Mr. J. Cameron Bailey reports

ROBINSON ENERGY RECEIVES GRANT OFFER FOR PRL 68, THE TRICERATOPS GAS AND CONDENSATE DISCOVERY, PAPUA NEW GUINEA

Robinson Energy Ltd. has received an offer from the Minister for Petroleum of Papua New Guinea, the Hon. Jimmy Maladina, for the grant of petroleum retention licence 68 (PRL 68) covering the Triceratops gas and condensate discovery in the Gulf province of Papua New Guinea. The grant offer was made under Section 39 of the Oil and Gas Act 1998, following a report from the Petroleum Advisory Board. It is dated Oct. 2, 2026, and was served on the company by the National Petroleum Authority of Papua New Guinea (NPA) on Oct. 5, 2026.

PRL 68 covers the area formerly held as PRL 39, which lapsed on July 6, 2026. The licence comprises nine graticular blocks and, once granted, will give Robinson a 100-per-cent interest for an initial term of five years. The licence contemplates a company work program with expenditures of $52-million (U.S.) 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 licence (a PDL).

Highlights:

• A tested discovery: Three wells on the Triceratops structure have flowed gas to surface: Bwata-1 (BP, 1959) at up to 28 million cubic feet per day (mmcf/d), Triceratops-2 (InterOil Corp., 2012) at 27 mmcf/d and Triceratops-3 (InterOil, 2015) at 17.1 mmcf/d, with 200 barrels per day (bbl/d) of condensate.
• Independent historical resource estimate: GLJ Petroleum Consultants Ltd. estimated gross unrisked best estimate (2C) contingent resources of approximately 352 billion cubic feet equivalent (bcfe) for Triceratops, in an evaluation effective Dec. 31, 2015, and reported in 2016. This is a historical estimate and is not being treated by the company as a current estimate (see historical resource estimate section).
• Located on the Papua LNG (liquefied natural gas) trend: Triceratops lies approximately 45 kilometres (km) west northwest of the Elk Antelope field, the resource base for the Papua LNG project.
• Potential path to production: A Triceratops tieback into existing Papua LNG infrastructure offers a potential path to production ahead of the company's full Western Province pipeline and LNG development.
• Commercialization concept: Gas will be tied back to Elk Antelope for tolled liquefaction at Caution Bay, with condensate delivered by pipeline to the Kumul marine terminal. Robinson intends to pursue third party access for up to 50 mmcf/d of gas. No access agreement has been reached with the operator of the Papua LNG project.
• A five-year licence at 100 per cent: The Minister for Petroleum has offered PRL 68 to Robinson at a 100-per-cent interest for five years, with a $52-million (U.S.) work program of geological and geophysical studies, infill 2-D seismic, at least one appraisal well, and commercial studies. Subject to the terms of the licence, the term may be extended for an additional term or, alternatively, the company may apply for a PDL.

Field history and production test rates

The Triceratops structure is a carbonate gas and condensate accumulation in the onshore Papuan basin. Gas was first tested at Bwata-1, drilled by BP in 1959. InterOil returned to the structure in 2005 and drilled two appraisal wells after it. On June 14, 2012, the Department of Petroleum and Energy declared Triceratops a petroleum discovery following the Triceratops-2 test.

Pressure data from Triceratops-2 indicated that its upper reservoir is in communication with Bwata-1, approximately 3.5 km along trend. Triceratops-3 reached a total depth of 2,090 metres (m) measured and delivered stabilized rates over several five-hour flow periods. InterOil held the licence until its acquisition by ExxonMobil in 2017 and the licence subsequently lapsed without development.

The test rates above are historical, were reported by the prior operators, and are short-term drill stem and flow test results. They are not necessarily indicative of long-term performance or ultimate recovery.

Historical resource estimate

GLJ, an independent qualified reserves evaluator engaged by InterOil, estimated gross unrisked best estimate (2C) contingent resources for the Triceratops discovery of approximately 58.7 million barrels of oil equivalent (mmboe) (352 bcfe), effective Dec. 31, 2015, as reported by InterOil in 2016.

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 National Instrument 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-per-cent 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-per-cent 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-per-cent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Barrels of oil equivalent (boe) and bcfe figures convert natural gas and condensate at a ratio of 6,000 cubic feet of gas to one barrel. This ratio is based on an energy equivalency conversion method at the burner tip and does not represent a value equivalency at the wellhead.

Commercialization plan

Robinson's plan is to bring Triceratops into production as a tieback to the Papua LNG system. The plan has four stages:

1. Data recovery and evaluation: recover the original well logs, test data and seismic from public and private sources, reprocess the seismic, and commission an independent NI 51-101 resource evaluation. This work forms the prospectivity review committed for the first two years of the licence;
2. Access and offtake: pursue third party access for up to 50 mmcf/d of gas into the Papua LNG pipeline and LNG facility, including gas processing, transport to Caution Bay and tolled liquefaction, and arrange condensate delivery by pipeline to the Kumul marine terminal for sale at market prices;
3. Appraisal and development drilling: acquire infill 2-D seismic and drill Triceratops-4 and Triceratops-5 to confirm deliverability and serve as producers, subject to the results of the evaluation. The licence commits the company to at least one appraisal well;
4. Facilities and first production: construct a production facility and a gathering pipeline to the Elk Antelope system, with a target rate of up to 50 mmcf/d of gas and associated condensate.

Triceratops complements the company's full development plan, the aggregated Western Province pipeline and LNG export system. Timing and each stage remain subject to financing, completion of the licence grant, regulatory approvals, access terms with the Papua LNG participants and the results of the planned technical work.

Third party access: Robinson has not entered into any agreement with the operator of the Papua LNG project, or with any of its participants, for third party access to the project's pipeline or LNG facility. There is no assurance that access will be granted on acceptable terms, in the volumes sought or at all. Without such access, the tieback concept described in this release could not proceed as planned.

Management comment

"Triceratops is a discovery that has already flowed gas from three wells and it sits on the same trend as the fields feeding Papua LNG," said Cam Bailey, executive chairman of Robinson. "It gives us a potential path to production that can be pursued independently of our larger Western Province development. Our first priority is to rebuild the technical record and put a current independent evaluation behind the asset. At the same time, we will open discussions on access to the Papua LNG system. We thank the Minister for Petroleum, the Hon. Jimmy Maladina, the Petroleum Advisory Board, the National Petroleum Authority and the government of Papua New Guinea for their confidence in Robinson."

About Robinson Energy Ltd.

Robinson is an upstream natural gas company focused on the appraisal and development of its 100-per-cent-held petroleum retention licence 62 (PRL 62), located in the Western Province of Papua New Guinea. The company's strategy is to advance the exploration and development of PRL 62's 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.

We seek Safe Harbor.