research note

Put out by Aegis Equities Research Pty Limited on 1 Feb:

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Nuenco (NEO) - Some progress in California, but further work is required

NEO has provided an update which offers some hope but also requires further patience. The issues surrounding the connection
of the pipeline have been resolved and gas sales are being lined up, but production levels need to be confirmed first. Testing of
the production levels are planned for February. Preliminary oil sales have been made following a fracturing test on the Monterey
section. NEO sees potential in this zone but drilling is required to find out.

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