Ann: Live Investor Webinar - Tuesday 7 December, page-25

Here's my takeaways from the webinar - apologies a little long, but I wanted to get as much info as possible.

I couldn't type out the answer to the questions asked but the answers make sense

For me Iain is confident that we've hit significantly more than high case, but don't want to oversell the number and then an independent firm comes in and lowers the estimate

I thought - hmm maybe like what we've seen with our Southern neighbours

Approx 160 people registered for webinar, but unsure of number of people who turned up. Overall approx 6000 SH's in total

Prod test Jan or Early Feb - but as per an answer - waiting on de-sander, just being cautious

9mil cash balance - funding is good thru to next appraisal well

What next? - The 10 land owners to do seismic - all ok
Delayed due to weather on east coast with company and equipment
Seismic can only be done from 1st Dec to 1st Apr only (non farming times), N/A other times, so that's why such long time until 3D is available again, didn't want to start and only do small section of 3D, only to stop

Sufficiently Confident with 2D for drilling, but 3D is a nice to have
Upto 3 wells, 1st well commencing by Q3 of 2022 - long lead items starting to order - approx 6 - 9 months
Rig slot/s should be locked in, next qtr

Mitsui bringing in Rig 106, but likely to have it tied up for approx 18 months

The gas found could be in excess to what MINRES require, so opportunity to on-sell

Already had approaches from large companies , but told don't rush in.
In regards to WA domgas export ban, maybe ok, msging from govt ok, but case by case basis - really want a piece of export action, will wait for what market provides.

Lead E poorly defined from 2D and not very clearbut supportive by gravity data - more seismic data required for Lead E before any considerations

Lead A and Lead B are better leads atm.Springy Creek will be in the portfolio.
Drilling potentially could be brought forward from Sept, but 3 drills back to back

The presentation will become available on NWE website soon

1st - Oil - will not be flow tested from LD-1 - side walls cores have taken for oil, more oil in NE-D

2nd - robust structure, but subtleties, not yet known - unknown when to provide number but will wait for independent number to be decided - eg: AWE - started at a low number, but after every well was upgraded. Currently large 3c number, but not 2c yet. Awaiting ringneck for more info

3rd - Risk of field compartmentalization - yes because only done on 2d not 3d - some faulting in areaLocation of next well SE of LD1

4th - Knowing when time is right to announce the number of the gas field found - after next well will be a natural point to look into engage an independent estimate

5th - more about the oil, but not commercial in this location

6th - cementing damage - Kingia exposed to drilling fluids for approx 4 weeks (not desirable), perm and pressure - shouldn't be any damage and well should clean up quickly

7th timing for flow - Late Jan, but could be into early Feb, hope within 2 weeks, definite timing will be available
Bringing in De-sander, just to be cautious- Hope to see a huge flare

8th - SP in 12 months? - Price should be far north of today after prod testing

9th - T/O from Min? Yes, possible, but not discussed atm

10th - MIN like owning infrastructure, but gas plant at Waitsia and WE, so unknown if MIN will build their own

11th - T/O? Fully prepared for a T/O, hasn't happened yet, preference would be to prove up potential of resource, don't want to be undersold

12th - What keeps Iain awake at night - not much, but just the results of LD-1.NWE want to become a producer, but would need full potential if T/O happen, including unrealised potential

13th - How is it working with ERL and Shelley? Working well with Shelley

14th - Don't anticipate long flow test to clean up well, draft stage - approx 180 hours of testing (within a week) there are constraints how much gas can be flaredtoo

15th - 2D extends across both prospects A B well defined, C D not so well E & F not clear with only 3 lines
Low risk, very good about potentials in permits.

16th - T/O prior to production? Could be most beneficial for SH's

17th - Confident about cement job now (2km of cement went in the hole) - potential claim at a future time(Not right place to discuss matters)

18th - SP in 3 months? Not appropriate to specify SP now, but far north for here