Ann: Half Year Financial Report 31 December 2023, page-2

During the reporting period, the Company completed the drilling, logging and testing of its Amistad-1 well, including definitive oil discovery tests of the Amistad Unit-1A and Unit-1B formations. The Amistad Unit-1B, tested in DST4 was most notable with an average rate of 1235 bopd being and no formation water. Oil samples from DST4 indicated a high-quality crude of API 19°.

In August 2023, results from the Amistad-1 (Alameda-2) appraisal well resulted in successfully flowing export quality oil to surface and confirming a productive reservoir of sufficient scale for the Company to commence development planning and export market investigations.

On 5 February 2024 the Company announced that it had granted 16,115,750 Performance Rights to one of its Key Management Personnel (KMP). The Performance Rights are split into two tranches. The first tranche of 9,473,684 Performance Rights requires the Company's share price to close at or above $0.163 per share for 20 consecutive trading days anytime within eighteen months following award. The second tranche of 6,642,066 Performance Rights requires the Company's share price to close at or above $0.26 per share for 20 consecutive trading days anytime within thirty-six months following award. Should either or both of these conditions be satisfied and the KMP are still employed by the Company at the end of the relevant period then the Performance Rights would convert to shares and vest.

Total current assets $34m