After going through reams of conjecture and privately hoping...

After going through reams of conjecture and privately hoping that someone would go to the man and actually personally ask a few questions - it never happened!

So I have just gotten off the phone from a twenty minute conversation that Scott very kindly and generously granted me.
Now just remember...I am on the wrong side of 60, and have no shorthand skills and very average memory retention (!!) but please find below a brief overview of the chat.
Some of what I say - particularly the O&G specific terms, may not make sense to the learned amongst us, but I will just go off my very rough notes for you all.


I began by congratulating Scott on the multi discoveries and wishing him a happy new year.
After asking if he had a well earned break, he advised that he had enjoyed his first real family holiday at home in Zimbabwe for over 5 years. Turned off his phone and just relaxed.

He expressed disappointment with where the sp currently is, but based it on the hangover from the CR needs. The company are now trying to ascertain if it was due to their messaging of proceedings, or that they chose to go the sidetrack route again and also if it was the timing ie - many chose to leave upon discovery due to Xmas costs etc? Also maybe knowing that we were low on funds and would def need to CR again?
He advised that one large institutional investor decided to sell in one large package and that may have created panic?

PPSA - There has been a lot of traction with this and going nicely. The Govt are very keen to get it sorted. There was a lot of internal drama surrounding the leak prior to the first gas discovery and the person that leaked it prior to ASX ann has now been dismissed.
There is a lot going on in the background and it is coming soon.
I asked if he believed like I did that a PPSA signed, would attract the larger institutional investors and subsequently raise the sp, and he said absolutely. He believes they are waiting in the wings.

Due to our good results we are very much de-risked now, which will give the company the ability to gain finance through 'long only funds', as opposed to more expensive and less desirable terms of hedge funds.

Liner Update - The liner is in perfectly and the rig tower is now almost completely demounted in preparation for the rainy/stormy season ie. lightning risk.

Fluid Samples - In transit still, however, once received by the lab, the results are almost instantaneous. So it will not be a long wait. Side Wall Core samples take longer - have to be cleaned/photographed/cc scanned etc so take a lot more time.

Net Pay - Believes as in Perth Basin, the low numbers will rise significantly - fluid analysis/resistivity needed to determine saturation level. Stressed that although some areas were determined to be under the set calibration level, they will still become part of the big picture once production begins. Spoke of net to gross for saturation point - lost me there! He insists that once the readings come, the numbers will rise significantly as they did in Perth. "It will evolve as we get more data."

"Shareholder base does not understand that we have no other info from previous drills other than MK1 as opposed to most drill sites around the world as this is a frontier basin. Very hard to calculate all at this phase of our maturity."

Substantial amount of gross rocks could classify as tight gas as in Perth basin.

"It will be an evolving number."

If you look at the bigger picture - we are drilling based on 2D results - very rare that you will actually drill the best location. 3D will greatly assist in this.


3D - "Now we know a working petroleum system exists. Going to use 3D to hunt the thicker reservoirs."

We have seen a change in PA and Angwa stack channels and we will be able to see clearer - gross not granular as with 2D. (Hope that makes sense Kiwi?)
In the Perth Basin post 3D, the results just got better and better. Warraga and Kingfisher were very low to start too.

I asked for update on 3D progress to date - We have the gear onsite now. The company has already done some shot testing with the Vibrosis units to configure and determine what we best need for optimal results. Completing calculations and plan as we speak - once decided, it is immediate - a simple press of the button to go do it.


2D Results - "We have migration depth data now. Results look very promising indeed."


Will there be another drill in '24 post flow test drill? - Yes we hope so as it is much cheaper to take rig to new site and commence drilling than to disassemble then move later and start again.

"Cost effective to do a multi drill."

6 Inch Drill. - Naive question from me - will you attempt to gain samples to surface from Lower Angwa through the six inch drill hole -

"Absolutely. Equipment is on standby to do it. We actually considered doing it as opposed to a sidetrack at one stage. It is a little trickier as less clearance but people do it all the time."

High Pressure Gas in LA - Consider this very good news despite drillers hating it for safety reasons. "It is very good news and extremely exciting."

'We had gas seeping in to the well post drill and even in there again, when we were doing a wiper trip."

Regarding drilling - Scott said they are learning on the job as it is a frontier basin, but we are getting better and making necessary changes for future wells.

To round off the conversation, I asked Scott if we can expect some sort of ' Presidential Ceremony' with all the bellas and whistles when the PPSA is signed? - Absolutely -

"The government are very excited about all we have done." He believes a ceremony will be a global affair to gain as much traction and mileage as possible.

I am sure there is much more I have missed, and some of what I have written may not be any clearer than my dodgy handwriting, I had to try and decipher, but I hope that this clears the air a little for you all?

I personally feel a lot better from talking to Scott and I hope that some of you may glean some confidence or insight from what I have reported.

Have the very best weekend guys and gals.

Cheers me little luvverlies!