Phone conversation with Scott - Jan 12th 2023., page-135

Permeability data is the most important piece of the puzzle that’s missing. If the two intervals in the UA which had 8% and 10% porosity have a corresponding permeability of less than 20mD then we have zero chance of a successful flow test.

Scott has a lot of data in hand right now to verify permeability in the UA and LA net pay intervals.

He’s intentionally not releasing this info which is the most important data for us to work out the potential upside from the upcoming flow test.

If it’s moderate or good quality then why not say so? This gives us hope of a meaningful flow test result.

I’m assuming it’s tight or poor quality reservoir at best and he doesn’t want to reveal anything negative. But even if it is, shareholders have a right to know.

In short it would be great if you can press him on reservoir quality. He’ll focus his response on this being a large structure and it not being representative and the usual deflection. But the fact is that he has porosity and permeability data (and reservoir pressures, fluid samples, etc.) from the exact locations in Mukuyu-2 ST that will be perforated for flow testing. They are highly relevant at those specific intervals, even if we will see better results later and elsewhere on the structure.

We as shareholders paid to drill these wells with the expectation that this would be the bare minimum level of information we would receive. Same as every other junior O&G exploration company on the ASX that has drilled and declared a discovery in the past 30 years that I’ve been following and investing in.