Ann: Quarterly Activities Report & Appendix 5B, page-5

Helpful and appreciated thoughts as usual psi81.

If you take a look at the announcement of 16July2020 you will probably find a few answers on Dukas. Firstly a new well is only one of 3 options being investigated at present, with the other two being i) re-entry of the suspended well and continue drilling into the formation, and ii) twinning the existing well by drilling a new well adjacent to the existing suspended well. Which option of the 3 will be chosen is expected to be revealed very shortly.

The same announcement also details the potential $3m free carry, which if proceeding will lead to a 30% equity in EP82 (excluding Orange). If this option is not taken up by 31 July 2021 then the Dukas equity for Santos drops from the current 70/30 to 55/45.

The other big potential is Zevon, which I would appreciate your thoughts on if you have any (or even heard of it). It's briefly mentioned in the subject quarterly in EP115, and I understand the intention is to use the giant rig they need for Dukas to have a crack at Zevon at the same time in mid-2022. I recall from the presentation on 10Nov2020 (included in an announcement) that the huge big potential bubble on Slide 17 shown as "5X" in Concept (because it was disproportionate to all the others) is Zevon. Obviously very early but the exploration manager hinted at the time its potential could dwarf Dukas.