The Board of Jupiter Energy Limited provides this update regarding its proposed Debt Restructure Plan. The Company announced on 12 September 2022 that the Debt Restructure Plan originally announced on 04 March 2022 would not proceed and that discussions were ongoing with its four (4) Noteholders regarding an amended Debt Restructure Plan. The Company advised that it has signed an amended Deed of Settlement with each of its 4 Noteholders in relation to a significant restructuring of its existing debt.

As detailed in the 30 June 2022 Quarterly, released on 29 July 2022, the Company had total debt outstanding (principal + accrued interest) of approximately USD 72.86 million (AUD 112 million) with all Notes due for repayment on 1 July 2024. The 4 Noteholders under the above funding arrangements are: Waterford Finance and Investment Limited (Waterford); Midocean Holdings Limited (Midocean); Weighbridge Trust Limited as Trustee of The Blackbird Trust (Blackbird); and Ayman Asfari. The Company s cash balance as at 30 June 2022 was approximately AUD 1.281 million and with respect to short-term funding, as at 30 June 2022, the Company had drawn down USD 7.61 million under its 2017 Funding Agreement.

Based on a total of USD 16 million being available under the 2017 Funding Agreement, and the overrun of USD 1.42 million on the 2016 Funding Agreement, a net amount of USD 6.97 million was still available, as at 30 June 2022, to further develop the Company s 100% owned Kazakh acreage.