Phone conversation with Scott - 5th July 2023., page-71

"That 10 month timeline does not fit in to the need to drill a well outside of Sg 4571 to secure those leases before June 24."
I have no idea how long it will take to get results back from the next 2D seismic survey. I was just looking back to see how long it took last time. There are basically 3 major steps to this.
1) Physically Acquiring the Data in the Field.
2) Processing the Data.
- There will be a number of separate steps here as there will be reprocessing as the leads are identified and refined.
- Each lead will be a separate sub project in itself.
- Not all leads will likely be refined to the same extent.
3) Coming up with Prospective Resource for each of the individual leads.

Each of these steps is typically performed by separate outside third parties, with the IVZ staff coordinating between parties, reviewing the results and reworking it.

"I can’t understand why we are not drilling the shelf edge in this program."

IMO... we don't have the cash, and also it is more likely that the next well to be drilled may be one of the larger prospects in the East after the 2D seismic is completed and processed. It may have a higher CoS, and a larger Prospective Resource as a similar play type to MK-1 compared to a Basin Margin well. The Basin Margin concept has still to be proved in this basin. Scott seemed to be leaning towards drilling another Central Fairway play well in the last presentations. I would suspect they would prioritize leads on the CoS and individual lead Prospective Resource.

Lose ends are part of exploration unfortunately.