Ann: Quarterly Activity and Cashflow Report, page-3

First pass looks good to me, no major surprises.

Net cash increase of $1.6m for the quarter, so significantly better than last quarter. Gives us a stablised run rate of $6.4m fcf per annum, which is a 66% cash yield on current market cap.

Total cash balance now $10.4m, not including the listed securities

Jewell well requires a 2 week shutdown in Feb, which will impact on next quarters cash inflow. Myall Creek also still has technical problems and cant be properly fracc'd until 2H23 (not the end of the world, as will be closer to contract pricing increases)

Starting to review opportunities in Canada - nice to see

Still no guidance on capital management strategy - how much cash is enough before some can be returned to SH's in an efficient form? Double the MC?? Or we have a specific target on number of producing wells in the portfolio...?? It's all a bit vague still

Overall, a solid quarter and easy hold.