The Directors of Armour Energy Limited provided the attached presentation regarding the recently identified Enterprise North prospect, located within Petroleum Exploration Permit ("PEP") 169 in the onshore Otway Basin, Victoria. PEP 169 is 51% owned by the Company (and operator) with Lakes Blue Energy NL, holding 49% of the permit. The Enterprise North prospect is well located relative to existing gas distribution infrastructure and with the potential to be monetized quickly in the expected case of a commercial discovery. The Enterprise gas field was discovered by Beach Energy in 2020 and contains a 2P reserves estimate of 161 PJ of sales gas and 4 MMbbls of condensate- Following the recent completion of reinterpretation of merged 3D seismic, the Enterprise North prospect has been identified as a drill ready target. The JV is now rapidly progressing the various workstreams to enable the drilling of the prospect. These activities include; Environmental and regulatory approvals; native title and landholder access agreements; procurement of long-lead items and contracting of the drilling rig and ancillary services. This information update has been provided to ensure all shareholders are aware of the significance of the Enterprise North Prospect. Further information will be released when available. Enterprise North is a drill ready prospect following reinterpretation of merged 3D seismic. Various workstreams being rapidly progressed to enable the drilling of the prospect. These activities include; Environmental and regulatory approvals; native title and landholder access agreements; procurement of long-lead items and contracting of the drilling rig and ancillary services. Drilling location near the Enterprise-1 (Beach Energy)
well location. Targeting up to 419 Billion cubic feet of gas and 10 Million barrels of condensate in place. Flow rates could deliver up to 60 Million cubic foot a
day from a single well from the proven & prolific Waarre Sandstone Reservoir. On trend with the Enterprise 1 Discovery (3.2 km) and the Minerva Field (9.6 Km).
Upper Waarre Sandstone (2052m TVDSS) 115m Net Reservoir Thickness* 2P: 161 PJ /352,000 T LPG /4 MMbbl Condensate /10% CO2 * Expected first gas production mid 2023* Beach plans to investigate further exploration opportunities identified in the vicinity of the Enterprise 1 gas field, with plans to utilise the existing Enterprise 1 drill pad, which Beach states have been de-risked by the Enterprise-1 success. Waarre Sandstone (1790m TVD) 110m Net Pay**
2P: 330 PJ /331,000 T LPG /0.7 MMbbl Condensate /1.3% CO2** inerva 1 DST 28.8 MMscfd** (facility restricted) Minerva 3 DST 50 MMscfd** (facility restricted) .