Ann: Annual General Meeting Presentation 2019, page-90

We have had some of the most Earth Shattering News you could get for our industry:

1. Our volume increased by 22% and

2. Our oil flow rate was the second best in WA

And yet, our SP moved only a few cents for a few days, before falling again.

But you reckon somehow if we announced to the world, we are going alone, taking 100% of the risk, to drill Buffalo - and that is going to reverse the slide in the share price?

Just how many Australia companies do you know have taken 100% risk in an offshore drill?

Answer: NONE.

I am just not sure how many O & G companies you have invested in, but of all the O & G companies that I have invested in, NOT one have taken 100% risk in an offshore drill.

You think the market is going to embrace it and think its a great thing?

How?

To me, the market will interpret it as a sign of desperation.