Ann: Strong Gas Shows in Multiple Upper & Lower Angwa Reservoirs, page-375

Looking to gain more insight into IVZ's oil potential and the path to declaring this. Would be highly appreciative of Kiwi's, Butch, VOGC, Skye, Gr4e or any of the residential O&G expert's input. My understanding is limited as I haven't been researching/tracking IVZ and all the associated industry information much recently.

In today's announcement, IVZ continually references 'Gas' and 'Gas Shows' yet there is no mention of oil specifically. Maybe this is an ASX thing? Know that there is mention that the fluorescence cuttings have the presence of liquid hydrocarbons.

Obviously, the team has a lot more data on hand than we do so would have a greater idea. The Fluorescence cuttings colour is indicated to be blue, which is extremely supportive for oil being present.

1. Is there no ability to determine if oil is present from the circulating mud? Understand that the gas readings are obtained from a suction line above the shale shaker. My assumption to this question is no given that the mud and oil would be thoroughly mixed together it would be challenging to get an accurate reading. But surely there would be signs? I believe we are using a water-based mud system and not oil-based? Maybe they can't declare them to the market as the readings could be minuscule

2. A positive sign is that there are heavier carbon atoms (C4 & C5). If IVZ had C8 or C10 present, can the circulating mud indicate this or any other way to show this? Know that once you pass C5+ then you start entering the liquid's territory and therefore the suction line won't pick up the heavier carbon atoms as they aren't gas. So essentially, could our Carbon Atom readings be much higher, just that the tool is unable to detect this?

3. Understand the LWD Tool provides real-time insightful data into the types of rocks being drilled into, porosity, formation pressure etc. Additionally, it provides information about the types of fluids that it hits. Given that the ANN states elevated LWD resistivity, this therefore implies a low presence of water and a higher presence of gas/oil. Can the tool determine which exact fluid is present? If yes and it is oil, why not declare it?

4. Is there a gas show multiple at which you can assume there is oil present? Understand that this is a GAS reading but given it is so elevated (157 and 151) can this provide any insight towards oil?

5. There is mention of Total Gas observed being 4x and background gas being 2x greater than M1. Does this essentially mean that the concentration of gas in C4 and C5 is greater than what was found at M1? Which based on my questions/points above mean that oil could be present? Also understand that these observations may indicate a greater quantity of gas present/liberated. But then again given that our mud weight is lighter than M1, could this be resulting in greater observations?

6. So then in order to determine if oil is present, they will combine all the drilling information gathered, use their models plus integrate the wireline data to be captured and attempt to extract a sample from a certain well section that they think contains oil? Then once they have an actual oil sample with the associated data, they can calibrate their models and data and state to the market the net pay of oil etc?

Sorry if these questions are primitive, just had some musings after digesting the ANN this morning