rig availability, page-43

I now sent the below email to NSE management. I hope I will get an answer. If not, I will keeep sending the same email till I get an answer.

I am giving it here, as you guys (who want to make some difference) may consider to send the same or similar email.


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Dear Sam

I believe NSE management should give more details about the Goldwyer project and related recent incident and events for enabling its shareholders to be informed in industry standards as the other explorers do.
...
I would like to be informed by the issues listed below;

1 - NSE didn't give any seismic section of Gibb Maitland-1 well location. It should disclosed ASAP. Nearly all explorers give the seismic section of the target location and depth. (see the sample seismic sections from other explorers; KEY's Cyrene-1 well, CTP's Surprise-1 well)

2 - NSE didn't give any Depth vs Time and Depth vs Formation information along the drilling. As you can see KEY and CTP and nearly all explorers give this information. Why NSE is not giving such details? Don't you have the possibility or capability to give it?

3 - Is there an anticline or any other type of structure which is expected to be conventional reservoir target just above the primary target Goldwyer shale formation!

As we know CTP was drilling mainly the same Ordovician shale target (Unconventional) in Surprise-1. This was the primary target. However they had a secondary target just above the primary target. That was a conventional anticline divided by a fault. (They initially saw the anticline as you can see on the seismic section of Surprise-1 below). They drilled down, started to get the background gas, then oil shows (C4 & C5) started to come out. Then Century rig had a big problem and they had to suspend the operation and Century rig flicked due to the performance issues. A core was retrieved before the incident happened that they have intersected an oil bearing zone. Re-entry was 8 months later and discovery was confirmed. (IMO it is one of the biggest discoveries in Australia but not yet understood well). They still didn't drill down to primary target which is the shale formation.

CTP gave all the necessary information to their shareholders all along the way. I was expecting NSE was going to do the same but you didn't. I don't know why!

3 - If it was not possible to see any anticline, then what was the interpretation of NSE or COP teams about the seismic section?

4 - NSE informed us that there were minor background gas readings before 2700m on their anns. on Jan. 16th. Then you drilled down to 2900m and released two anns. (Jan.23 and Jan.29) after drill pipe incident happened, But you didn't mention about the background gas between 2700m and 2900m! Did we have any background gas in that part (200m)? If we had, what was the amount and composition of latest gas measurements for C1 to C5!

Regards

XXXX
Shareholder
Melbourne