Ann: Sole GSAs commencement and Orbost plant work commitment, page-2

Should be about half way through the reconfiguration work now.

"The works include reconfiguration of the Orbost Gas Processing Plant to permit operations in either a parallel or sequential configuration, and for production through a single absorber should the other absorber be unavailable, such as for maintenance. This is expected to result in higher sustained production rates, and flexibility, than would be achieved if the plant remained in its current configuration. Gross cost for these works is budgeted to be $19 million. Cooper Energy will fund its 50% share of the expenditure from funds placed in escrow at the commencement of the Sole Gas Project. As these funds are not classified as cash, this expenditure has no impact on the company’s cash reserves or net debt. The works are expected to commence mid-November and have a 3-week duration. Production from Sole will be shut in for this period. The need for any further works, such as to remedy a root cause, and/or to upgrade sulphur removal capabilities and thereby reduce maintenance downtime and increase the sustainable gas processing capacity, will be considered in light of the findings of the ongoing root cause analysis and plant performance."