Gas Aggregation Memorandum of Understanding Joint Media Statement
Dear Twinza Shareholders
On behalf of Stephen Quantrill, Executive Chairman, and the Board of Directors, please find attached a shareholder update regarding the signing of a Memorandum of Understanding with Kumul Petroleum Holdings Limited and Hevehe Petroleum Limited, whereby the parties will jointly investigate gas aggregation opportunities in the Gulf of Papua.
Hevehe Petroleum Limited (Hevehe) is the Special Purpose Vehicle that has was formed by Mineral Resources Development Company Limited (MRDC) to invest in Pasca. Hevehe is controlled by MRDC, and its shareholders are MRDC, associated landowning companies and the Gulf Provincial Government.
The Gulf of Papua in PNG represents a global frontier opportunity for natural gas resources development, and the Pasca development is optimally positioned to unlock and help aggregate gas resources from adjacent fields. The attached announcement with Kumul Petroleum and Hevehe serves as a strong affirmation of Twinza's vision for the development of the natural gas resources in the Gulf of Papua in Papua New Guinea.
Twinza would like to clarify that as of February 2026, Hevehe holds a 5% Participating Interest in the Pasca reservoir, for which they have paid US$16 million. Hevehe has an obligation to acquire up to a 50% Participating Interest at the time that the Pasca project participants declare an affirmative Final Investment Decision (FID) for the development of the project.
Kumul Petroleum Holdings Limited, Hevehe Petroleum Limited, and Twinza Oil (PNG) Limited today signed a Memorandum of Understanding to jointly investigate gas aggregation opportunities in the Gulf of Papua.
Specifically, the Memorandum of Understanding enables the joint study and evaluation of the technical and commercial feasibility of aggregating gas from discovered or prospective gas assets within the broader Gulf of Papua for domestic use and/or export via shared infrastructure.
Dr. Luke Liria, Acting Managing Director of Kumul Petroleum stated:
“KPHL, as the national petroleum and energy company, looks forward to partnering with MRDC and Twinza to explore pathways that could accelerate the development of Papua New Guinea’s offshore gas resources and contribute to the national economy.“
Augustine S Mano, CBE, Managing Director & CEO of MRDC stated:
“This MoU is an important step for MRDC and Hevehe Petroleum. Landowners and provincial governments hold 50 percent of the Pasca A Project through Hevehe, and this gives real value to their participation. By working with Kumul Petroleum and Twinza, we can look at ways to develop gas in the Gulf of Papua more efficiently and at lower cost. This will lead to better returns for our landowners and communities. We are committed to using our experience to support this partnership and deliver long-term benefits for our people.”
Stephen Quantrill, Executive Chairman of Twinza stated:
“This Memorandum of Understanding marks a significant step toward realising the Gulf of Papua’s immense offshore oil and gas value. By assessing the aggregation of resources from multiple discovered and prospective fields, we will evaluate shared infrastructure to enhance commercial viability for both domestic use and export. This collaboration enables us to jointly pursue strategic growth, ensuring we create a scalable, efficient energy platform for the benefit of partners and for the people of PNG. As the operator of PNG’s first offshore oil and gas development, the Pasca Project, Twinza is excited to partner with it’s joint-venture partner MRDC and the national oil company, Kumul Petroleum in this exciting endeavour. “
