Ann: Operations Update - May 2024, page-63

Kiwi will be first if it's 5BCF I wouldn't expect a rocket under share price $2-$3 million per BCF I believe at current market rates. Plus any oil recovered as well. If it's closer to 11BCF expect the market to get very excited. Keep in mind there are other prospects in the area, so this one will fund further exploration. I do agree with MM above that current market cap of $17M is undervalued for a junior explorer with good prospects (and producing some revenue). Hopefully enough of a result to push the share price to put options in the money, but doubtful.

Pel182 on the other hand is massive but has more conditions/factors that have to go right to extract it. This wont be tested/drilled until late this year at the earliest. Current study is to determine the best method for testing it/extraction. If Pel182 is commercial this is worth 50c to $1 share price....but its a long shot. Most likely if Pel182 is a go, then we would be sell/taken over by Santos as they hold the adjoining site and have much more $$$$$ behind them. I wouldnt expect Pel182 will impact shareprice this year unless Santos does something with their lot, or show interest.