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Ann: Notice of Annual General Meeting/Proxy Form, page-36

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Sharetrader78

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19/07/20

19:42

Post #: 45967623
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Originally posted by msn81 ↑

Hey @kvsae

I took some notes as best as I could, don't quote me on accuracy, but got round to typing them up now - read these as you will. All IMO, DYOR and all the usual disclaimers etc, hope this helps.

In general - the meeting was fairly quick, they said it was one of the higher turnouts they had!

First Andrew addressed the questions that were submitted prior, then the voting, then took questions from SH who attended. The voting was pretty standard stuff, so I'll only go through the Q&A parts here:

Q. What’s been the board’s focus sincethe Santos Farmout and what’s been achieved?
- Worked with Santos to get the works program pushed along,
- it’s been quite difficult under the circumstances – tried to get a 3D seismic and they tried to save money by working with another company doing this activity in the area to reduce mobilisation costs?
- He mentioned something about this being problematic due to different companies having different financial year ends and also mentioned something with flooding in Queensland?

Also been focusing on Acquisitions – Production Acquisitions – actively pursuing opportunities in Australia and Overseas – making progress – COVID has not helped at all – ROG would like things to progress a lot faster, nothing being held up on ROG side – other parties don’t move as fast as ROG.
This should generate value for ROG.

Q. Assuming O&G is the focus, how is theeconomics justified and how does the downturn impact funding prospects?
-O&G is the focus, Downturn does hurt, but also creates opportunities – people are selling off assets because of the downturn
-ROG view that this is the time – when things are low, but not out.
-Value for shareholders is the absolute focus.

Q. Given the near zero cash balance, what willthe next CR be structured as?
-Correct – currently no one’s being paid.
- They do want to bring a deal to the table before they go back to the market:
- How structured – Rights Issue and project finance – mix of all of those?
- Placement capacity – they do want to offer to existing shareholders if they can.

- Funds will be used to get the new project going – to purchase it and get it working.

Q. Is Santos still committed and what isthe timeline?
- Yes – Santos are short of Gas,
- Difficulty of getting the 3D, so there is the existing 2D over the Yarrow Gas Field, Santos have been working those to see if they can drill a well without the 3D.
- Risky, but will get a well drilled quicker.
- Flax and Juniper (Oil) are not so robust with the oil price at the moment.
...but they will be looking to get the well in their drilling program (next year?) - [I'm not sure if this was the Yarrow Gas well or another - I assume the Gas well]
- Santos will reprocess the seismic and next year and tie that into their existing grid.

Q. Gold Nugget – is it providing any economicbenefit?
- Not a lot, gas price in US is pretty ordinary,
- Freezing weather and repairs,
- Was running at 100 (bcf??), now down to around 80 or 90 per day?
- Not running at a net loss, but not exactly contributing either.
- Focus is not on Gold Nugget – more on acquisitions.

Q. Any concerns with the Innamincka PRLlicenses expiring?
- Licensee have been extended,
- Santos applied to align the expiry - nothing to worry about there.

Q. Acquisitions - O&G are they goingto be Oil or Gas, onshore/offshore?
- Mix of both – one is operated, and the other three (?) are not,
- (I think I heard - 2 onshore, 2 offshore - Asia/Pacific region?)
- But everyone will be quite happy with the operators (big names??) for these acquisitions?

-End of Meeting-

Again, there may be some errors or misunderstanding on my part, so best contact Andrew for clarity.

Cheers.

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Great work msn >>> sounds like best to stay on the sidelines at this stage for this investor

ROG Price at posting: 0.1¢ Sentiment: Hold Disclosure: Not Held
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