Ann: Block 9 Operations Update, page-64

Hi All,

For those interested, just posting my notes from the ASX 14/5/25 Block 9 Operations Update.

Numbers below relate to Slides 1, 2 & 3.

1. Does not sound like the financing facility is close to being concluded - see Point 2.

2. Finance facility now being described for "extensive field development" - costly, thus would expect as much data as could be available in the near term will need to be utilized i.e. production data from Amistad-3 for better spatial coverage than just Alameda-2 & Amistad-2.

3. FID "before year end" very much expect this to mean before end of CY 2025.

4. Would expect oil volume by end of June to be in line with the volume AP has previously mentioned being exported in the trial shipment.

5. Amistad-3 to be immediately production tested on success.

6. Would not expect JV to be ordering "additional production equipment and contingent materials" unless they are strongly planning to drill Amistad-3 immediately post Amistad-2.

7. I interpret these comments that the JV is still of the opinion that the current 2D data is adequate to drill the initial Amistad production phase wells on i.e. as they have previously mentioned the first seven wells.

8. Not expecting any drilling during acquisition of 3D.

GLTAH
Cheers
VOGC