• Arafura gas supply agreement has lapsed due to Arafura not meeting condition precedent
• Horizon and Mereenie joint venture partners will re-market the gas to other customers
• Gas supply was committed to start in 2028 prior to Arafura's final investment decision

Horizon Oil Limited (Horizon) has announced that the Arafura gas supply agreement for Arafura's Nolans rare earths project ('Nolans project'), including gas supply contracts with Horizon's other Mereenie joint venture partners, has lapsed. This is due to the condition precedent (being Arafura's board approving a final investment decision (FID) of the Nolans project) not being satisfied on or before the 31 March 2025. Horizon and the other Mereenie joint venture partners had committed to the three-year gas sale in advance of the agreed 1 January 2028 commencement date and had already provided a nine-month extension to satisfy Arafura's condition precedent. However, following the ongoing delays to achieving FID on the Nolans Project, Horizon and the Mereenie joint venture have decided to re-market this volume of firm gas production commencing in 2028 to other customers throughout the Northern Territory and the East Coast.