"The field production decline rate is currently trending towards...

"The field production decline rate is currently trending towards the lower end of the previously disclosed annualised decline rate of 35 – 45% in FY22 (i.e. higher production rates). Development activity during the second quarter of FY22 is expected to further reduce declines during the second half of the financial year."

That is right. With field decline rates of 35 - 45%, maintaining production is dependent on drilling further development wells in order for production from these well to replace natural decline. Eventually PBT may run out of places for these replacement wells. However, the declines in oil production in the Western Flank experienced over the last 2 quarters is primary the result of a reduction in bringing on line these replacement development wells. BPT has only brought online 2 development wells in the Western Flank in the last 6 months. This compares with prior six month periods as follows:

six months to:

Sept 19 - 13
Dec 19 - 28
Mar 20 - 25
June 20 - 10
Sept 20 - 11
Dec 20 - 17
Mar 21 - 15
Jun 21 - 9
Sept 21 - 2

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	Wewstern Flank Oil Production
1
2	a	b	Jun-19	Sep-19	Dec-19	Mar-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-22
3
4	Sale Gas Pj	a	2.1	2.2	2.2	2.0	2.2	2.1	2.4	2.3	2.1	2.2
5	LPG kt	a	10	9	11	10	12	10	12	12	11	12
6	Condensate kbbl	a	70	61	68	78	92	75	83	73	60	98
7	Oil kbbl	a	1,459	1,592	1,807	2,085	2,005	1,916	1,741	1,425	1,251	1,020
8	Total kboe	a	1,976	2,106	2,352	2,576	2,573	2,427	2,327	1,997	1,763	1,594
9
10
11	Wells Brought on Line	a	2	11	17	8	2	9	8	7	2
12
13	a	a	a	13	28	25	10	11	17	15	9	2

Regards

SP