Ann: Annual General Meeting Presentation 2022, page-3

Here’s my ‘take aways’:

1) Board disappointment at FID and share price. But they think delay was ‘prudent’.
2) Reading between the lines, finance and divestment deals were in place if STO had said go. Seems they ran the process to the end and were happy with debt proposals.
3) NOPSEMA approval is supposed to be close, expected early 2023;
4) Divestment of Dorado asset in early 2023 and will be pre FID (this was asked and confirmed specifically);
5) Work on incorporating PAVO may be a factor is delayed FID, so that the low gas oil can be incorporated from beginning.
6) New drill targets yet to be selected. Other than Pavo South, no obvious next choice. Probably looking for more Gas to strengthen stage 2.
7) They are actively looking for new cash generating farm in opportunities and the cash is being protected for purchases. They are not interested in buy back of cap raise at this time.

happy to answer any specific questions…