Ann: Pisces Drilling Completed and Capital Return Update, page-5

Now that the 1.2c Cap return is on its way ... I'm hoping the SEPT Qty ..gives us some solid FCF numbers ... or maybe these Canadian entities submitting bids MAY-JUNE23 at a premium to the then 12c SP (when OIL was worth $10-$20bbl less !!)

will be back for another crack esp with the SP so weak ...15c can have my lot .....

--from on ann..
The Canadian entities that submitted bids at a material premium to the Company’s current market valuation. These
entities identified the substantial disconnect between the valuations attributable to Calima on the ASX and those peer
group companies trading on the TSX. Whilst Calima trades at ~1.5x earnings ratio, similar Canadian companies are
trading at 2.5 – 3.5x earnings.
Based on interest to date, the Company anticipates additional inbound approaches for the assets, however the current
focus of the Board and Management is to optimize the reserve base, revenue and operating profits so as to narrow the
valuation gap between Canadian E&Ps and Calima; thereby maximizing value creation for stakeholders. Should a
transaction occur in the future, the Company’s intention is to reward shareholders via a distribution of proceeds from
the asset sale.