Sacgasco Limited announced the plans for drilling of the Nandino Prospect in Philippines Petroleum Service Contract 54 ("SC54"), offshore Palawan, Philippines. The SC54 participants, namely Nido Petroleum Philippines Pty Ltd. ("Nido") and Yilgarn Petroleum Philippines Pty Ltd. ("Yilgarn") (Nido and Yilgarn are Sacgasco 100% owned subsidiaries) and TG World (BVI) Corporation ("TG World"), a wholly owned subsidiary of Blue Sky Resources, have advised the Philippines Department of Energy ("DOE") of their intention to drill a well in SC54 in the year commencing August 8, 2022. TG World has agreed to a farmout with Nido and Yilgarn to fund 72.5% of the drilling costs of Nandino 1 to earn an additional 36.25% participating intent in SC54.

The Nandino Prospect is targeting 27 million barrels of recoverable oil from 91 million barrels of oil in place (mean Prospective Resources). More information on Nandino is included in an attachment to this release. Nandino lies updip and on-trend with 4 oil discoveries within SC54.

A 119m+ oil column and strong oil shows are interpreted in two previous tests of the greater Nandino structure and Nandino is the structural culmination of the String of Pearls trend that includes the produced Nido Oil Field, and Yakal and Tindalo oil discoveries. The Deep Venture is owned by Blue Sky's Indonesian subsidiary PT Angkasa Biru Servis Indonesia which has operated offshore production in Indonesia for 12 years. The drillship is currently undergoing preparation for drilling and is expected to drill Nandino as soon as practicable after requisite regulatory and corporate certifications and acceptances.

A majority of the Long Lead Items for drilling Nandino were secured by the purchase of the drilling equipment announced in Sacgasco's ASX Release "Philippines Acquisition Update" - 14 June 2022. The Deep Venture Drillship is a Dynamically Positioned (DP 2) vessel and is currently capable of drilling in water depths from 90 metres to 1,300 metres and can provide a cost-effective vehicle for various future oil and gas operations in the Philippines.