Ann: Trading Halt, page-182

but we need to fight to make sure the protection is appropriately implemented.

Im concerned that LKR3 and LKR 4 have been sited before the 3D seismic results are out - contrary to public announcement from NWE board prior to takeover. NWE said LKR3 and LKR4 will be located pending the results of the 3D seismic. So this was the "status quo" prior to the takeover being announced. This also needs to be raised to the Regulators attention in my opinion.

Im concerned that LKR3 is jammed up into the north west corner of the field...it could be easily argued this favours MIN and not the minority shareholders in NWE. LKR3 is located in a position where it favours early production, as opposed to defining the size of the field. The dynamics around this are, in simple terms:

• Minority shareholders in NWE need money spent on defining the field asap.
• MIN wants to produce ASAP.
• MIN also wants to depress the true size of the field for as long as possible so they can mop up the rest of the 25% of NWE they don't own.
• MIN also want to maximise the amount of money spent on production activities, as opposed to delineation, as this will inordinately burden NWE minority shareholders with debt and construction activities.
• NWE minority shareholders will see a more immediate return with their money spent on delineation of the entire field - esp EP426, where we have 22.5% interest.

These are diametrically opposed objectives in the JV. By putting all the wells up in the corner, this will allow MIN to feed the 250TJ plant, but it will leave most of the field resources in the 3C category - MIN don't care about the size of the field for the time being. They

Im concerned that they may defer NED-1 in favour of LKR3. Remember how they "sneakily" constructed the LKR3 pad, in Dec 2022? I questioned this at the time, it seemed strange. Iain indicated he was not concerned. I was concerend as it was an action contrary to advice that the locations of LKR3 and LKR4 would be finalised after the 3D seismic. Again, with the new "patsy" board in place, there is a danger minority shareholders interests will be compromised by the NWE board if they suddenly decide to drill LKR3 next.

These are all matters that in my opinion need to be addressed and would surely need to be raised to the attention of the Board and in turn, the Regulator.

I can confirm, NWE has not responded to my email communications. They received the communication on the 29th, March, but did not respond.