Update on EP 144 Exploration Permit

Top End Energy Limited (ASX:TEE) has announced the discovery of organic-rich source rocks on its recently acquired Exploration Permit (EP) 144 in the South Nicholson Basin area of the Northern Territory (NT) of Australia. The preliminary analysis confirms the presence of Proterozoic organic-rich source rocks with up to 3.1wt% Total Organic Carbon (TOC), sampled from whole core captured during Encounter Resources' recent drilling campaign.

Executive Commentary on EP 144 Potential

The outgoing Managing Director, Oliver Oxenbridge, expressed optimism about the discovery, stating, 'The preliminary results are very encouraging and contribute to the team's increasing confidence in the unconventional gas potential of EP 144 and the broader South Nicholson Basin. We look forward to continuing to work closely with Encounter and pursuing additional near-term, low capital initiatives and activities to further de-risk the resource opportunity.'

Summary of EP 144 Discovery and Outlook

The discovery of organic-rich source rocks on EP 144 presents a significant opportunity for Top End Energy Limited. The presence of Proterozoic organic-rich source rocks with up to 3.1wt% TOC has bolstered the company's confidence in the unconventional gas potential of the area. The ongoing organic petrographic analyses and geophysical wireline logging planned ahead of resampling whole core intervals are expected to provide more precise data on source rock intervals for further testing. The company aims to continue engaging closely with Encounter Resources to maximize the opportunity for mutual learnings and operational synergies. Furthermore, the strategic location of EP 144 in proximity to the Northern Gas Pipeline provides access to the East Coast gas market, offering significant potential for the company's future endeavors.