Black Mountain Energy Ltd (the Company; Black Mountain) wishes to provide shareholders with a Company and Project Valhalla update.

• The Western Australia Environmental Protection Agency (EPA) has approved its Environmental Review Document (ERD) submission to enter into the public review period commencing on or around 12 August 2024.
• The Project has additionally been referred to the Department of Climate Change, Energy, the Environmental and Water (DCCEEW). The public 10-day consultation in is progress.
• BME remains strongly committed to progressing Project Valhalla in the Canning Basin.
• Michael Laurent has been appointed as executive director.
• Ben Donovan has been appointed as a non-executive director.

Project Valhalla – Completed Activities

The Company continues to believe Project Valhalla in the Canning Basin is a significantly large undeveloped unconventional onshore gas reservoir and remains focused on progressing the necessary approvals that will ultimately enable appraisal drilling activity. See figure 1.

The WA Environmental Protection Authority Services (EPA Services) has provided comments and advice on previous drafts of the ERD and has advised that the draft ERD provided to the EPA Services on 21 June 2024 will be released for public review. The public review period is 8 weeks and will commence on or around the 12 August 2024. The ERD will be published on the EPA’s website and will also be posted on BME’s website.

The Project has additionally been referred to the Department of Climate Change, Energy, the Environmental and Water (DCCEEW).

The public 10-day consultation in is progress. Information around the proposed action has been published on the Department’s website for public feedback. Further feedback will be provided by DCCEEW once the information in the referral along with any comments received are reviewed.

In addition, to progressing the ERD and federal referral the Company has been progressing technical workflows utilizing advanced geophysical techniques, which will be used to help with the design and planning around acquiring new seismic data and ultimately drilling wells.

Further, the Company was successful in achieving a ‘suspension & extension’ from DEMIRS (Department of Energy, Mines, Industry, Regulation & Safety) on its EP (Exploration Permit) which ultimately means the Company can conclude additional technical geoscience workflows prior to executing a new seismic acquisition, which is now due on or before 30/01/2027.

Finance and Corporate

Cash levels remain strong with approximately $6.4m on hand and will be used to progress the above scopes and workflows. The Company is continuing to take steps to reduce the costs associated with maintaining the Company in an attempt to ensure maximum funds are directed towards exploration.

The Company is pleased to announce that Michael Laurent, in combination with his Chief Operating Officer role has taken on the additional responsibilities of executive director. The Company is also pleased to announce that Ben Donovan, in combination with his role as Company Secretary, has taken on the additional responsibilities of non-executive director. Helen Astill and Craig Costello have resigned from their roles as non-executive directors.

Executive Chairman Rhett Bennett commented, “I would like to thank both Helen and Craig for their contributions to the Company. The Company continues to advance the Valhalla project with a focus on maintaining fiscal discipline, and the lodging of the ERD is the next step in the evolution of the project.”

Upcoming Activities

During the second half of 2024, the Company will conduct its annual well maintenance program and fulfill its reporting requirements. Technical geoscience workflows will continue, responses to the ERD and referral process will be prepared and the environmental approvals progressed. Stakeholder engagement will continue to be a regular focus.

Buying or Selling Shares:

A reminder to shareholders that the Company’s shares will only be capable of sale via an off-market transaction which will require shareholders to identify and agree terms with potential purchasers in accordance with the Corporations Act and the Company’s Constitution. The Company has arranged for Foster Stockbroking (fostock.com.au), who has been supporting BME the last couple years, to help facilitate your transactions. Please direct your enquiries to [email protected] or at +61 2 9993 8111. Shareholders are not obligated to use the suggested broker.

This announcement has been authorized for release by the Board of Black Mountain Energy Ltd.

For more information, please contact:

Michael Laurent
Executive Director and Chief Operating Officer
Black Mountain Energy
[email protected]
+61 8 9200 1685