Ann: Quarterly Activities and Appendix 5B - March 2023, page-4

Well, a not too shabby first quarterly.

in round terms we had a $2m operating cash inflow despite our three HBP wells all suffering from production downtime, together with a decline in realised sales prices.
We fielded $19m of exploration and development expenditure from existing cash balances and still finished with almost $18m cash.

Our new crown Jewell is the Wolf Pack well which hasn’t yet been given an ip24 or ip30 despite being on production since mid February. I reckon it’s produced at an average of 1650 boepd from mid February till end of March.
Could we hope for an ip24 of 2000 boepd?

Some good lines from the report:

“. the company is confident that some of its new acreage evaluations will bear fruit. “

“. With a second well already identified pending results of the Juanita production test, the company is quietly confident that this well will be the first of many in the Bradbury AOI”

And of course our reserves now fully accredited and evaluated giving a potential cash inflow over five years of half a billion Au$

And and a buy back announced Up to 350m shares on market. A great sign that management is prepared to use capital directly to support and enhance the share price.

depending on commodity prices holding steady I’m thinking that our cash balances will be over $30m by the end of the second quarter.

Keen to hear the thoughts of others