Sasanof-1 Well Drill Date Confirmed

Global Oil & Gas Limited is pleased to announce that Western Gas ("WGC") has advised that the Valaris MS-1 drill rig will commence mobilisation from the Port of Dampier to the Sasanof Prospect during the window of 9 to 16 May 2022.

Highlights

• Valaris MS-1 drill rig to mobilise to the Sasanof Prospect between 9 and 16 May 2022
• Drilling program on track with all approvals secured, service and supply contracts awarded and long lead time equipment now in WA
• Onshore logistics preparations underway to support drilling campaign
• Sasanof is a 2U Propsective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P50¹) with 32% geological chance of success

The MS-1 is expected to take approximately four days to reach the Sasanof Prospect, which is approximately 200 km northwest of Onslow, Western Australia, following which the rig and support vessels will commence the laying of the anchor spread prior to the commencement of drilling the Sasanof-1 exploration well. The well will be drilled vertically to a total depth of 2500 m in 1070 m of water.

Shore based preparations are now underway to ready equipment for the drilling campaign, with all long lead items acquired, key consumables ordered and ready for delivery when required.

The drilling program is anticipated to take approximately 26 days from the date of rig mobilisation from Dampier port.

ABOUT THE SASANOF PROSPECT

The Sasanof Prospect covers an area of up to 400 km2 and is on trend and updip of Western Gas' liquids rich, low CO2 Mentorc Field.

ERCE estimates the Sasanof Prospect to contain a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P501), with a high case 3U Prospective Resource estimate of 17.8 Tcf gas and 449 Million bbls condensate (P10¹).

Sasanof is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous top Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.

Sasanof-1 will be Western Gas' first well drilled from its extensive exploration portfolio surrounding the existing Equus Gas Project that contains a discovered resource of 2 Tcf and 42 MMbbl (2C Gaffney Cline2). The Equus Gas Project has a historic exploration drilling success rate of 88%, with 15 discoveries from 17 wells.

Authorised by the Board of Global Oil & Gas Limited.

For further information please contact:

Patric Glovac

Director

Qualified Petroleum Reserves and Resources Estimator Statement

Note ¹ - The Sasanof undiscovered resources figures in this announcement are based on an Independent Assessment of Hydrocarbon Volumes for the Sasanof Prospect, Western Australia completed by ERC Equipoise Ltd in August 2021.

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