Perth Basin Exploration Joint Venture

50/50 conventional gas exploration joint arrangement with Hancock Prospecting over MinRes' remaining onshore Perth Basin exploration acreage, formed as part of the December 2024 $1.1 billion gas transaction under which MinRes sold 100% of Exploration Permits 368 and 426 (hosting the divested Lockyer Gas and Erregulla Oil discoveries) to Hancock for $780 million upfront consideration. The JV's first well, Dandaragan Deep-1 in EP 507, was drilled to 4,843 m MDRT with oil and gas shows over 1,000 m but no measured gas pay, and was plugged and abandoned in May 2025. Bamberg-1, drilled in EP 389 to 4,750 m, encountered multiple stacked gas pays and was cased and suspended for a future flow-testing program as a potential tieback to the Red Gully Gas Processing Facility. Drilling is supported by the MinRes Explorer rig (capable of 5,000 m depth), in which Hancock acquired a 50% interest for $24 million; since August 2024 the rig has drilled 21,218 m over 241 days on five Perth Basin wells.