General Thoughts, page-2038

I think there might be some confusion here as to what is required by 23 Jan. My understanding is as follows. From the ann on 26/10:

The first additional exploration period will run from 23 January 2024 to 22 January 2026, with an associated work commitment to drill one exploration well (or, if a drillable prospect is not identified, acquire either 500 km2 of 3D seismic data or 1,000 line kms of 2D seismic data).

There is no mention in the above or within the Application Guidelines and Assessment Procedures mandating the arrangement of the drill at the time of application or by the commencement of the exploration period. Rather, it is simply a requirement that the drill occur prior to 22 Jan 2026. Therefore, I would envisage the imminent ann of the extension, followed by farm-in and drill ann at a later date. If both happen to be ann at the same time, that's a bonus.