Ann: Appendix 5B 31 December 2020, page-3

In the last quarter our 2020 work program concluded with 3 successful strat-holes. Two of these extended our knowledge over the Nomgon sub-basin, whilst the Yangir 1S strat-hole encountered thick and visibly gassy coals in a new sub-basin.

Our opening plans for 2021 involve a return to Yangir to drill a fully tested core-hole.
Overall the 2021 work program will be significantly expanded from that undertaken last year. We will seek to continue to explore and appraise across the vast 30,000 km2 PSC, drilling around 15 wells and acquiring around 200 kilometres of 2D seismic. The drilling program will include the first pilot production test program in Mongolia.

In parallel we will continue to develop commercial offtake options. In addition to the small scale LNG plant project that we fore-shadowed last year, modular gas fired generation will be a key focus. This is intended to replicate the tried and trusted Australian CBM-to-gas-generation model under which early cash-flows can be produced whilst at the same time improving confidence in gas production profiles. Our initial contingent resource (and if successful, reserves) bookings will centre around these commercial plans.

Exponential organic growth it is