AGM wrap., page-55

Not too much to add to the feedback already provided. It was excellent to meet a few posters from here including many who don't post anywhere near as much as they should. And of course to meet the key proponents of our investment. Nothings new was shared, but the richness of explanation afforded by face to face discussion is almost invaluable.

The key takeways for me were:

CR pre-spud was prudent management in shareholder interests as the obvious shortfall in funding obligations beyond 2V (but unrelated to 2V) would have required those funds to be sourced before drilling to ensure all bases covered - and that the speculation was mounting quite noticeably which necessitated a CR now (rather than closer to spud) to avoid likelihood of price suppression activities in the lead up to spud. The degrees of freedom and optionality now available in all three 2V scenarios (i.e. success, failure, or a sub-optimal/inconclusive) is significantly enhanced.

Post 2V, in the success scenario an HRZ/Hue delineation plan East, West and potentially Far West, is being permitted. Whether those wells would be just core wells, or vertical flow test wells or horizontal test wells will be determined over time. Part of the consideration would be based on needs of industry versus needs of the market. Clear intent to test a couple of the more attractive conventional targets within this same drill program. Certainly a level of confidence that future fund raising for these purposes is expected/hoped to be less dilutive than the fund raising exercise just completed. The process (grossly simplified by me) is the essence of the ideal/target curve creaming process. Obviously plans need to also adapt to changing circumstances and emerging insights, if required.

Which reiterated the criticality of 2V in this whole process. The amount of planning and design that has gone into this by so many people in the JV team, coupled with 'free advice' from the contending stimulation companies (Schlumberger and Halliburton) plus a deeply experienced and credentialed fracking advisor/consultant, is helping the JV maximise its chances of success. They can't change the geology and the fact this is the first stimulation and flow test being done in the HRZ ever by anyone - hence the 50/50 risk. But the effort, knowledge and best practices being deployed is going to give us very chance of being on the right side of the ledger.

All of this is my interpretation of what I heard and should not be taken as a verbatim reporting of anything said. If other attendees believe I misheard or misunderstood, I am happy to be corrected.

All aboard!! GLTA.