commencing CY 2022

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Investment Highlights

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Huge Resource Potential

• Structural mapping indicates Lockyer Deep discovery may extend across 92km2
• Significant follow-on potential

Prime

Position

• Situated in the sweet spot of the Perth Basin Permian play
• Close to major infrastructure with route to Domgas and export markets

Strong Joint

Venture

• JV with Operator Energy Resources Limited
• Excellent operational performance
• Strong working relationship

Well

Funded

• Existing cash and future options proceeds support next 12 months testing and appraisal program

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Lean

Organisation

• Small, nimble team
• Rationalised portfolio for 100% focus on onshore Permian play
• Engaging specialist advisors as required to grow the business

The Right

Time

• Increasing demand for Natural Gas as a cleaner fuel for the transition to renewables

Multiple Pathways to

Deliver Shareholder Return

• Focused on shareholder return with multiple commercialisation options for maximum shareholder benefit

Transformative Period Ahead

• Lockyer Deep-1 flow test pending
• CY 22 and CY23 expected to deliver ongoing high-impact catalysts

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Corporate Snapshot

CAPITAL STRUCTURE

A$0.024	5.5B	605M
Share price	Shares	Listed
(19 Nov 21)	on issue	Options

HISTORICAL SHARE PRICE

A$132M	A$9M	Nil	$123M
Market	Cash & Future ITM	Debt	Enterprise Value
Capitalisation	Option Proceeds

OWNERSHIP

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	$0.040
			Volume	ClosePrice
A$	$0.030
$0.020

1,000
750
	(m)
500	Volume

19.7%

62.2%18.1%

Mineral Resources

Remaining Top 20

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$0.010
$-
Nov-2020	Feb-2021	May-2021	Aug-2021

250		Other
-

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