Investment Case, page-2

I just wanted to add the following:

Vali 1 flowed at 4.3 MMscfd through 36/64”choke at 942 psi (two day test). It had net pay of 80m (porosity cut-off 6%). Vali 2 and Odin 1 have much higher net pays which is expected to mean more gas and higher flow rates.

Vali 2 (haven't been tested)
150m of net pay

24 metres of net gas pay in the Toolachee Formation, with an 8% porosity cut-off.
117 metres of net gas pay in the Patchawarra Formation, with a 6% porosity cut-off.

9 metres of net gas pay in the Tirrawarra Sandstone, with a 6% porosity cut-off.

Odin 1 (haven't been tested)

172.5 metres of net gas pay

37 metres of net gas pay in the Toolachee Formation, with an 8% porosity cut-off

4.5 metres of net gas pay in the Epsilon Formation, with an 8% porosity cut-off

126 metres of net gas pay in the Patchawarra Formation, with a 6% porosity cut-off

5 metres of net gas pay in the Tirrawarra Sandstone, with an 6% porosity cut-off

Vali 3 (net pay haven't been announced)

Near term news flow
Vali 3 results next week or the week after the latest.
Vali reserve upgrade in August
Odin resource numbers in August

Chart (hopefully, it will bounce and push above 7.4c)