Ann: Completion First of Five Wells, Focus Shifts to Second Test, page-6

Some of you are overlooking the most important point here:

• Initial geological assessments suggest that the well intersected an unusually small, well-sealed compartment, which is considered a geological anoma

Also important to reiterate that:

• It was positioned adjacent to a core well where logging results established the intersection of 131.5m of gassy sandstone pay zones and the coals had some of the highest gas content of nearly 13 m3/tonne (ASX Announcement 30 November 2022).

It makes no sense to drill next door to an existing high performing well and find nothing unless there unless it is indeed an anomaly.

I am a very long term holder of KKO and, despite being disappointed, I remain confident in the additional drilling locations and their potential to produce the sought after results. If you have been involved as long as I have, having witnessed KKO overcoming various challenges whilst still moving the project along, you should be as undeterred as I am... and definitely pay no attention to Nippy suggesting they feared this result all along and thus the reason to leave it so long while they made a living meanwhile. FFS mate, that's just ridiculous.