Phone conversation with Scott - Jan 12th 2023., page-129

Thanks heaps for making a call. I'm keen to understand when Scott realistically thinks we'll start to see some serious interest in a farm-in partner that values us with a reasonable $ per WI% and allows us to be properly funded to drill the basin out without these well-by-well capital raises. Looking at lots of the analogous fields they've discussed in company presentations, it appears that there were a number of discovery wells + good flow test results + 3D seismic at least started prior to the farm-outs - and it appears to me we're probably up to 12 months away from being in that position. I know he'll probably deflect this question a bit, because maybe he can't say much, but at the moment investors see a company that is going to be constantly raising capital to fund each and every bit of what they are doing. Which just means more dilution - and is going to stop the share price from appreciating. Assuming the entitlement offer happens, we'll probably have $30 million AUD which is going to get us a flow test, some 3D seismic and maybe partially funded for another well (depending on what and where they drill).