Ann: Quarterly Activities Report, page-18

Comments from Managing Director Alex Underwood:
It was rewarding to report results of the Carpentaria-1 well in Q4 2020, particularly that
we had encountered the thickest Velkerri Shale sequence in the Beetaloo Sub-basin. We
also proved the existence of value-adding liquids-rich gas on the Beetaloo’s depositional
flanks.
The core results recently received from WD Von Gonten & Co reinforce our view that the
Velkerri Shale, and particularly its liquids-rich window within EP187, has world class
potential and could replicate the transformative positive impact the shale gas industry
had on the US economy and its energy position.
The lab core analysis results demonstrate that the rock characteristics of the Velkerri
Shale in our EP187 tenement are comparable to, and in many cases better than, those of
the premier US shale plays.
All the key technical attributes required for a potential commercial development are
present as detailed in this announcement.
Netherland Sewell and Associates has commenced analysis to update its independent
resource assessment using the latest results.
The principal goal of our upcoming fracture stimulation and flow testing program will be
to flow hydrocarbons to surface, to measure which of the four target zones is likely to be
the best producer, and the individual gas vs liquid hydrocarbon composition.
The US shale experience shows that every basin is unique, requiring developed
approaches to drilling and completion design. We expect this will also be the case for the
Beetaloo, particularly given its geological age. To assist we are calling in the expertise of
world-leading technical and operational experts to help us build our understanding of the
resource in-house. We believe that this approach will drive the Company’s operating
capability and maximise the extent of future commercial success.
Our team is working hard as we prepare for the upcoming fracture stimulation and flow
testing program. We look forward to updating our fellow shareholders as the updated
independent resource assessments are delivered, and as we execute the appraisal
program