Licence Overview

• Interest: 100%
• Location: Offshore Papua New Guinea
• Status: Advanced exploration / drill-ready
• Key Prospect: Nanamarope

Home to a drill-ready, world-class oil prospect

PPL 579 is Larus Energy’s flagship exploration licence, located in offshore Papua New Guinea and positioned close to established petroleum infrastructure near Port Moresby.

The licence contains the Nanamarope prospect, a large, well-defined oil opportunity that represents the primary value driver within the Company’s portfolio.

PPL 579 benefits from years of systematic data acquisition, interpretation and technical de-risking, positioning the licence at an advanced stage relative to many frontier exploration opportunities.

Nanamarope – A High-Impact Oil Opportunity

Nanamarope is a giant, standalone oil prospect characterised by a clearly imaged structural trap and multiple stacked reservoir targets.

Key technical attributes include:

• A large four-way dip closed structure defined on modern 3D seismic
• Three stacked, thick reservoir intervals with strong development potential
• Evidence of an active petroleum system, including direct hydrocarbon indicators and confirmed thermogenic hydrocarbons from offshore sampling
• Robust sealing systems capable of supporting large hydrocarbon columns

The prospect has been matured through extensive geological, geophysical and geochemical studies, significantly reducing key exploration risks ahead of drilling.

Multi-Play Potential and Portfolio Scale

Beyond Nanamarope, PPL 579 hosts a substantial inventory of additional prospects and leads.

The structural and stratigraphic configuration of the licence creates:

• Clustered exploration potential around the flagship prospect
• Opportunities to test multiple play types with a limited number of wells
• Scope for material upside beyond the initial discovery target

This multi-play setting provides a platform for scalable value creation within a single licence area.

Strategic Location

PPL 579 is located approximately 80 kilometres from Port Moresby and its existing petroleum facilities.

This proximity offers clear advantages, including:

• Shorter pathways to development and monetisation
• Lower logistical complexity relative to remote frontier projects
• Access to established supply chains and regional expertise

The licence’s location supports both exploration efficiency and long-term development optionality.

Role Within the Portfolio

PPL 579 is the cornerstone of Larus Energy’s offshore PNG strategy.

A successful outcome at Nanamarope has the potential to:

• Establish a new offshore petroleum province
• De-risk multiple prospects within the licence
• Create value well beyond the initial discovery through repeatable exploration opportunities