After Investor Update likely future scenarios may be outlined :...

After Investor Update likely future scenarios may be outlined :

EOI outcome results in all produced gas sold into N.T. or to East Coast through NGP.

Black Tip failure and Beetaloo gas availability delay till 2026 stabilises higher N.T gas prices.

Debt restructure is being explored resulting in increase in free cash flow.

Expressed intention is to keep all cash flow as " Cash Buffer ", for development drilling, using 3rd party funds for exploration.

Finished oversold gas return increases cash flow $6 million a year 2025. Completion of " gas balancing " 2026 increases free cash flow another $3 million a year.

Exploration / Development schedules now look like :

2024 MEREENIE drill 2 development wells

2025 MARCH possible ZEVON farm out ?

JUNE PALM VALLEY drill 2 wells

SEPT STAIRWAY drill 1 or 2 wells ?

MOUNT KITTY drill

2026 expressed intention is drill MOUNT KITTY then DUKAS then MAHLER. Is it likely following success MOUNT KITTY rigs would move immediately to DUKAS then MAHLER or do more work at MOUNT KITTY ?

MAMLAMBO development is undefined.

Expressed intention is to give shareholders DIVIDEND guidance in 2026.

History of project delays and very prudent cash management continues. Prudent finance management has been basis for stability and continuity in past. Contemporary positive developments make current intention to retain all free cash flow overzealous. Now is moment to begin dividends with twice a year payments of one cent a share.