Ann: Investor Presentation, page-2

Both positives and negatives with this presentation, even though many of us expected this, as we all have seen this repetitive cycle before around this time of year. Now for the paid 3rd party of Next Investors to step up the big pumping and promoting of 88E, lol... We are off and running! My take of this are:

1. 50% rehash of past presentations in parts, particularly with the conventional wells outside of IW, which is a waste of time and surely no one would be seriously interested in what the company presents after all the past expensive failures and damage done imo.

2. The small Longhorn well still going ok and importantly the income earned is needed to cover the large 2023 admin and remuneration costs, so this is a positive.

3. Not a lot going to happen with Yukon again and the other conventional sites imo, as way too costly and not enough quality data so wouldn't bother wasting further $$ wondering off to these winter well wonders of great disappointment again anytime soon, if I was 88. Plus, would seriously struggle to get an important FO to re drill these imo. I am a bit over the ongoing hype of 88 continually pumping and promoting their past failures, it's a bit mis-leading, focus on where the other oilers are finding oil might be a light bukb idea, lol, imo.

4. Hickory is our next well for 2023 and a positive move, yey finally got one, lol!!!!! No mention of FO partner, not surprising as location is only about 10-15% oil bearing at best, as is at the bottom end of PANR's proven oil highway tenement. So, if no FO found, then another big CR is certainly coming prior to spud imo so they can secure and stay alive another year, lifestyle is good, lol..

Location looks good for a change, as PANR have done all the hard work for them, including the quality survey data.
This well imo, should find oil but if using the same team, flowing it may be a different situation imo.
This will give enough of an interest for the 20 Billion SOI players to get the SP moving again, which is good for a 2-4c lead up to spud, then 4c+ if finally break the shackles and flow oil and is of course commercial. So good $$$ for those buying at low prices, tick...

Still never understood why 88 wandered off searching after IW 1 well success, maybe too many episodes of watching the winter wall on game of thrones lol.. Terrible past decisions which consequently wasted hundreds of millions and damaged 88's reputation imo, not to mention now having the biggest SOI on the ASX and no chance ever to consolidating without destroying SH's investment because of all these past failures and not being able to have the cash to drill multiple wells a year imo. Anyway, we are back where we started and this pleases me, finally!!!!

5. Still talking up FO potentials, yawn. I would be surprised if they get another one now after the damage done of past failures now, especially when PANR hold 85-90% of all the oil in their play. So why would they bother. No hope imo for finding FO for the expensive conventional winter wells imo which are a waste of time and money.

6. Most holders will probably exit after this well, if failure happens again imo. So, 88 have a lot to lose if another failure occurs and will be very difficult to recover imo, as most investors have moved on to, or moving to rare earth, lithium, cobalt, vanadium etc following the EV movement. This crusty failed oiler will struggle to survive another winter round of drilling imo if failure happens again. I know I won't be.

7. Will hit 20 Billion SOI prior to spudding.

8. This presentation will do nothing to excite the market/SP imo, most investors see this as a quick gamble and nothing more than this, that's why no serious institutional investors have taken large positions. So, holders we have another 2-3 months of 0.005-0.009c before SP movement occurs during this spud. GLTA... It is what it is and lets hope for all that oil finally flows we all deswerve a 10c SP after so many years..