Ann: Financing Update, page-245

For those that went to the meeting I have a simple question which relates back to the "Equity raising to finance Sangomar Phase 1(12 December 2019)" presentation and the meeting held this week.

Page 6 show the sources of funds totally US$571m of which once finance is in place we would have US$100m for placement and US$21m Existing cash reserves giving us a total of $US121m of which we need to pay US$3m for the placement so net cash of $US118m

From the meeting it was reported (I believe from memory) that we were not drawing down the loans until next year and there would only be one cash call in February and then nothing until next year, but the value of the cash call was not discussed.

On page 14 of the presentation it shows the payments to first oil at the bottom of the page as follows

2020 US$134
2021 US$163
2022 US$195

If the only cash call is Feb and its US$134m how do we meet the cash call without drawing on the loan if we only have US$118m

It may be as simple as things have changed and some of the 2020 cash call has been pushed into 2021

This may not have been discussed but interested in other opinions

I have not included the US$8m from SSP as FAR didn't rely on those funds

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