Ann: Webinar - 26 February 2025, page-6

Audio cleared up for the guests luckily but yeah pretty poor from an IR perspective. I wouldn’t be paying for that service if I was FDR.

Brief notes:
Mark: Came on the project as contractor, impressed with project and joined for development.

Damon: Lots of interest from parties due to modelling and production outlook. Lanjara risking around 50% (which can double project size)

How to achieve development: Two main stages, fuinding stage and build out stage. Likely to create progressive commercial deals i.e. FPSO transaction then seperate development transaction. Main development capex to come through farmout, reserve bank lending or private equity

Some current works: Direct discussions with FPSO owners. Discussions on long lead items with suppliers.

Milestones: (no real changes to current knowns)

Question on Timor royalty and taxes: Timor have a 5% PSC share. Spoke about historical cost recoveries and some carry forward tax losses

Question on funding: $7m cash, transaction this year will carry us the rest of way through. No plans for CR

Question on timing: priority is fpso partner which defines capex requirement for rest of project which leads into that deal and how much equity FDR gives up. Have already had rough commercial terms talk with potential funders/partners

Question regard project differentiators: economics. Cheap to develop

Question on reprocessing: April completion. Project can double in size