Ann: H1 FY22 Results and Half Year Report, page-13

• First one below shows my estimated cash flow projections based on:
  • Pricing in green
  • Hedges
  • Operating expense of $17.08/boe as per most recent OEL video
  • Cash outlay of $3.4M for new wells in May and $5.9M for GC in 4th quarter of Fy22
  • Have not allowed any increase in production for Vick or the two new wells
  • We could have net cash of $60M AUD by end of this year
  • (Depressing see what this could have been in the absence of the hedges put in by the dinosaurs)
• Second one shows a few shalers I follow. In highlight is the EV to 1P which could easily fetch between $15 to $20 (as opposed to our ratio of $6)
  • This tells me our EV could easily be 3x