Decent webinar, keys for me were:- Scott kept referencing the...

Decent webinar, keys for me were:

- Scott kept referencing the earlier (2020?) Mangwana raise which was done at a premium. I think we are being given a hint of what to expect. I think if there is a near-term issue to Mangwana, it'll be on the same/similar terms to the last CR and SH offer. Maybe to make up the shortfall from the offer to SHs that didn't go well.
- More medium term it looks like they are set on farming out a % of the project. I would assume IVZ stay as operator and we farm out 20-30%. I can't see a deal closing until the PPSA is signed and delivered though. Not really a rush for this either but I expect it needs to be completed by year end 2024.
- On the PPSA... seems about as imminent as it ever has been... in the coming month perhaps?

On the future work program:
- Well test design nearly complete, I would estimate late Q3 or early Q4 to give time to finalise the contractor agreemnt and get logistics in place.
- 3D seismic... seems ready to go as soon as they are happy with the cost and have funding secured. Both this and the well test evidently delayed due to poor take up by SHs of the last offer and then a subsequent hole in funding. Again... I would have much preferred SHs were left out and we got all the funds at once from sophs. Could have avoided all of these delays and further downward pressure on the SP from funding concerns.
- Looks like we will have a 3-4 well drilling program in 2024/25, fully funded from the Mangwana raise and farm-in partner. Will allow us to drill a well in an identified sweet spot somewhere between MK1 and MK2, as well as a well in the east and one in the basin margin. Then maybe 4th well contingent to results of these 3. So by end 2025 we will have a very good handle on the potential of all 3 plays on our acreage.

On development:
- Seems that once they have a successful well test, they will quickly move to the pilot project and produce gas to make it's way to the Gas to Power plant for the Eureka mine. Scott made it sound like regional banks would be the ones supplying the funds/debt for this project.

The good news for me was that it appears we can get to development from here without another PAC run raise or SH SPP or entitlement offer.

Delays have been frustrating and sometimes out of IVZs control but for me I'm happy to keep waiting for this one as I am still confident they'll get there eventually.