PERTH, WESTERN AUSTRALIA— (October 06, 2021)

Black Mountain Energy (“Black Mountain” or the “Company”) is pleased to announce it has been granted an exemption to the export restrictions on domestic natural gas from the Western Australian (WA) government’s Department of Jobs, Tourism, Science and Innovation (“JTSI”).

Background
In August 2020, WA Premier Mark McGowan announced that the WA Domestic Gas Policy would be amended to prevent the export of local WA gas to the Eastern States or overseas. The policy was updated to protect WA’s long-term energy security and to support economic and industrial development in the State.

The following month, Black Mountain submitted an exemption to the policy. The Company is designing a net zero natural gas project (scope 1 and 2) with an industry leading ESG scorecard. The project, known as the Valhalla Natural Gas Project, is located within the Canning Basin, which is removed from existing WA pipeline infrastructure.

The Deputy Premier Minister, the Honorable Roger Cook, stated, “I appreciate the challenges Black Mountain faces in developing the Valhalla gas field, particularly its remote location and lack of established pipeline infrastructure. I also recognise the potential benefits the project offers for the Kimberley and the broader Western Australian community through regional jobs and business opportunities, royalties and domestic gas supply.”

The JTSI exemption was granted to Black Mountain under ongoing negotiations that the Valhalla Project will support pipeline infrastructure that connects the Canning Basin to the WA pipeline network. JTSI also stated an expectation of further development in the basin, enabling new gas supply for the Western Australian market. Before proceeding with the project, Black Mountain will obtain all necessary approvals, including environmental approvals.

About Black Mountain
Black Mountain is a United States-based natural resources operator, founded in 2007, which has invested more than $US2b in natural resources assets globally.

Black Mountain specialises in identifying and capturing high-growth opportunities within the energy and natural resources space. The company has deep expertise in the onshore tight gas sector, from exploration through to development and production.

Black Mountain has operations in two countries, including Australia. It has safely drilled more than 2,750 tight gas wells using hydraulic fracture stimulation techniques and has safely operated and monitored more than 19,000 wells.