Ann: Commencement of WZ6-12 Workover and Drilling Programme, page-8

A 1 year debt extension for a nominal level of debt, makes the chances we have an acquisition lurking highly improbable. I also think there is enough medium term exploration value in existing assets to make acquisitions relative low priority

Guidance comes with FY results, so i am not sure why people are expecting anything earlier. Similarly the company has made it very clear that they wanted to see W12 8E production performance first so the small prod gap, this in itself has pushed back any capital management decisions by a few weeks one would imagine. Once we have an EBITDA estimate, we can make more sense of any capital management decisions, especially if they utilise most of cash, A projection of FY 22/23 revenue and EBITDA may help investors understand the strategy. I don't think you can utilise 50m in cash without guiding the market at the same time you expect to make 90-100m aud cashflow over next 12 months.

I am pretty bullish as you may gather, not only because the capital management should be very well received, but also because Beibu infill drilling and appraisal drilling should result in a ripper 6-12 months. The more production we can monetise as these levels, the more our risk diminishes and our upside is converted to hard cash