Ann: Drilling Update - Vali-2 & Odin-1, page-5

Hi Stumpy,
Great work and thanks for sharing. Importantly, the Patchawarra Formation is ubiquitous over the basin with potential sweet spots (main river channels - orange on your map) in the fluvial river system occurring in our acreage, as you rightly have pointed out. At Odin, another important insight is the Strathmount-1 well result, a well drilled back in 1987. The well encountered the Toolachee (~15m downdip) and Patchawarra Formations (~55m downdip) of Odin which bodes well for Odin. Strathmount-1 was not fracture stimulated (just like Kinta-1), had poor hole conditions with drilling and completions technology coming a long way since 1987. Below is the formation evaluation results at Strathmount-1 with interpreted gas pay in the Nappamerri, Toolachee, Patchawarra and potentially, the deeper Tirrawarra Sandstone. In addition to a gas discovery at Odin, we need is good reservoir quality to make the thing economic. If we find gas at Odin-1, which is likely in my book given the Strathmount-1 result, a Vali-style fracture stimulation program should enhance reservoir deliverability. There'll be plenty of sandstone penetrated at Odin-1 along with gas show while drilling, but will the gas deliverability from the sands encountered be economic? Aanother candidate for modern fracture stimulation technology as per VEN and MEL's plan. Hopefully a SP rerate following successful drilling results.

STRATHMOUNT-1 Gas pay interpretation.










Below are various structure maps cobbled together. The "trend is your friend" which bodes well for a discovery at ODIN, hopefully commercial! Same axial trend mapped by Santos and MEL/VEN (structurally higher areas are orange/red, lower areas are blues)




Kind regards OldGeo