Regional opportunity highlights• Over 50% WI and potentially Operatorship available in two Canterbury and Great South Basin permits,

offshore South Island New Zealand• Combined mean gross unrisked prospective recoverable gas resource of 8.9 tcf and 565 mmstb

condensate (4.5 tcf & 283 mmstb net 50% WI) at Barque (single horizon) and Kaipatiki- >2,150 mmboe / 12.9 tcfe if success at all three Barque horizons and Kaipatiki

• Located in emerging, but underexplored, exploration province with proven liquids petroleum system- Only 14 offshore exploration wells across both basins, seven of which have oil and gas shows- Prospect water depths of up to 900m and target horizon depths of up to 3,000m

•

• Barque prospect is a 3D defined four-way dip closed structure with structurally conformable DHIs andthree well test objectives- Located within 60 km of a well that flowed >2,200 bbl liquids and 10 mmscf/d gas to surface

• Kaipatiki prospect is a 3D defined amplitude conforming 162 km2 combined structural and stratigraphictrap with remobilised sand

• Multiple 3D defined follow up exploration prospects on both permits• Drill both prospects as part of the one drill campaign for combined gross well cost of US90mm

- Potential rig share with neighbouring Beach Energy and OMV operated permit drilling campaigns• Multiple avenues for greenfield gas and liquid commercialisation on the South Island upon success

New Zealand Oil & Gas Ltd is offering equity and potentially Operatorship to jointly explore two permits inthe Canterbury and Great South Basins. Together these permits offer a gross combined mean prospectiverecoverable resource of 8.9 tcf and 565 mmstb across two exploration prospects, plus follow up prospects.Attractive semi-sub rig cost sharing from a regionally aligned drilling programme, plus low F&D costsexpected upon success.

High impact gas/liquid regional opportunityProven, underexplored, emerging exploration province, offshore South Island New Zealand

1

September 2018

0 200 km

Clipper-1

PEP 52717 (Clipper Block)Barque Prospect

NZOG* 50%Beach Energy 50%

PEP 55794 (Toroa Block)Kaipatiki Prospect

NZOG*+ 100%

Tawatawa-1

PEP 38264Beach Energy* 65%Discover Exploration 35%

PEP 50119OMV* 82.9%Mitsui 17.1%

PEP 57073OMV* 70%

Equinor 30%

PEP 57083Chevron* 50%

Equinor 50%

PEP 57085Chevron* 50%Equinor 50%

PEP 57087Chevron* 50%Equinor 50%Titihaoa-1

Resolution-1

Oamaru-1Cutter-1Endeavour-1

Galleon-1 Caravel-1

Takapu-1A

Tara-1Toroa-1

Pakaha-1Pukaki-1

Hoiho-1C

Kuwau-1ARakiura-1

+ Subject to regulatory approval

Combined Unrisked recoverable Prospective Resources of 8.9 tcf and 565 mmstb

CommercialisationFollowing receipt of expressions of interest from a number of potential industrial gas buyers, domestic(South Island) gas offtake is estimated at >130 bcf pa.

Potential ‘success’ development options include:

1. liquids stripping / gas recycling to produce condensate in the first development phase, followed bysubsequent gas to shore;

2. gas to shore petrochemical development to produce gas and consdensate; or

3. LNG development.

Low cost entryPreliminary review of development scenarios suggests sub US$10/boe F&D costs upon success for themajority of the success development options.

Liquids enhance commercialisation options and underpin low F&D cost

1 Liquids Stripping /Gas Recycling

BarqueSingle Horizon

Kaipatiki

Gas (bcf) - -

Liquids (mmstb) 460 482

LPG (ktonnes) - -

Total (mmboe) 460 482

Recoverable Prospective Resources*

OrBarque

Single HorizonKaipatiki

Gas (bcf) 3,293 5,565

Liquids (mmstb) 293 272

LPG (ktonnes) 6,029 7,263

Total (mmboe) 891 1,259

Recoverable Prospective Resources*

Prospect Mean Condensate in Place

(mmstb)

Mean Gas Initially in Place

(bcf)

Barque (3 Horizons) 1,585 11,165

Kaipatiki 754 7,322

Total (Arithmetic) 2,339 18,487

Recoverable Prospective Resources*

>2,150 mmboe / 12.9 Tcfe

would require success in all 3 Barque horizons and Kaipatiki

2 Gas to Shore

3LNG

Or

In Place Prospective Resources

2

* Best estimate of unrisked recoverable resources.

Rig share options with follow up prospectivity

Cross Permit Drill Campaign AlignmentAdjacent joint ventures have, subject to election, commitments of up to four wells, providing rig shareoptions:

0 100 km

PEP 38264Beach Energy* 65%Discover Exploration 35%

PEP 50119OMV* 82.9%Mitsui 17.1%

Resolution-1

Clipper-1Oamaru-1Cutter-1

Endeavour-1Galleon-1

Caravel-1

Takapu-1A

Tara-1Toroa-1

Pakaha-1

Invercargill

Dunedin

Timaru

Great South Basin

Canterbury Basin

PEP 52717 (Clipper Block)

PEP 55794 (Toroa Block) Kaipatiki Prospect

Barque Prospect

Commitments• Barque permit requires a drill/drop decision (well commit) by Q1 2019, with drilling by Q2 2020• Kaipatiki permit well commit is not until Q2 2020, with drilling by 2021• Barque and Kaipatiki exploration well costs are estimated at US$45mm each

- Rig market survey has shown excellent rig rates and good availability

Running RoomAdditional prospects and leads across both permits are in excess of 2 billion boe (unriskedprospective recoverable resource).

3

4

PEP 52717: Barque Prospect, offshore Canterbury Basin

Barque Highlights• Mean gross unrisked prospective

recoverable resource of 3.3 tcf gasand 293 mmstb liquids

• Drill ready, 150km2 four-way dipclosed trap

• 3D (PSDM) defined, DHI supported,structurally conformable DHIs

• Demonstrable seal capacity andhigh quality primary reservoir

• Prospect within 60 km of a well thatflowed >2,200 bbl liquids and 10mmscf/d gas to surface (CGR 230bbl/mmcf)

• 3,000m well in water depth of800m will test 3 objectives

• Favourable metocean conditionsand located around 100km fromexisting port infrastructure

• Additional leads and prospects onblock

PEP 52717 & Barque Prospect

Primary Objective “Barque” sandRegionally developed basal

transgressive sand beneath regional marine shale seal

Syn-rift non-marine sands, coals and claystones

Barque Prospect, Endurance 3D Inline 1660

5

PEP 52717: Barque Prospect – amplitude conformance

Amplitude ConformanceThe Endurance 3D (PSDM) seismic has defined a 150 km2, four-way, dip-closed, prospect which hasstructurally conformable DHIs at the primary objective “Barque Sand”. A well drilled to 3000mSS, located in800m of water, will test three potential targets, the Paleogene (IP3 horizon), the Cretaceous HerbertFormation and the analogous Barque sand.

The extent, conformance and homogeneous DHI de-risks charge and reservoir presence.

Offset WellsBarque is offset by two gas-condensate discoveries (one flow-tested to surface >2,200 bbl/d liquids and 10mmcf/d gas). It is expected to have favourable reservoir characteristics (>90% N:G and ~19% porosity) basedon offset well data and onshore exposure. The extent and homogeneity of the reservoir is DHI supported.

Regional seal to the primary objective is demonstrated by capillary pressure data and seismic evidence.

The source of liquids tested in the offset well is typed to syn-rift coals and shales. Barque is in the provenkitchen and charge to the trap is supported by a structurally conformable DHI.

Benign Metocean ConditionsAt the Barque location, the Canterbury Basin provides benign offshore drilling metocean conditions (averages<2 m wave height and mild wind strengths) and excellent port and support facilities located within 100 km.

Amplitudes of Barque Prospect

xx

6

PEP 55794: Kaipitiki Prospect, offshore Great South Basin

PEP 55794 & Kaipatiki Prospect Kaipatiki Highlights• Mean gross unrisked prospective

recoverable resource of 5.6 tcf gasand 272 mmstb liquids

• 3D defined amplitude conformingdrill ready closure

• 162km2 stratigraphic trap withremobilized sand reservoir in~900m water depths and 180 kmfrom shore

• Dense 2D coverage across permitwith multiple follow up prospectsidentified on existing 3D

• Drill or drop not required until2020, with drilling following in 2021

• Permit area of 9,385km2 with 15year term

• Additional leads and prospects onpermit

* NZOG is currently going through a process to increase to 100%equity and take over as Operator from current Operator Woodside.

Kaipaitiki Reservoir ModelThe Kaipatiki primary reservoirtarget is a remobilised and injecteddeep-water sand sourced fromolder sand rich flows. The parentsands are believed to have beenremobilised due to thedevelopment of overpressure assediments compacted over thebasement complex. This model issupported by the presence of aseries of clastic dykes and sill“feeder” features beneath theinterpreted top reservoirRemobilisation of parent sands isexpected to have enhanced theoverall quality of reservoir, withpredicted porosity ranging from 15-27%.

7

PEP 55794: Kaipitiki Prospect – amplitude conformance

P10 slice, Figure C,shows the lobes ofremobilised sandsencased in shale. Thedistinct polygonalfaulting seen aroundthe brighteramplitudes is due tothe clay content of thesurrounding shale andis typical of North Seainjectites.Figure D shows theoverlying sealing unitand the polygonalfaulting, supportingevidence for thepresence of sealquality rock.Risk on reservoir andseal are identified asmoderate risk.

Amplitude Time Slices Showing Evolution of Kaipatiki

Depth Structure Top Reservoir Source, Charge & SealMid-late Cretaceous coal measures ofthe Hoiho Group are the primary sourcerocks in the basin, with potential forlacustrine deposits in association withthe onset of rifting.Basin modelling indicates that Kaipatikiis well situated for charge with thepermit within the maturity andexpulsion window for mixed oil and gasfrom the Cretaceous through to presentday.

Amplitude ConformanceHorizon slices from the UpperCretaceous and Paleocene demonstratethe evolution of the Kaipatiki injectiteand highlight seismic evidence for thepresence of both reservoir and seal. Theparent sands, deposited during the lateCretaceous-early Paleocene, can be seenon the K80-K90 slices (Figure A & B).

8

Over 50% WI available and potentially Operatorship

For the enclosed resources the estimated quantities of petroleum that may potentially be recovered by the applicationof a future development project(s) relate to undiscovered accumulations. These estimates have both an associated riskof discovery and a risk of development. Further exploration appraisal and evaluation is required to determine theexistence of a significant quantity of potentially moveable hydrocarbons. All volumes presented are based on a bestestimate, derived from a probabilistic methodology for resources in place and a deterministic methodology forrecoverable volumes, which are net of royalties and have not been adjusted for risk. Oil and gas contingent andprospective resources reported in this statement are as at 28 February 2018 and follow the guidelines set out byChapter 5 of the ASX listing rules (July 2014) and the PRMS Guidelines (2011). Prospective Resources are thosequantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscoveredaccumulations. For the conversion to equivalent units; standard industry factors have been used of 6Bcf:1mmboe and1Bcf:1.05PJ. Summations are performed arithmetically and may not visually add up due to rounding. Nothing in thisdocument constitutes an offer of financial products or an invitation to treat or submit any offer for any financialproducts. No money is currently being sought and shares or other financial products of New Zealand Oil & Gas Limitedor any other entity referred to in this document cannot currently be applied for. If an offer is made, it will be made inaccordance with the Financial Markets Conduct Act 2013 (NZ) (FMC Act) and any other applicable legislation. To theextent that this document is, notwithstanding the above disclaimer, held to comprise an offer or invitation to treat, itdoes so only on the basis that any such offer or invitation is made only to persons in New Zealand who are wholesaleinvestors as defined in clause 3(2) of Schedule 1 of the FMC Act or persons who receive this document in othercircumstances where there is no contravention of the FMC Act and other applicable legislation. Persons who are notsuch wholesale investors or persons may take no action in response to this document. Neither New Zealand Oil & GasLimited nor Ocean Reach Advisory, nor any of their respective officers, consultants, employees, advisors or relatedbodies corporate accepts any liability whatsoever (whether arising from negligence or otherwise) for any damages orlosses (including special direct, indirect, incidental, punitive and consequential damages and losses) arising out of or inconnection with any information or statements contained in or omitted from this document or the use of or relianceon this document (excluding any liability which cannot be excluded as a matter of law).

Disclaimer

Ocean Reach Advisory has been appointedadvisor for this opportunity. Parties wishingto confirm their interest, along with anyqueries, should contact:

Austen FressonManaging DirectorOcean Reach Advisory

M +61 447 579 541E austen.fresson@oceanreachadvisory.com

* Subject to regulatory approval

Kaipatiki Prospect. Toroa 3D PSDM Dip Line (In-Line), SEG Reverse Polarity

ProcessThe PEP 52717 Joint Venture (NZOG 50% & Operator and Beach Energy 50%) and PEP55794 Joint Venture(NZOG 100% & Operator)* are seeking one or more farminees of appropriate scale who are looking to gainmaterial equity in, and potentially Operatorship of, one or both of these highly prospective permits in returnfor contributing to the funding of a well in one or both permits.

Interested parties will be required to execute a Confidentiality Agreement following which detailed technical,commercial and financial data for the permit(s) will be provided via a Virtual Data Room, along with aPhysical Data Room located in Wellington.

Contact