Ann: Significant upgrade of Kingia discovery at West Erregulla-2, page-19

My preferred option is to avoid a CR altogether.... plain and simple but I don’t think it is that easy...unless a third party is keen to take a position sooner rather than later. Whatever options WGO choose to move their 50% of the project forward an element of working Capital will be required.... Perhaps the Directors themselves will provide the necessary working Capital in the form of loans ? A CR is not the only option.

At the moment we have a staggering Gas Discovery which unfortunately at this point in time is NOT a tangible asset to raise capital against. It is simply a resource which may be converted into reserves subject to flow rates being commercial and then it becomes a tangible asset to raise funds against. At which point would result in a substantial rerate to the value of the Business. This is where we are heading Point A to Point B.... it’s how we finance the transition that is the immediate conundrum.

This is my understanding and I am more than happy to be corrected... in-fact I would like to be 100% incorrect.

As I said earlier 50/50 for me to how they overcome the initial short term requirement.

Good Luck All