Ann: Alameda-1 Drilling Update, page-485

Hi All,

My summary of the ASX 29/3/22 is below. I've included in it key comments from the Investor Stream Interview with AP on the 31/3/22.

Key points from both:
- based on the Alameda (formally N) reservoir's N / G - IMO, I'd expect ~40m of Net Pay from the Marti reservoir
- if the Formation water was due to intersecting the Oil Water Contact, IMO, I would have expected water to have been seen while drilling
- in the IS Interview AP mentioned that the Side Track will provide a "clean section" - VERY important as will be able to drill the ST with correct mud weight etc. and minimise invasion of drilling mud / fluids into the reservoir section to be tested
- hopefully, in Net Pay update, MAY will report on the potential N / G for the 500mTVD Marti reservoir section that exists from the top of the mapped structure to current TVD location - IMO, based on the Alameda (formally N) reservoir's N / G, I'd expect ~88m of Net Pay for the full Marti section

Back-up Slides deal with some reasons why Formation water has been detected, other than intersecting the OWC, and the Invasion Zone issue.

GLTAH
Cheers
VOGC