Ann: Daydream-2 Operations Concluded, page-216

Ok I guess I won’t be able to retire at 35 then. 37 is also young

Just a good reminder that we invested in a very risky play where nothing is guaranteed! It is a shame that the goal posts had shifted from the initial goal of “appraising to gather data” to the unofficial goal of “delivering a commercial flow result”. The original goals for the program have been achieved - and that is what Neil now desperately tries to communicate. However, by focusing on flow rates for the last 12 months he’s now shot himself in the foot.

In the bottom drawer again. I feel sorry for everyone who has a shorter investment timeframe than myself. There is a large opportunity cost attached to having to hold on while you’re under water.

Next 3-4 months, only two possible events:

- Farmout for Diona (upside: costs us nothing whilst it will deliver us value as a partner proves it up)

- Updated contingent resources (upside: nothing short term, as SH’s don’t care about how large the asset is at this stage, just if we can get it out at commercial rates.

We still have $7M in the kitty and no large expenditure, so we have a pretty decent runway. Confident we won’t need to raise until a partner comes on board to continue proving up Grandis.

Hang in there - and don’t invest money you can’t afford to lose.