ECHELON RESOURCES LIMITED — Director's Dealing 2022

May 30, 2022

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Ongoing Disclosure Notice

Disclosure of Directors and Senior Managers Relevant Interests

Sections 297(2) and 298(2), Financial Markets Conduct Act 2013

		New Zealand Oil & Gas Limited 31-May-22 8-Dec-21 Andrew William Jefferies New Zealand Oil & Gas Limited n/a Chief Executive Officer pecified derivatives) Options to acquire ordinary shares, issued in accordance with the Scheme Rules Ordinary shares (listed) Direct Direct 1,298,528 25,000 1,298,528 50,000 Andrew Jefferies Andrew Jefferies Andrew Jefferies Andrew Jefferies interest(if applicable) n/a n/a n/a 1 n/a 27-May-22 Participation in a renounceable rights issue New Zealand Oil & Gas NZ$10,500 1 n/a n/a n/a n/a	New Zealand Oil & Gas Limited 31-May-22 8-Dec-21 Andrew William Jefferies New Zealand Oil & Gas Limited n/a Chief Executive Officer pecified derivatives) Options to acquire ordinary shares, issued in accordance with the Scheme Rules Ordinary shares (listed) Direct Direct 1,298,528 25,000 1,298,528 50,000 Andrew Jefferies Andrew Jefferies Andrew Jefferies Andrew Jefferies interest(if applicable) n/a n/a n/a 1 n/a 27-May-22 Participation in a renounceable rights issue New Zealand Oil & Gas NZ$10,500 1 n/a n/a n/a n/a
ToNZX Limited; and
Name of listedissuer:		New Zealand Oil & Gas Limited
Date this disclosuremade:		31-May-22
Date of last disclosure:		8-Dec-21
Director or senior manager giving disclosure
Full name(s):		Andrew William Jefferies
Name of listedissuer:		New Zealand Oil & Gas Limited
Name of related body corporate (ifapplicable):		n/a
Position heldin listedissuer:		Chief Executive Officer
Summary of acquisition or disposal of relevant interest(excluding s		pecified derivatives)
Class of affected quoted financial products:		Options to acquire ordinary shares, issued in accordance with the Scheme Rules	Ordinary shares (listed)
Nature ofthe affectedrelevantinterest(s):		Direct	Direct
For that relevant interest-
Number heldinclass before acquisitionordisposal:		1,298,528	25,000
Number heldinclass afteracquisitionordisposal:		1,298,528	50,000
Currentregisteredholder(s):		Andrew Jefferies	Andrew Jefferies
Registeredholder(s) once transfers areregistered:		Andrew Jefferies	Andrew Jefferies
		interest(if applicable)
		n/a	n/a
The notional value of the derivative (if any) or the notional amount of underlyingfinancialproducts(if any):
A statement as to whether the derivative is cash settled or physically settled:
Maturity date ofthe derivative (ifany):
Expiry date ofthe derivative(ifany):
The price specifiedinthe terms ofthe derivative (ifany):
Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:
For that derivative,- Parties to the derivative: If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:		n/a	1
Date of transaction:		n/a	27-May-22
Nature of transaction:			Participation in a renounceable rights issue
Name of anyotherpartyorparties to the transaction(if known):			New Zealand Oil & Gas
The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration:			NZ$10,500
Number of financialproducts to which the transaction related:			1
If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details—
Whether relevant interests were acquired or disposed of during a closedperiod:		n/a	n/a
Whether prior written clearance was provided to allow the acquisition or disposal toproceed duringthe closedperiod:
Date ofthe prior writtenclearance (ifany):
Summary of other relevant interests after acquisition or disposal: Class ofquoted financialproducts: Nature of relevant interest: For that relevant interest,- Number held in class:
		n/a	n/a
Number held in class:

The notional value of the derivative (if any) or the notional amount of underlyingfinancialproducts(if any):
A statement as to whether the derivative is cash settled or physically settled:
Maturity date ofthe derivative (ifany):
Expiry date ofthe derivative (ifany):
The price's specified terms (ifany):
Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:
_For that derivative relevant interest,- _
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:
Certification I certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure byallpersons for whom it is made. Signature ofdirectororofficer: Date ofsignature: or Signature of person authorised to sign on behalf of director or officer: Date ofsignature: Name and title ofauthorised person:		31-May-22 Paris Bree,General Counsel

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