27 Oct 2021

Appendix 5B Cash Flow Report

Current Quarter Year to Date Sep-21 (3 months) $NZ'000 $NZ'000 NZSX Ref Notes 1 Cash Flows Relating to Operating Activities (a) Receipts from product sales and related debtors 11,856 11,856 (b) Payments for: exploration and evaluation (564) (564) for development (1,778) (1,778) for production (3,011) (3,011) for administration (4,184) (4,184) (c) Dividends received - - (d) Interest and other items of a similar nature received 22 22 (e) Interest and other costs of finance paid - - (f) Income taxes (paid)/received (990) (990) (g) Royalties (794) (794) (h) Other 302 302 (i) Net Operating Cash Flows 859 859 2 Cash Flows Related to Investing Activities (a)(i) Cash paid for purchases of: prospects (4,599) (4,599) (a)(ii) equity investments - - (a)(iii) other fixed assets (3) (3) (b)(i) Cash proceeds from: sale of prospects - - (b)(ii) equity investments - - (b)(iii) other fixed assets - - (c) Loans to other entities - - (d) Loans repaid by other related entities - - (e) Other (provide details if material) - - (f) Net Investing Cash Flows (4,602) (4,602) 3 Cash Flows Related to Financing Activities (a)(i) Cash proceeds from issue of NZOG shares - - (a)(ii) Buyback of NZOG shares - - (a)(iii) Capital return - - (b) Proceeds from sale of forfeited shares - - (c) Borrowings - - (d) Repayment of borrowings - - (e) Dividends paid - - (f) Other - Office leases (65) (65) (g) Net Financing Cash Flows (65) (65) 4 (a) Net Increase/(Decrease) in Cash Held (3,808) (3,808) (b) Cash at beginning of quarter/year 70,759 70,759 (c) Exchange rate adjustments to Items 4(a) above (536) (536) (d) Cash at End of Quarter 66,415 66,415 Notes: QUARTERLY REPORT OF CONSOLIDATED CASH FLOWS NEW ZEALAND OIL & GAS LIMITED For Quarter ended 30 September 2021 Quarterly Report of Consolidated Cash Flows prepared in accordance with NZSX Listing Rule 10.10.4. These figures are based on accounts which are unaudited. All figures are in New Zealand dollars. The Company has a formally constituted Audit Committee of the Board of Directors. Page 1 NZSX Ref 5 Non-Cash Financing and Investing Activities 5(a) N/A 5(b) N/A 6 Financing Facilities Available Amount Available Amount Used Notes $ million $ million None N/A N/A Notes: 7 Estimated Outlays for Specified Quarter Current Quarter Following Quarter Notes $NZ'000 $NZ'000 Exploration and evaluation 1 906 11,469 Development 2 1,878 5,725 Total 2,784 17,194 Notes: 1 2 Provide details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Provide details of used and unused loan facilities and credit standby arrangements, adding such notes as are necessary for an understanding of the position. The outlays to be shown in this column are the estimates made for this quarter in the previous quarterly report. When these estimates differ by more than 15% from the actual outlays reported in Item 1(b) of this report, provide an explanation of the reason(s) for these differences as an attachment to this report. Provide details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Timing Timing Page 2 NZSX Ref 8 Reconciliation of Cash For the purposes of this statement of cashflows, cash includes: bank bills, cash on hand and at bank, short term deposits and government stock less any overdraft. Current Quarter Previous Quarter $NZ'000 $NZ'000 Cash on hand and at bank 29,435 18,040 Deposits at call, term and bank bills 14,898 52,652 Bank overdraft - - Other 22,082 67 Total: Cash at End of Quarter (Item 4(d)/4(b)) 66,415 70,759 Current Quarter Previous Quarter '000 '000 New Zealand Dollars NZD 12,167 NZD 28,851 United States Dollars USD 3,224 USD 3,963 Australian Dollars AUD 47,040 AUD 33,680 Indonesian Rupiah IDR 284,778 IDR 546,211 9 Changes in Interests in Mining Tenements Note Nature of Interest Interest at Beginning of Quarter % Interest at End of Quarter % 9(a) Exploration 36.5% 0% 9(b) Interests in mining tenements relinquished, reduced or lapsed Interests in mining tenements acquired or increased Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows: The above cash at end of quarter includes cash held in the following material currencies: Tenement Reference WA-359-P Page 3 NZSX Ref 9(c) The Company’s “Petroleum Interests” as at 30 September 2021 are set out below. GROSS AREA DIRECT SQ KM INTEREST % 1. PETROLEUM MINING PERMITS Sampang PSC 535 15 PMP 38160 (Maari) 80 5 PML 38146 (Kupe) 257 4 Mahato PSC 5,600 12.5 2. PETROLEUM EXPLORATION PERMITS Bohorok PSC * 5,022 25 Mahakam Hilir PSC 222 100 WA-389-P 1,939 100 WA-409-P 565 20 * Subject to completion NZO will dispose of its interest in the Bohorok PSC. 10 Issued and Quoted Securities at End of Current Quarter – 30 September 2021 (NEW ZEALAND OIL & GAS LIMITED ONLY) Description includes rate of interest and any redemption or conversion rights together with prices and dates. Number Issued Number Quoted Value (cents) Paid-Up Value (cents) Ordinary Securities 167,848,718 164,430,718 N/A N/A Fully paid during quarter - - - - Cancelled during quarter - - - - Partly Paid Securities Issued during quarter - - - - Exercised during quarter - - - - Fully paid during quarter - - - - Options 4,708,978 - 63 - Issued during quarter - - - - Exercised during quarter - - - - Expired during quarter - - - - Catherine McKelvey Chief Financial Officer 27 October 2021 (included in ordinary securities, but not part of quoted ordinary securities) PETROLEUM INTERESTS AT 30 September 2021 3,418,000 - 74 1.0 Page 4
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