Suggested Questions for AGM for CEO,Chairman and secretary, page-9

I do not believe the Jewell well is the end game and we are currently witnessing a strategy.

In the June presentation they make explicit mention of two Louisiana wells and that negotiations are still ongoing and in Sept Quartile activities North American opportunities are still being accessed.

Looking at the presentation well 1 cost 8 million USD and well 2 cost 5.6 million summing up to 13.6 million USD

Which at today exchange rate (1.52 AUD per USD.) would sum to 20.6 million AUD.?

I expect a bit of inflation to have pushed up labour cost during that time considering the current oil rush in Louisiana.

If they are considering 30% WI “Working interest” then other investors may be needed to be found for the other 70% WI.

But a 50% working interest would mean less investor would be needed to be found to stump up the other 50%.

If they intend to go in at 50% then time would be needed to accumulate sufficient funds to cover a 50% WI with a bit left over for working capital, unexpected cost etc.

Also I read that in the states with WI in wells there is an auction framework, so it would not be smart to enter into bids until you are a 100% cash buyer.( In Australia cash buyers can get better prices for real estate from the estate agent)

So maybe they are waiting till SHE has enough cash to jump in at a 50% working interest.

If this is what they are doing then I would expect to hear very little from them leaving the CEO to focus on the lithium exploration company, and once the cash has piled up in Stonehorse to switch focus to SHE and the Louisiana wells.

We should then see a series of announcements pertaining the Louisiana wells in similar vain to those made with the Jewell well.

Once these wells have paid out the costs of the wells then I expect a series of dividends become likely.

Its just a matter of painful waiting for people for cash to accumulate in Stonehorse, 2 wells to be executed, then for a percentage well payoff then dividends drawn from the two deep Louisiana wells.

A good AGM questions would be ask for confirmation of the Louisiana wells are they waiting to accumulate enough cash before they commit.