MidOcean Energy Holdings Limited

MidOcean Energy – JERA Gorgon

MidOcean Energy proposes to indirectly acquire a: ~0.417% interest in the Gorgon LNG Project located on Barrow Island, Western Australia; and ~0.735% interest in the Ichthys LNG Project located in the Browse Basin in offshore Western Australia, including in the exploration activities of the expired WA-285-P tenement via the acquisition by a newly incorporated subsidiary, MidOcean Australia Holdings 2 Pty Ltd of 100% of the shares in JERA Gorgon Pty Ltd (JERA Gorgon) and JERA Ichthys Pty Ltd from JERA Australia Pty Ltd, pursuant to a share sale agreement (the Acquisition). The Acquisition has given rise to a pre-empt right in favour of the other joint venture participants to the Ichthys LNG Project. As a result, one of the Ichthys joint venture participants has exercised its right to acquire the underlying Ichthys LNG Project interests held indirectly by JERA Gorgon. This acquisition will occur following completion of the Acquisition. MidOcean Energy is a liquefied natural gas (LNG) company that supplies natural gas in Australia and LNG and condensate overseas. In Australia, it holds minority interests in the Gorgon LNG Project and Pluto LNG Project in Western Australia and the QCLNG Project in Queensland. JERA Gorgon supplies natural gas in Australia and LPG, LNG and condensate overseas, and its interests in Australia include the Gorgon LNG Project and the Ichthys LNG Project and its associated exploration permit, both located in WA. The parties overlap in the production and supply of natural gas in Australia.