Ann: March 2024 Quarterly Activities Report and Appendix 5B, page-16

I don't own the satellite , I know not CIA quality, but still impressive with the free access... will be able to see the rig shift, with directional drilling may have less moves than wells.

Since Aug 2018, where SP was 13c, on the success of Dorado by CVN TDO has tracked down, even though nothing has really changed in the Dorado area, added Pavo which may indicate kitchen fluids would travel up the basin to TDO lease. Extensive new STO 3D shows swarm of prospects next door to TDO lease, labelled Starbuck. Conoco signed up to Otway South, did 3D seismic, Conoco signed up to Otway North, have 2 wells paid for to limits about US$60 million. Firmed up prospects in Vic/P79. We had 1 recent capital raise for $3M, the only one in over 5 years...

We wait for
(1) Farmout of WA-527-P (Bedout Sub-Basin, Offshore WA), Russell Delroy is a major shareholder of both CVN and TDO, director of CVN. Connection to potential partners is stronger. STO also looking to lower its capital reqirement, and will bring in a partner into bedout leases, Who?.
(2) Farmout of Vic/P79, should be attractive given gas projections and under utilized HC plant as decades old fields drain.
(3) Drilling Otway, start next year, rig is booked and in Aussie waters, expect real rise happen as we close in on this date.