Gas2Grid's Application for New Service Contract in Cebu, Philippines

Gas2Grid Limited (ASX:GGX) has applied for a new Petroleum Service Contract for oil and gas exploration in Cebu, Philippines. The company's application for an area of approximately 127,475 hectares, larger than its former Service Contract 44, has been declared complete after the public Opening of Application Documents in Manila on 27 September 2024.

Executive Commentary

The Company is pleased to announce the progress made in the application for a new Petroleum Service Contract in Cebu, Philippines. If granted, the new 7-year initial term will provide us with the opportunity to continue our oil and gas appraisal and exploration activities in the area. We are looking forward to the evaluation of the application by the DOE Review and Evaluation Committee, which is expected to conclude within 15 working days. We are hopeful for the award of the new Service Contract by the end of December 2024. Additionally, we will engage with the Australian Securities Exchange for the reinstatement of trading of our securities on ASX soon after the award of the new Service Contract. Our pursuit of new joint ventures with existing oil and gas entities in the Philippines will continue, along with the plan to refurbish our drilling rigs presently located in Cebu.

Summary of Gas2Grid's New Service Contract Application

Gas2Grid Limited (ASX:GGX) has applied for a new Petroleum Service Contract for oil and gas exploration in Cebu, Philippines. The application, covering an area of approximately 127,475 hectares, is larger than the Company's former Service Contract 44. The Company's application has been declared complete, and the evaluation process by the DOE Review and Evaluation Committee is expected to conclude within 15 working days. Gas2Grid aims for the award of the new Service Contract by the end of December 2024, which will provide a new 7-year initial term for oil and gas appraisal and exploration activities. The Company also plans to engage in new joint ventures with existing oil and gas entities in the Philippines and refurbish its drilling rigs located in Cebu.