Ann: Additional gas discovery in Lower Angwa Mukuyu-2, page-780

Hi All,

For those interested, just Posting my Reviews of the ASX 15/12/23, the Webinar on the 15/12/23 & ASX 18/12/23 (Mukuyu-2/ST1).

Many interesting points from the above - key for me are:

1. Hydrocarbon samples from additional Upper Angwa gas zones (Point 1 in Slide 1 & Point 7 in Slide 2) - my reading of this is that gas was potentiallyretrieved from additional Upper Angwa reservoir zones and these would have been unlikelyto be repeat sampling from the two previous zones where gas was sampled from. Thus, potentially gas retrieved by MDT from Upper Angwa reservoir zones that are below the net pay cut-off value - would support current net pay cut-offs are conservative.
2. Lower Angwa net pay was not derived over the full Mukuyu-2 bore hole section - I estimate possibly just the first ~200m. Thus, the bottom ~200m, below the thick shale, could be reasonably expected to hold a similar amount of net reservoir (Point 4 Slide 1 & Point 9 Slide 2).
3. Flow test of Lower Angwa section that is to be drilled in the 6" hole extension (Point 6 in Slide 1).
4. SM seems very confident, at this point in time, of at least some type of funding mix going forward (Point 10 - Slide 2)
5. Points 11, 12 & 13 - Slide 2)

Points in Slides 1 & 2 refer to points in Slides 3 to 6.
Slides 7 to 11 are the Slides from the Webinar.

GLTAH
Cheers
VOGC