Upcoming JRI-Invictus Webinar Questions, page-517

Just while we’re waiting for more clarity from Scott and the new board, this is my take on the likely news flow for this year.

Hinges on being able to select the well location for MK-2 from preliminary 3D seismic. If we need to wait for the final data then I’m worried it could push the MK-2 spud back to Q2 next year following the wet season.

Happy for people to poke holes in this and provide comments. Hopefully it’s enough regular news to ensure that we don’t stagnate too much. Quite a few of these announcements should be positive for the share price. Obviously there’s the opposite effect with the funding question mark.

2023 News Flow and Approx. Timing

• Market update for the 2023 program / sequence of work - early Feb
• Routine sidewall core analysis results (presence/nature of hydrocarbons, porosity, permeability, hydrocarbon and water saturations) - mid to late Feb
• Award new services contractor - end Feb
• Fluid composition data from mud gas samples - March
• Commence 3D seismic at Mukuyu and infill seismic at other fairway prospects - April
• Special sidewall core analysis results (culminating in calibrated logs and net pay estimate) - April / May
• Complete 3D seismic acquisition - May
• Preliminary 3D seismic results - June
• Select MK-2 well location from preliminary seismic results and commence well pad construction - Jul / Aug
• Receive final dataset for 3D seismic - September
• Finish well pad construction - mid-Sep
• Mob and rig-up - end-Sep
• Spud MK-2 - start of Oct
• In-house interpretation of 3D seismic and provide an updated prospective resource estimate for Mukuyu - Oct / Nov
• Final drilling results for MK-2 - end Nov

Other news:

• Further news on integration of MK-1 results into existing or new seismic
• Migration pathway modelling
• Identification of likely oil prone prospects
• Identification of all other prospects with Upper/Lower Angwa as primary targets
• Infill seismic results for other fairway prospects
• Updated prospective resource estimate for other fairway prospects
• Funding - cap raise or farm-in