Ann: Market Update, page-7

It's clearly looking like they won't make it.

Work Program

Year

Start Date

End Date

Quantity

Activity Description

Indicative Expenditure (AUD)

1-3

23/02/2018

22/08/2023

Geotechnical studies including detailed resource assessment, preliminary reservoir engineering, target selection and well planning

$400,000

45 km²

Purchase of 45 km2 of multi-client 3D seismic from CGG - comprising all available MC3D full-fold coverage in VIC/P47

$580,000

Interpretation and mapping of newly purchased 45 km2 of Multi Client 3D seismic data

$150,000

Confirmation of drilling target/s and detailed well planning and preparation

$1,300,000

1

Drill one Exploration Well

$35,000,000

4

23/08/2023

22/08/2024

Post-well evaluation studies

$500,000

5

23/08/2024

22/08/2025

Geotechnical studies including commerciality assessment

$300,000

Primary Term

$37,430,000

Secondary Term

$800,000

Total

$38,230,000