Ann: Quarterly Activities Report & Cashflow, page-17

Afternoon all,

Thought I might throw my thoughts in the ring, I've not read everyone's posts so apologies if already covered.

My comments added in red text.

Highlights a little misleading

Project Icewine
 Project Icewine Conventional: farm-out process continued in Q2 with preferred bidder;
No change then from the last 6 months

o Third party due diligence process completed in the quarter;
Cool, no surprise.

o Farminee internal approvals complete prior to end of June 2019.
Okay, so the Farminee have approved over a month ago, why the hesitation progressing to an announcement?

 Project Icewine Unconventional: advanced FIB-SEM and HAWK analysis undertaken during
the quarter which significantly advanced the understanding of the HRZ shale play;
Means nothing for shareholders at this stage until further drilling take place IMHO. Expect to read this in the next 2 quarterlies

o Majority of acreage remains within revised prospectivity fairway;
What is the revised fairway? This hasn't been explained. Expect to read this in the next 2 quarterlies.

o Additional application of FIB-SEM underway to validate fairway revision;
See above comments. Expect to read this in the next 2 quarterlies.

o Franklin Bluffs (Icewine#2 location) considered to be marginally outside revised fairway;
This is just some filler, marginally outside or not, unviable bitumen. The Bluffs is dead.

o Formal farm-out process deferred to 2H 2019 – soft farm-out underway with continued
third party interest.
Soft Farm-out? What? Means nothing without an explanation. Just some more waffle. Expect to read this in the next 2 quarterlies.

A more detailed update on the conventional farm-out will be provided in early August.
Jez this piece of Farm-out string, how long is it.

What's clear is that very little has happened or can be announced this quarter. Most of the info is just rehashed, again, for release.

The only real tidbits are;

Appointment of Joint Company Secretary

The Board is please to announce the appointment of Mr Ashley Gilbert as Joint Company
Secreatary, effective 1 August 2019, together with Ms Sarah Smith who will continue as Company
Secretary. Mr Gilbert is also the Chief Financial Officer of 88 Energy Limited and has significant
financial, compliance and corporate governance experience.
Can only assume that due to a heavy workload Sarah needs the extra hands, only my guess that this is due to the complex structure around the JV and the potential Farminee. Interesting, in a boring kind of way.

And,

Project Icewine leases
relinquished
totalling
~45,480 acres

We have handed back some leases, can only assume they held nothing of value, so sound financial decision. Could it have been driven by the potential Farminee who having reviewed the data advised as much?

So really for shareholders, nothing exciting, though we shouldn't expect much from the quarterly.

Early August for a further Farm-out update? Update? Think we are bored with the updates Dave, as they aren't really updates. Unless you mean the date is going up.

I get most of this is apparently out of our control.

Over promising and under delivering, rapidly.

Oh, nearly forgot, the finances. Well, they certainly highlight the need for some cash back as a CR at these levels.............need I say more. Not flash.

Just my Wednesday afternoon thoughts.

Cheers, I cracking a cold one or two.