Ann: Drilling Update - Vali-2 & Odin-1, page-11

Please stop fearmongering regarding funding. They have sufficient liquidity to drill Vali and Odin comfortably. There has been no sign of the two preceding Perth Basin wells being drilled and a formal rig contract hasn't been signed, implying that Cervantes expenditure is not imminent.

In relation to the MAY announcement t's very clear cut and written on the first page of the announcement. First point is unconditional. Second point relies on EOG not abandoning after the first well. Third point is a spectrum based on production. Not sure what is hard to understand about it? It's basically an upfront payment, a contingent payment, and a $0.40c per barrel royalty. Effectively they are guaranteed $7.5m and the rest is speculative based on well results.

- Consideration payable for the sale:
→ An upfront payment of US$7.5 million, subject to satisfaction of Conditions Precedent
→ Contingent payments of US$5.0 million, subject to EOG making certain future elections with regards to the permit following completion of the exploration well
→ Production linked payments of US$10.0 million for each 25 million barrels of oil equivalent produced, in the event of a commercial discovery