Ann: Quarterly Activities and Cashflow Report, page-3

A well set out report. Big takeaway was talk of F2+F5+L3 in FY2022. Effectively saying no drilling until GC21 is remediated. Prudent...I like it. Factor in reduced staffing costs and I'm impressed.

Financially it's a bit harder to see where we sit. Pages 4-6 show NRI of $6.2m, but cashflows including hedges on page 12 show receipts of $5.1m. On paper this should mean next quarter we receive circa $6m if prices remain static due to the lag in receipt timing. Without development and exploration costs, this should see a quarterly increase in cash of circa $1m post $2.3m debt repayment. Two quarters at this rate should leave circa $10m available for GC21 remediation work. This explains why Talitha participation wasn't on the cards, as an additional $2.6m of expenditure would be a real Icarus moment.

Only two mistakes I can see are the exclusion of a hedging table and some headings that were formatted incorrectly in Excel (number instead ofr date). A vast improvement. Well done Mike.