Cheers Lion. The Sep 2021 quarterly says "The PEL 87 licence has a number of conditions which are to be satisfied within the licence timeframe and the joint venture has completed a number of conditions with work continuing during the quarter..." This is a pretty vague statement, but what we can probably deduce from it is that as of Sep 2021, they were still in the First exploration Period (which fits the Dec 2017 PA signature timeframe). I would think that the one-year extension is a formality given the pandemic, but it will be comforting to have it confirmed. It is good to know there is only a one well commitment. Where did you find that detail?
Graff -.2, page-109
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