Top End Energy provided an update on the company's planned 2022 work program for ATP 1069 (the Permit). ATP 1069 is a granted hydrocarbon permit located 130km north-west of Charleville in Central Queensland, covering an area of approximately 4,185km2. The company sees multiple play potential on the permit but intends primarily to pursue potential conventional natural gas prospectively in the deeper Adavale Basin towards the southern part of the Permit.

The Gilmore gas field, situated 50 km west of the Permit, has demonstrated commercial conventional gas production from the Lissoy Sandstone and Log Creek Formation of the Adavale Basin. Initial seismic interpretation suggests these formations may be present within ATP 1069, but no wells have been drilled to these depths on the Permit. The company's proposed 2022 work program is targeted to better understand this potential conventional gas prospectively and ultimately identify potential drillable prospects.

Proposed 2022 Work Program: Reprocessing and interpretation of up to 90km of existing seismic data; The company is in the process of tendering to contractors to carry out the reprocessing and has engaged ERCE Australia Pty Ltd. (ERCE) to assist with the interpretation; and Subject to the outcome of the reprocessing and interpretation, the Company intends to acquire up to 120 km2 of additional 2D seismic survey later in the year (the Acquisition). Objectives: The reprocessing and interpretation of the existing 2D seismic data will be used to: better constrain any prospectively on existing lines; guide potential future seismic acquisition locations to better define identified prospectively and/or focus on the likely most prospective areas away from current lines; assist in tailoring acquisition parameters to maximize cost benefit ratio of source, receiver, and line spacing; and aid in optimizing and streamlining seismic processing sequence to best image the intervals of interest, further identify prospective potential and refine the location for the proposed seismic acquisition campaign; The Acquisition, if undertaken, will further assist in identifying leads and prospects for a potential exploration well in 2023. The company is in the process of negotiating land access agreements and procuring other necessary approvals required to undertake the above work program and looks forward to providing updates as the work program is progressed.