Ann: Quarterly Report September 2018, page-3

Very positive quarterly report.

Love the emphasis on more prospects in the newer ventures. There was reference to a Triassic play in the buffalo permit, which is exciting as there are large gas accumulations close by so this will be closer to the gassy source rocks. Also mention to a large target in the condor project.

Also it did state that PS-3 had intersected hydrocarbons in the late Triassic Cuvier member that derisks the charge in the labyrinth project. I’m not entirely sure if the Cuvier is a reservoir or source rock so a good question to ask management.

It seems the santos deal is holding up further details on the planned appraisal and exploration campaign. There will need to be new 3D also over some targets at Phoenix so this is to be the first priority.

Best of luck holders.