Progress The 9-5/8” casing has been set and cemented in place...

Progress
The 9-5/8” casing has been set and cemented in place down to around 5,165 metres Measured Depth (”MD”)
and the well has drilled down to around 5,208 metres MD.
The results to date have been consistent with those encountered in Phoenix South-2.
Current Operations
The rig is currently preparing to set a 7-5/8” liner.
Forward Plan
After setting the liner the well will drill ahead in 6-1/8” hole to a planned depth of approximately 5,500 metres
MD.
Controlled Drilling through Reservoir section
The previously drilled Phoenix South-2 (“PS-2”) well was unable to fully evaluate the Caley Member due to
high pressures encountered in that well. The PS3 well plan and its associated procedures employ controlled
drilling operations prior to and during the drilling of the reservoir section. As a consequence, drilling progress
will be slower than that previously experienced in the other wells in the Phoenix project.