Ann: Quarterly Activities and Appendix 5B March 2024, page-10

Yep, they'll probably run a small loss next quarter - but does it matter if they have sufficient cash on hand to tide them over (which they currently do)? V2 is highly likely to contribute a couple of mmscfd, albeit on the lower priced contract. O2, whilst not guaranteed, is appraisal and within a defined structure. Really the only question at this stage is whether they will attain funding (highly likely) and if so, what it looks like. We know wells will decline - it's just whether we can get a couple of winners in a row to take the risk out. Funnily enough V2 and V3 are probably the critical wells here, as they could both add $200k plus per quarter (my estimated V1 current contribution)...which is significant given the low company overheads.