only just commercial, page-7

Gas has finally flowed at a commercial rate.

This is from 1 zone of a potential 9 totalling 56 mts.

2nd well (ZJS 6 testing) 15 zones and 80 mts.

This is an excellent result considering the early stage drilling and just 2 wells to date drilled by Frank Fu.

It's further derisked and validates the work programme that was brought forward.

Gas has already been discovered on 4 adjacent blocks and now gas has flowed on our block, between those surrounding blocks. I believe this greatly points to a substantial gas belt and further wells over time will deliver and the asset will create substantial value.

I believe the confident lead by example was set when PA picked up a further $400k of shares in quarter 1.

Further wells to follow and early tie in possible. I've no doubt we will find sweeter spots. This result is in line with a good number of the fracced zones that SEH have tested.

Considering the amount of capital the company has, plus the separate gold project, overall the asset target of $1.1b/£700m is substantial against an early stage value of £12-£15m.