Ann: Chair Address to the AGM, page-6

Just re-read the updated RAS report of 24 April, post raise...
Heading into FID point for the Carpentaria Pilot Gas Project, the historical model has been to raise equitycapital as part of the overall financing package at the time the project sanction was announced, however, asoutlined by management, in order to deliver the drilling operations associated with the path to first gas inearly-2025, long lead drilling items (casing, securing a rig etc) needed to be ordered and financed now or theproject would run the risk of missing the NT drilling window for this year and the timeline to first gas.We believe the at-risk part of the project is not the technical (in ground) aspect per se, but rather the paceand timing of the regulatory approvals process which in turn impacts the progress of finalising unconditional,bankable gas sales which in turn impacts debt financing discussions – there’s a different quantum of debt thatcan be secured selling gas at $15/gj rather than $12 or $10.So, from that perspective we think it is understandable and practical that an equity capital raising (and royaltysale) was undertaken now.We may be over extrapolating, but we believe it is likely that the current raise represents the equitycomponent of the project capex, which would imply a gross capital cost of say, A$100m (RaaS estimate only).In broad terms that is not an unreasonable estimate which would equate, at a high level to ~$1/gj in capitalcosts assuming 25TJd * 365days * 10 years and a debt-equity ratio of ~50"

On this basis we are on the home stretch to FID and drilling this year as promised.