Ann: Business Update Presentation, page-94

FY21 production guidance is only down from 26.5 - 27.5 MMboe to 25.2 - 5.7 MMboe;

The real problem seems to appear in FY22 : "Anticipate 4.0 – 5.0 MMbbl reduction in Western Flank oil production in FY22". That is a lot of revenue. Will there be offsetting savings in operating/capital expenditure? What is down from? Previous FY22 Guidance or current FY21 Guidance?

From the half Year Presentation (Slide 29):

Western Flank Oil :

Higher than expected declines during H1
▪ H1 FY21 production of 3.7 MMbbls, +8% on H1 FY20
▪ Field operating costs remain low at ~$5 per barrel
▪ Higher than expected decline rates in a number of wells drilled during the FY20 drilling program, which saw 27 horizontal oil wells drilled across the Western Flank oil fields

Forward plan focuses on optimising future performance
▪ Further six horizontal wells planned for H2 FY21, with a total of eight wells to be connected
▪ Assessing artificial lift and in-wellbore opportunities to stabilise existing production
▪ IRRs of 20 to >100% for Western Flank oil wells, with >15 years field life
▪ Focus on understanding reasons for increased decline prior to deciding on an optimum production strategy for these assets

Regards

SP