Big Apple Gas Prospect

The Big Apple Gas Prospect straddles the boundary of two adjacent lease blocks A87 and A90 in the Brazos South Addition Area, located on the Outer Continental Shelf of the Gulf of Mexico, off Texas approximately 200km directly south of Houston in approximately 250ft (75m) of water. Together the Leases cover an area of 11,520 acres (~46km²).

PRM holds both blocks A87 and A90 with 100% working interest and 80.25% Net Revenue Interest. The leases have an initial five-year exploration term, which commenced on 1 July 2023. There is no minimum work program and the blocks can be held by production for 25 years.

PRM bid for the blocks in the 2023 bidding round, on the basis of mapping and AVO analysis of seismic in the blocks, which identified a high potential and sizeable gas prospect with an area of up to 7,500 acres (30km²).

The main sand is interpreted to be a Middle Miocene Corsair delta sand at a depth of approximately 9,000ft (2,750m). The main sand is estimated to be up to 150ft (46m) thick, with an area of between 4,000 to 7,500 acres as mapped, the sand is steeply dipping and the gas column could be up to 2,800ft (850m) from the crest to structural closure. AVO analysis of 2D seismic across the prospect shows two sands with Class III AVO anomalies (a strong indication of a gas-filled sand).

Netherland, Sewell & Associates, Inc. have provided an Independent Assessment (1)

Big Apple has Total Unrisked Mean Net Prospective Resources of 1.37 Tcf (2) of Gas and Total Risked Mean Net Prospective Resources of 426 Bcf. 30% CoS (3)

1Refer to ASX Announcement 31 August 2023

2Note: Totals of unrisked prospective resources beyond the prospect level are not reflective of volumes that can be expected to be recovered and are therefore not shown. Because of the geologic risk associated with each prospect, meaningful totals beyond this level can be defined only by summing risked prospective resources.

3NSAI Geological Chance of Success estimated for Main sand as 32% in West and Central Blocks, 28% in East block and  30% for secondary sand.

Forward Plan

Once worked up to drillable status, PRM will probably seek a partner for the project to participate in the drilling.

Big Apple Location Map –Brazos Area, South Addition Blocks A87 &A90 approximately 200km South of Houston