Ann: Quarterly Report & Appendix 5B to 31 December 2017, page-2

Update on Activities Highlights for the Quarter  Commencement of seismic reprocessing in WA-481-P along trend from the Xanadu oil discovery in the adjacent Permit;  Execution of the L7 Sale and Purchase Agreement for the acquisition of the Mount Horner Oil Field and Production Facility;  Title transfers for ATPs 783, 920 and 924 located in the Cooper Eromanga Basin in Queensland have been approved by Department of Natural Resources and Mining (“DNRM”);  Geological studies over ATPs 783, 920 and 924 have identified numerous oil leads analogous to the Inland, Cook and Bodalla Oil Fields;  Continuing geological studies have identified conventional gas potential in the Permian and Triassic gas fairway extending into the ATP 920/924 area with additional potential in ATP 783;  The EP437 joint venture has implemented action by which to gain access to the Wye Knot-1 proposed location, as part of the Year 3 work commitment;  Commenced formal process of divestment of Canning Basin assets;  Annual care and maintenance of suspended/shut-in wells in L15 and R1 has been completed. Activities Subsequent to the Quarter  An extension of the EP437 Year 3 commitment well and EIS grant awarded to the EP437 JV by Department of Mines, Industry, Resources and Safety for the drilling of Wye Knot-1;  Preparation of relevant approval documentation required to carry out select remediation operations within the Mount Horner Production Facility;  Foreign Investment Review Board Approval for the acquisition of L7;  Received initial expressions of interest for acquisition of Canning Basin assets from multiple third parties; and  Processing and interpretation of AEM-PTP survey results carried out over R1 commenced with the aim of defining the 2018 exploration program. Activities for the Upcoming Quarter  Utilise the studies over the Cooper Eromanga Basin assets to facilitate discussions with DNRM on the forward work programs for ATPs 783, 920 and 924 and finalise work commitments;  Progress divestment of Canning Basin interests;  Set up of operations base and personnel relocation from Port Denison to Mount Horner Oilfield and commence planning of decommissioning activities;  Commence drilling and workover rig enquiries and tenders for North Perth Basin activities in second half of 2018;  Commence rig enquiries for Cooper Basin drilling in later half of the year including potential collaboration with other Operators in the Basin; and  Undertake a detailed prospectivity review of L7 and integrate data with the current EP437 geological models to define field activities in the area for 2018.