Ann: Results of the Share Purchase Plan, page-16

Purely my thoughts / analysis on this.

There haven't really been any major gas finds north of the Allanooka fault in the North Perth basin despite all the previous drilling campaigns that I'm aware of, noting that most of the previous drilling didn't target the Kingia and was done off 2D surveys. There were enough gas shows on L7 though to show that gas has reached the permit, its just a matter of how much and where it sits...

Wye 1 on EP437 had excellent gas shows but its separated from the L7 prospects by a fault. Huntswell 1, Eurangoa 1 and Mt Horner 14 on L7 all had fair gas shows and were some of the deepest holes drilled on the permit.

The fact they found a large gas resource out at Lockyer in LD-1 shows there is gas right up to the fault as with Corybas, Dongara etc. The results from Elegans-1 (not shown on the map) which is south of the Allanooka fault in line with MH11 Deep would be more interesting to me to see if there is gas all the way along the fault.

I don't really think the results of Lockyer 2 impact the TPD / TEG JV permits too drastically apart from maybe increasing the risk of Booth as its separated from the rest of the permit by the another fault line. Given everything they will be doing is exploration and a 3D survey has been done the JV are about as well placed as they can be to do the campaign. Hasn't changed anything about these permit for me.

A duster at Lockyer 2 would be a bit of reality check though to show that just drilling holes in the ground doesn't = success.