Ann: Drilling Update, page-2

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Current Operations
Since the last update, 7" casing has been successfully run and cemented to 10,450’. The statutory test of the Blowout Preventer system was also completed successfully and current operations involve running in hole to conduct a formation integrity test.
The well continues to remain within budget.
Forward Plan
Once the formation integrity test is complete, the rig will drill ahead to the coring point at 10,570’, just above the primary HRZ target. Coring operations are expected to commence over the weekend and take approximately 5-7 days. The coring program encompasses taking one 90’ foot core in the basal HUE / top HRZ and then an additional 90’ core in the HRZ.
Subject to hole conditions, the well will then be deepened to test additional conventional zones of interest beneath the HRZ.
The well is planned to a Total Depth of 11,600 feet and was scheduled to take 30 days of drilling to complete. The primary objective of the well is the HRZ shale formation, targeting a huge unconventional resource prize.
Please refer to the presentation released 5th November 2015 for more details on the well, look-forward operations and evaluation program.
Further updates will be made in a timely fashion as information becomes available.