Dorado Appraisal, page-3

JL

The JV's commitment till Aug 2019 was for 3 wells in both WA435 and 437P which they've met (chk Neats). Next up they'll need to extend the tenure past Aug 2019 & lodge a commitment program for future drilling.

Once the findings from Dorado are known, then they can apply for a Production Licence or a Retention lease (RL) if Oil prices tank & becomes sub-economic for some bizzare reason. So there is still a long way to go.

The JV needs to conduct a proper flowtest, cut a full core (not plugs such as sidewall cores) from the Caley, Crespin & Milne at multiple locations, so plenty of activity to plan out after this Initial Discovery well.

It is a step by step process & both partners will have to sit down & work out the Budgetary requirements & sell the story to the big end of town to raise funds etc to meet their individual obligations. It's a standard operating process.