Ann: June 2020 Quarterly Activities Report and Appendix 5B, page-18

Shareholders should insist that long standing but discredited directors Mccaul, Mcckay, Swaby and Pieters should announce their resignation immediately.

The other two directors should then look for a new managing director, who should be a competent and serious oil and gas professional.

Once appointed - and with the support of those two directors - they should launch a true and honest strategic analysis of the company and its projects.

Based on that review, a new realistic and credible strategy and plan for the company and its projects should be drawn up.

The new managing director can then present themselves and their plans to shareholders at the AGM in November.

No new directors need be appointed, those 3 are enough.

The new directors should also look at the disaster that was the Mahalo reserves upgrade in 2018 and subsequent downgrade in 2019 to ensure that it was no more than an honest mistake.

If the new managing director is a competent and serious oil and gas professional and if the strategic analysis is true and honest and if the strategy that follows is realistic and credible then shareholders can be confident that the new team will deliver the best outcomes possible for their investment.