Project New Frontier, led by Gulf Energy Pty Ltd, is a major upstream gas opportunity focused on unlocking the untapped potential of the Bamaga Basin in Far North Queensland. The exploration permit Q/23P covers 7,000 square kilometres of shallow water just 150 kilometres from the coast and sits atop what could become one of Australia’s most valuable remaining gas provinces. Based on extensive seismic, inversion modelling, and geochemical studies, the permit is estimated to contain 13.2 trillion cubic feet (Tcf) of recoverable gas resources in the Base Case and up to 36 Tcf in the High Case. At the centre is the Lion Prospect — a structurally robust, four-way dip closure estimated to hold 3.8–10.3 Tcf of gas resources. Gulf Energy has completed all technical pre-drill work, and the Lion Prospect is now ready to be drilled pending final approvals and rig availability.

The timing of this project intersects directly with a national and international energy challenges.

Australia’s east coast - home to its largest population centres and industrial base - faces a long-term gas supply crisis. The Australian Energy Market Operator (AEMO) projects seasonal shortfalls beginning in 2029, escalating into structural deficits within a few years. These shortages threaten electricity reliability, industrial output, and energy affordability. Crucially, redirecting existing LNG exports to the domestic market is not a viable solution - aggregate supply is insufficient.

At the same time the US-Iran war in the Middle East has curtailed shipment of 20% of the world’s LNG supply (25% of Asia’s LNG supply) from Qatar. The three major waterways through which Middle East petroleum products are shipped to the world are blockaded or under threat of blockade.

Gulf Energy’s Q/23P offers a major new source of gas that could be directed into east coast demand centres or supply LNG to our longstanding trading partners in the fast-growing economies of Asia.

Project New Frontier possesses the following unrivalled attributes:

• Strategically location close to the world’s fastest growing gas market - Asia

• Unlike in the Middle East, no shipping choke points between Australia and Asia

• Located in a country admired for its political stability, rule of law and transparent institutions