Interra Resources : Summary of Oil Reserves and Resources FY2021

INTERRA RESOURCES LIMITED

Company Registration No. 197300166Z

SGX ANNOUNCEMENT

Trading Code:5GI

25 March 2022

SUMMARY OF RESERVES AND RESOURCES AS AT 31 DECEMBER 2021

The Board of Directors (the "Board") of Interra Resources Limited (the "Company") wishes to inform shareholders that the Company has commissioned a reputable reservoir evaluation firm, ERC Equipoise Pte Ltd ("ERCE"), to prepare Qualified Person's Reports ("QPRs") with respect to the hydrocarbon reserves and resources of the various petroleum concessions of the Company and its subsidiaries (the "Group").

The QPRs have been prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST Listing Manual"), and conform to the standards promulgated by the Petroleum Resources Management System ("SPE-PRMS"). Results of the QPRs are summarised in the table below and a summary QPR prepared in accordance with paragraph 6 of Practice Note 6.3 to the SGX-ST Listing Manual will be appended to the Company's annual report for the financial year ended 31 December 2021.

Summary of Reserves and Resources as at 31 December 2021

Category

Oil Reserves

Myanmar

Contingent Resources

Myanmar

(Development on hold)

Myanmar

(Development unclarified

Prospective Resources (Unrisked)

Indonesia

Gross Net (mmstb) (mmstb)

Change	RF	Change	RF
(%)	(%)	(%)	(%)
2.87	0.61	79.4	NA	5.07	1.02	(8.9)	NA	6.04	1.34
1C	2C	3C
0.68	0.41	NA	80	2.96	1.78	(20.9)	80	6.52	3.91
0	0	(100)	NA	0	0	(100)	NA	0	0
68	0	15	305	0	15	1,288

Gross Net (mmstb) (mmstb)

1P

2P

1U

2U

46

206

Gross Net

(mmstb) (mmstb)

3P

Change	RF
(%)	(%)
(8.8)	NA
11.7	80
(100)	NA
3U
871	0	15

Definitions: "1P"

• : Proved

  "2P" "3P" "Change"

• : Proved plus probable

• : Proved plus probable plus possible

• : Change from the previous update dated 26 March 2021, which also takes into account actual production, expiration, termination or renewal of contracts, and changes in effective interest of the Group

  "Gross"

• : Gross reserves, contingent resources or prospective resources attributable to the contract before the application of contractual terms with the host government

  "mmstb" "NA" "Net"

• : Million stock tank barrels

• : Not applicable

• : Net reserves is the net entitlement attributable to the Group after the application of contractual terms with the host government; Net contingent and prospective resources are the net volumes attributable to the Group's effective interest in the contract before the application of contractual terms with the host government

  "RF"

• : Risk factor

Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel [phone] Fax [phone]www.interraresources.com

Summary of Reserves and Resources

As at 31 December 2021

Page 2 of 2

Notes:

• (1) Gross reserves attributable to the contract represent 100% of the estimated commercially recoverable hydrocarbons before taking into account the contractual terms with the host government.

• (2) Net reserves attributable to the Group represent the actual net entitlement attributable to the Group's effective interest in the contract after taking into account the contractual terms with the host government.

• (3) Gross contingent resources attributable to the contract represent 100% of the estimated hydrocarbons economically recoverable on an unrisked basis (i.e. before the application of chance of development factor). Contingent resources are reported under two sub-classifications. "Development on hold" represents a project where activities are on hold and/or where justification as a commercial development may be subject to delay. "Development unclarified" represents a project where activities are under evaluation and where justification as a commercial development is unknown based on available information.

• (4) Net contingent resources attributable to the Group represent the proportion of gross contingent resources attributable to the Group's effective interest in the contract. Net contingent resources are unrisked, and do not take into account the contractual terms with the host government and do not represent the Group's actual net entitlement under the contract. Contingent resources are reported under two sub-classifications. "Development on hold" represents a project where activities are on hold and/or where justification as a commercial development may be subject to delay. "Development unclarified" represents a project where activities are under evaluation and where justification as a commercial development is unknown based on available information.

• (5) Gross prospective resources attributable to the contract represent 100% of the estimated hydrocarbons potentially recoverable from undiscovered accumulations.

• (6) Net prospective resources attributable to the Group represent the proportion of gross prospective resources attributable to the Group's effective interest in the contract. Net prospective resources do not take into account the contractual terms with the host government and do not represent the Group's actual net entitlement under the contract.

• (7) Unrisked prospective resources are derived from the arithmetic sum of individual prospects before the application of chance of geological success factor.

• (8) Risk factor for contingent resources represents the estimated chance of development or probability that the volumes will be commercially extracted. Risk factor for prospective resources represents the chance of geological success or probability of discovering hydrocarbons in sufficient quantity for them to be tested to the surface (i.e. the chance or probability of the prospective resources maturing into contingent resources). Risk factor for unrisked prospective resources is calculated based on the summed mean unrisked and risked prospective resources.

• (9) The above gross reserves, contingent resources and prospective resources data are extracted from the respective QPRs with an effective date of 31 December 2021 prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the SGX-ST Listing Manual and the standards promulgated by the SPE-PRMS by:

  Name of Qualified Person : Stewart Easton of ERCE Professional Society Affiliation/Membership : Society of Petroleum

Engineers/4548670

Date

: 25 March 2022

By Order of the Board of Directors of INTERRA RESOURCES LIMITED

Marcel Tjia

Chief Executive Officer

About Interra

Interra Resources Limited, a Singapore-incorporated company listed on SGX Mainboard, is engaged in the business of petroleum exploration and production (E&P). Our E&P activities include petroleum production, field development and exploration. We are positioning ourselves to become a leading regional independent producer of petroleum.