Ann: Operations update, page-8

Hi Cara,
This could take several weeks to a month in my view, as the next release must include JVP-aligned net pay counts for the;
- Nappamerri Formation (importantly, the MDT recovered gas from this formation)
- Toolachee Formation (I saw no mention of MDT sampling undertaken over this formation)
- Birkhead Formation oil shows (I saw no mention of MDT sampling undertaken over this formation)
- Westbourne Formation oil shows (I saw no mention of MDT sampling undertaken over this formation)

They have multiple additional zones to interpret and I am unsure why MDT sampling was not attempted over the Toolachee, Birkhead and Westbourne zones. Perhaps it was a cost constraint issue....but in my view, the best time to get reliable and meaningful downhole information to make well-informed decisions going forward is in the discovery well. Unless they were having downhole well-bore stability issues which prevented further MDT runs. (who knows). We have a good outcome here, which is not just confined to the primary Patchawarra objective, but others as well.

Once they have the log interpretation completed, they will plug these new data into the resource analysis (revised volumetrics) based on the Vali-1 well results. If indeed the well outcome exceeded expectations at least in the Nappamerri level, they will probably have to revisit their depth structure mapping to tie with the well result. i.e. the depth structure is most likely larger than their pre-drill map.

This all takes time and having a joint venture partner both technical subsurface teams will need to agree on all the final numbers. One team may be overly optimistic while the other team is more pessimistic; healthy technical debate in my view is a good thing.

VEN and BYE need to get the final log interpretation done, revisit the depth structure map/s and revise the resource volumetrics.

I hope I'm wrong with the time estimate and we hear this week / early next.

Kind regards OldGeo