General Thoughts, page-2307

Hi rooey
Top of page 2 of the 19 Jan announcement.

Whilst Pancontinental envisaged that receipt of the final PSDM data would establish the long stop date
for Woodside to exercise its option to farmin to PEL 87 by committing to drill an exploration well (that
date being 180 days from receipt of the final deliverables from CGG under the seismic processing
contract), Pancontinental has now been advised that a remaining deliverable (truncated final migration
gathers) will be received in approximately two months’ time. Accordingly, the long stop date will be 180
days from that time. Woodside does have the ability to exercise its option at any time prior to the long
stop date.