The BPH Energy Ltd $6.32/share Party, page-3728

My thoughts on this after the last couple of days

- DB confirmed they are tendering the long lead items first and to deliver to the work program. (not sure on the exact wording he used)

- Accordingly, I would take that they are planning to drill before the sunset date (as currently proposed) being the 12th of February 2022 (24 month extension), worth noting that KP can change that date at his discretion, however, that would mean he would be extending it into a federal cycle. I think that is a very low/ no possibility of happening

- As such the drill needs to be completed in the next 5 months + 16 days.

- Post-Nopta extension approval, Nopsema needs to approve the EIA and drill program. That is 30 - 60 days from memory and they need to have booked the exact days they will drill, what platform they are using so the tendering has to be completed. So you think they need another 15 - 30 days to finalize the last tenders.

- call that 2 1/2 months for argument's sake

- it's a 30-day drill program with good weather, totaling 4 months from Nopta Approval to complete the drill.

This allows circa 2 months of contingency as of today and that is predicated that a rig is ready, able, and close by to get onsite at BPH's engagement and no unforeseen delays or other milestones I'm not accounting for. You could possibly save 15 - 30 days in that procurement/ NOPSEMA approval process in the absolute best case. (worth noting i would think politically they would want this drilled well before the election cycle to limit the political messaging around it)

Alternatively, KP doesn't sign and waits for the election. I have some key assumptions in coming to that position but I think they are reasonable from my research and assessment of the politics.

Positive to take away, the decision has to be made imminently to achieve the drill program.

Negative take away - No decision in the near term means this sits idle until post the federal election.