Ann: Quarterly Activities and Appendix 5B June 2023, page-13

Hi Mitchdon,
If Operator is unable to get Vali-2 back online, in my view that does not translate into a reserves downgrade, as long as the JVP have a plan to drill another well proximal to Vali-2. In my view, if Vali-2 and/or Vali-3 were back online by now, there would have been an announcement, so all we can conclude is that they are still attempting to get these wells producing gas. I do not believe that the appraisal through production strategy has caused any uncertainty. In my view, the unplanned Downstream maintenance was responsible for the issues at Vali-2 and Vali-3. Fortunately, Vali1ST1 has not been impacted.....yet....


Finally, the JVP are already, and very much focussed on Odin first gas. I don't think they need a workover rig at Odin-1 to achieve first gas which would be a plus. Vali-2 and Vali-3 are as equally important in the JVP focus.

Kind regards OldGeo