Ann: Norwesterly Edition 4 , page-19

I too have sent an email to Peter and Co giving a pat on the back for a job well done. Its little things like these that matter to shareholders. As some have mentioned that most of the facts were already known – agreed, however I was pleasantly surprised by:

Kockatea’s flow rates 400,000 scf/d, and 200,000 scf/ for the last 2 days – impressive! Remember, the previously reported rates were 70,000 scf/d and 45,000 scf/d, so after all the swab operations and all the talks of ‘further evaluation’ was not BS. PLUS 22 bbls of oil recovered from the wellbore. Kockatea oil could be shale oil production from the shale interval OR of the Kockatea in the Hovea - Wagina Formation which is a well known oil producing zone in the Basin.

Carynginia Formation: best ever explanation from management to date

IRCM and HCSS potential!

Resource estimation – preliminary though – would be nice nonetheless

Going forward program

And the two major highlights for me
‘This is, after all, the first dedicated shale gas well to be drilled in Western Australia, there is still much to be learned about how these shale sequences perform, and it needs to be conducted thoroughly in order to properly plan a future program involving the potential drilling of our first horizontal wells’

‘’One final point although the gas rates generated from the various zones in the Arrowsmith 2 well are considered small in ‘conventional’ terms, when scaled up to a 10
20 stage horizontal shale gas well that has been hydraulically fracture stimulated, the volumes produced are significant. This is an important point to remember! ‘’

Note the emphasis on ‘!’ – its like Peter is talking to the market and for the first time publicly screaming the potential of NWE wells!

Although early stages but we have exceeded over 1.5mmcfd in Kockatea, limited Carynginia and initial HCSS. Do your maths...for Hori well/s going forward

One word – huge potential! confidence was high , now enhanced

Cheers VoM.