Ann: Pavo-1 Drilling Update, page-2

Nice progress, 1km drilled, next target 3km...


Progress
The Noble Tom Prosser jack-up drilling rig commenced operations with drilling the surface hole down to
around 175 metres Measured Depth (“MD”) and the conductor was installed and cemented in place.
Following the setting of the conductor, the 17.5” hole has been drilled down to section depth of around
1,009 metres MD and the 13.5” casing has been set and cemented in place.
The rig is preparing to drill ahead in the 12.25” hole.

Forward Plan
The rig will drill ahead in the 12.25” hole to approximately 3,000 metres MD before setting the 9.5” liner.
No hydrocarbons are anticipated to be intersected in this hole section.
After setting the 9.5” liner the rig will drill ahead in the 8 ½” hole section through the expected reservoir
interval.