EOG Resources Australia Block WA-488 Pty Ltd (‘EOG’) is the titleholder of exploration permit WA-488-P, located in Commonwealth marine waters of the Joseph Bonaparte Gulf (JBG) approximately 77 kilometres (km) off the Western Australian (WA) coastline.

EOG proposes to drill up to three wells, exploration and/or appraisal, into the Beehive structure within a defined activity area approximately 45 square kilometres (km2) in size. The wells could be drilled at any time within a 5-year window under this EP, commencing no earlier than 1st January 2025 and to be completed no later than 31 December 2029. The exploration/appraisal wells may be drilled via multiple drilling campaigns, with the drilling of each well subject to the success of the prior well.

Each well is expected to take 55-150 days to drill, with the drilling duration subject to change based on geological conditions and potential for operational challenges. Operations will be conducted 24 hours per day, seven days per week using a jack-up MODU with the support of helicopters and other marine vessels.

The wells will target the Sunbird and/or Tanmurra formations, with a planned total depth up to about 6,000m depending on the well specific objectives, bottom hole target location, and seismic depth uncertainty. Formation evaluation could involve drill stem testing, along with geologic sidetracks and conventional core if warranted. At the completion of drilling, each well could be temporarily plugged for future use, or permanently plugged and abandoned.

The activity will be conducted entirely within Commonwealth waters in accordance with the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth) (OPGGS Act 2006) and Offshore Petroleum and Greenhouse Gas Storage (Environment) Regulations 2023 (OPGGS(E)).