ROBINSON ENERGY SECURES 100% OF PRL 68, THE TRICERATOPS GAS AND CONDENSATE DISCOVERY, PAPUA NEW GUINEA

CALGARY, AB, Nov. 10, 2026 /CNW/ -- Robinson Energy Limited ("Robinson" or the "Company") (TSXV: ROB) (OTCQB: ROBIF) (FSE: VK5) is pleased to announce that the Minister for Petroleum of Papua New Guinea, the Hon. Jimmy Maladina, has granted the Company Petroleum Retention Licence 68 ("PRL 68") under Section 40 of the Oil and Gas Act 1998. PRL 68 covers the Triceratops gas and condensate discovery in the Gulf Province and gives Robinson a 100% interest for an initial term of five years. The license contemplates a Company work program with expenditures of US$52 million over the term, including a minimum of one appraisal well in the fourth year. PRLs are designed to allow the holder time to investigate the commerciality of a discovery. To the extent the Company makes a decision to proceed to commercial development, the Company would need to obtain a petroleum development license (a "PDL"). The grant, dated October 30, 2026, follows the offer announced on October 6, 2026, after the Company lodged the required security and paid the first annual licence fee. The signed licence instrument was delivered to the Company on November 9, 2026.

With PRL 68, Robinson now holds two 100% owned retention licences in Papua New Guinea: PRL 62 in the Western Region, the foundation of the Company's aggregated pipeline and LNG strategy, and PRL 68, which offers a potential nearer term path to production through the Papua LNG system. PRL 62 holds gross unrisked best estimate (2C) contingent resources of approximately 1,130 Bscf of natural gas, as evaluated by Sproule ERCE under National Instrument 51-101 – Standards of Disclosure for Oil & Gas Activities ("NI 51-101"), effective December 1, 2025.⁽¹⁾

Management Comment

"Securing PRL 68 at 100% is a significant step for Robinson," said Cam Bailey, Chief Executive Officer and Executive Chairman of Robinson. "Triceratops is a discovery that has already flowed gas, on the same trend as the fields that are expected to supply Papua LNG, and it gives us a potential route to production ahead of our larger Western Region development. With the licence in hand, we are focused on rebuilding the technical record and pursuing access to the Papua LNG system. We thank the Minister for Petroleum, the Petroleum Advisory Board, the National Petroleum Authority and the Government of Papua New Guinea for their support."

Highlights

• Licence secured at 100%. PRL 68 is held entirely by Robinson for an initial five-year term. Subject to the terms of the licence, the term may be extended, or the Company may apply for a PDL on a decision to proceed to commercial development.
• A tested discovery on the Papua LNG trend. Three wells have flowed natural gas to surface from the Triceratops structure at test rates of up to 28 MMcf/d, 27 MMcf/d and 17.1 MMcf/d, with natural gas liquids at test rates of up to 200 bbl/d, approximately 45 km from the Elk Antelope field that will supply the Papua LNG project. These are short-term test results reported by prior operators and are not necessarily indicative of long-term performance or ultimate recovery.
• Independent historical resource estimate. GLJ Petroleum Consultants Ltd. ("GLJ") estimated gross unrisked best estimate (2C) contingent resources of approximately 352 Bcfe for Triceratops, in an evaluation effective December 31, 2015 and reported in 2016. This is a historical estimate and is not being treated by the Company as a current estimate.⁽²⁾
• Pursuing third-party access. Robinson is pursuing third-party access for up to 50 MMcf/d of gas into the Papua LNG pipeline and LNG facility, with condensate delivered to the Kumul Marine Terminal, as Papua LNG moves toward a final investment decision. No access agreement has yet been reached. Papua LNG is a proposed 5.6 mtpa development to be operated by ExxonMobil with TotalEnergies and Santos as co-venturers, and its participants have publicly indicated that a final investment decision is targeted for December 15, 2026.
• Technical work under way. The Company has received the technical data held by the National Petroleum Authority for the licence area and has begun recovering and reprocessing the well and seismic records ahead of a new independent NI 51-101 evaluation.
• Exploration upside. The licence area also covers part of the Bobcat structure, which extends onto PRL 68 from the adjoining licence.
• Positioned to supply Asian buyers. The 2026 disruption to LNG flows through the Strait of Hormuz has renewed buyer focus on security of supply. Gas from Papua New Guinea can access North Asian markets on routes that do not pass through the Strait.

Next Steps

• Data recovery and reprocessing: complete recovery and reprocessing of the historical well and seismic records Q4 2026.
• Independent evaluation: commission a new NI 51-101 evaluation of Triceratops, targeted for Q1 2027.
• Third-party access: continue discussions with the Papua LNG participants and the State ahead of the Papua LNG final investment decision.

An updated Company presentation is available on the Company's website at www.robinson-energy.com.

Notes

(1)  See reader advisory: Resource Disclosure – PRL 62.
(2)  See reader advisory: Resource Disclosure – PRL 68.

About Robinson Energy Limited

Robinson is an upstream natural gas company focused on the appraisal and development of its 100% held Petroleum Retention Licence 62 ("PRL 62") in the Western Region and PRL 68 in the Gulf Province of Papua New Guinea. The Company's strategy is to advance the development of its resource potential to deliver reliable, lower carbon energy to domestic Papua New Guinea and export markets across Asia, drawing on Canadian technical and capital markets expertise and the established energy services footprint in the region.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Resource Disclosure

PRL 62

All resources concerning PRL 62 in the press release are derived from the Competent Person's Report titled "Evaluation of the Contingent and Prospective Resources of Robinson Energy Limited" prepared for Robinson by Sproule ERCE, an internationally recognized petroleum engineering and subsurface advisory firm, and dated January 5, 2026, and effective December 1, 2025 (the "Sproule Report"). The Sproule Report is available on Robinson's SEDAR+ profile at www.sedarplus.ca.

A 73% Chance of Development (CoD) has been assigned by Sproule ERCE, resulting in a risked mean contingent resource of approximately 914 Bscf of natural gas. These resources represent discovered hydrocarbons that are not currently considered commercially recoverable due to contingencies including development infrastructure and commercialization pathways, but which have the potential to be developed through Robinson Energy's planned regional gas infrastructure strategy.

Sproule ERCE has not reviewed any forecasts of costs or assessed the economic viability of any of the Contingent Resources. The status of the reported Contingent Resources is "development unclarified". Project maturity subclasses are sub-classifications of Contingent Resources which help identify a project's chance of commerciality. Project maturity subclasses (in order of increasing chance of commerciality) are 'development not viable', 'development unclarified', 'development on hold', and 'development pending'. Projects are assigned a maturity subclass of 'development unclarified' if they are still under evaluation or require significant further appraisal to clarify the potential for development, and where the contingencies have not been fully defined.

PRL 68

GLJ, an independent qualified reserves evaluator engaged by InterOil Corporation ("InterOil"), estimated gross unrisked best estimate (2C) contingent resources for the Triceratops discovery of approximately 58.7 MMboe (352 Bcfe), effective December 31, 2015, as reported by InterOil in 2016 (the "GLJ Estimate").

The GLJ Estimate is a "historical estimate" and should not be treated as current. It was prepared for a prior operator, before the lapse of PRL 39, and relies on data the Company has not yet independently verified. The Company considers it relevant because it was prepared by a recognized independent evaluator using the three Triceratops area wells and the seismic then available, and it characterizes the property's exploration and evaluation history. In addition, significant changes in commodity prices, operating costs, development assumptions, regulatory requirements, technology and other economic and technical factors may have occurred since the GLJ Estimate was prepared. As a result, the assumptions underlying the estimate may no longer be applicable and there can be no assurance that the estimate remains reliable. Readers are cautioned not to place undue reliance on the historical estimate.

A qualified reserves evaluator has not done sufficient work to classify the GLJ Estimate as current reserves or resources, and the Company is not treating it as a current estimate. To upgrade it, the Company expects to recover and reprocess the well logs, test data and seismic, and commission a new independent evaluation under NI 51-101 and the COGE Handbook. Contingent resources are not reserves, and there is no certainty that any portion of the resources will be commercially viable to produce.

At the time of the GLJ Estimate, the project maturity subclass of the estimate was "development unclarified." Projects are assigned a maturity subclass of "development unclarified" if they are still under evaluation or require significant further appraisal to clarify the potential for development, and where the contingencies have not been fully defined. "1C": the "low" estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. With the probabilistic methods used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. "2C": the "best" estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. With the probabilistic methods used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. "3C": the "high" estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. With the probabilistic methods used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Supplemental Information Regarding Product Types

This press release refers to gas or natural gas and natural gas liquids, which refer to conventional natural gas and natural gas liquids product types, respectively, as defined in NI 51-101.

BOE Presentation

Boe and Bcfe figures convert gas at six thousand cubic feet to one barrel, an energy equivalency at the burner tip that does not represent a value equivalency at the wellhead. Contingent resources are not reserves, and there is no certainty that any portion of the resources will be commercially viable to produce.

Forward-Looking Information and Statements 

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, collectively referred to as "forward-looking information." Forward-looking information is generally identifiable by words such as "anticipates," "believes," "expects," "intends," "plans," "proposes," "targets," "will," "may," "could," "should" and similar expressions suggesting future outcomes or events.

Forward-looking information in this news release includes statements concerning: the terms, continuation and potential extension of PRL 68 and any potential application for a PDL; the licence work program and its funding; the recovery and reprocessing of historical technical data and the commissioning of a new independent evaluation under NI 51-101; contingent resource estimates, including the GLJ Estimate, and the potential to upgrade the GLJ Estimate to a current estimate; the Company's plans to pursue third-party access to the Papua LNG pipeline and LNG facilities and the Kumul Marine Terminal and the ability to enter into such arrangements on favorable terms; the potential tieback, development and production of Triceratops and potential production ahead of the Company's Western Province development; the timing of a final investment decision on Papua LNG; and the Company's broader plans to aggregate Western Region gas resources and supply Asian LNG markets.

This information is based on assumptions that management considers reasonable, including the continuation of PRL 68 in good standing, the availability of financing, the quality of the historical data and the results of technical work, the presence, deliverability and commercial potential of hydrocarbons at Triceratops, the technical and commercial feasibility of connecting Triceratops to the Papua LNG system, the Papua LNG project proceeding as anticipated, the willingness of the Papua LNG participants to grant access on acceptable terms, the receipt of required approvals, and future commodity prices and costs. It is subject to risks that could cause actual results to differ materially, including: the inability to fund or complete the licence work program; PRL 68 not remaining in good standing or not being extended; historical data proving incomplete or unreliable; technical results or an updated evaluation differing materially from historical information; the inability to obtain third-party access on acceptable terms or at all; delays affecting, or the failure to proceed with, Papua LNG; the inability to obtain approvals or financing; changes in commodity prices, costs, fiscal terms or the political, legal or operating environment of Papua New Guinea; and other risks inherent in oil and gas exploration and development. The Company has not entered into any agreement with the operator or participants of the Papua LNG project for access to its facilities, and if such access is not obtained the tieback concept may not proceed as contemplated.

Although the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable as of the date of this news release, there can be no assurance that they will prove to be correct. Actual results and future events could differ materially from those anticipated. Readers are therefore cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is made as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE Robinson Energy Limited

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