Ann: Webinar - 26 February 2025, page-5

FDR Webinar 26/2/25 – Damon and Mark
Only ran 25 minutes and sound was shocking so please forgive any misinterpretation.

-A lot of interest after reservoir modelling results. Potential scale of project got increased interest.

-Can produce a lot of reserves quickly – 10mmbl in first 18 months = US$750m sales revenue as base case.

-Successful tie back to Lanjara (50% CoS) will make a big increase.

-Confidence comes from data – 5 well penetration logs and core data, and flow tests = technically derisked

-Flow rates demonstrate + 20,000bopd

-Focused on development now. Stages are 1. funding and 2. build out.

-Funding update – engaged on FPSO, drilling services. Looking for creative deals to reduce capex funding. Conventional farm out or financing (lending or offtake prepay) for final piece of funding. Range of groups – private equity, tradition farm ins and others.

-At contractor selection for FPSO, drilling and subsea. In discussions with FPSO owners. Identifying long leads to help with earliest production.

-Upcoming milestones and catalysts – big news flow for FPSO, rig and commercial terms in coming months.

-Nature of payments to Timor Leste – production sharing. Pay 5% royalty on gross sales, recover costs before profit split 76/24.

-No plans currently to raise capital - $7m in the bank. Rest of portfolio largely self-sustaining.

-MST research report timing assumptions for partner – prioritising getting FPSO and rig sorted which will define capital requirements. Data room open and groups doing DD. Expected in coming months.

-Economics are very attractive and getting a lot of interest from industry, financers etc.

-3D to complete in April, currently 70% done. It’s derisking Lanjara and other near field projects, also mapping faulting. Could double field size.