General Thoughts, page-5799

Here you go.

I am writing to you as I am assisting Iain and the team at PCL with their external communication efforts and I understand you had a few questions regarding updates on the seismic licensing approval, AVO work and the issue of options in August.

Firstly, my understanding is that the current delay in regards to the seismic licensing does not lie with Woodside. PCL is continuing to engage with the relevant parties to push this approval through asap. Apologies for not being able to get too granular in specifics here.

In regards to the issue of options to Salient Corporate (ASX releases dated 13/08), these were issued for remuneration for corporate advisory services. Given PCL is currently a small team, they will certainly benefit from the services provided by Salient in the areas of market strategy, opportunity screening, and M&A. Also it is worth noting that there is no other fee payable to Salient, only the options.

On the AVO work, Iain advised on his webinar update in August that the AVO results will feed back into a further iteration of interpretation, in order to understand the probability of the AVO effect being either due to lithology or hydrocarbons