Ann: Investor Presentation AGM April 2019, page-10

A couple of misty areas (in my mind) seemingly cleared up with that presentation:

• IW conventional FO is nearing completion. There is no insurmountable gap between bid and ask. While "a deal is not done until a deal is done" we now know that indicative terms are agreed and it is only final DD and documentation pending.
• IW HRZ FO is still targeting this year (now 2H though). Data room not yet open. Indeed BH/USGS "re-evaluation" of company data/insights is not yet completed. Expected "in weeks". No trace of IW2H timetable remains in the presentation. It appears more likely that the next foray into the HRZ will be to "take pressure cores coincident with conventional drilling locations", prior to "drill and test horizontal producers, first along the highway corridor". All this is clearly 2020 and beyond. There is also an interesting link whereby "coincident" drilling activities, presumably funded by seperate FO means, are planned/hoped to take place. Hmmm.
• Company has A$17m cash in hand (nett) and projected expenses of A$12m for the remainder of the year. This includes, above FO processes and analysis/tests as well as corp overhead and land rentals. Company also has A$1.2m due back from SoA from Winx bond. Could conclude year with over A$6m cash in hand (excluding FO outcomes).
• In terms of balance sheet, US$15.4m debt is more than offset by US$19.1 in SoA credits due, which represents a A$5.2m balance in our favour.
• 3d inversion processing on YG has upgraded (derisked?) asset potential from "lead" to "prospect". 86 mmbbls 100% WI to 88E. But will need a targeted FO to monetise further.
• Some negligible dollars being spent on re-appraising WB acreage to determine if any further activity is warranted. We retain a 36% earned WI there.

It will be good to hear from anyone attending the AGM and/or post AGM drinks, as to the tone and tenor and body language of the directors.

All IMO and GLTA.