Ann: Quarterly Report & Appendix 5B to 31 December 2018, page-2

Highlights for the Quarter  Received formal approval of work program change in ATP 920 and 924 to one well, seismic reprocessing and other studies to focus on exploration of conventional gas targets;  Initiated negotiations for access for drilling on ATP 924 on Tanbar Station;  Commenced rig tendering for drilling of Taj and Alfajour prospects in ATP 924, and commenced civil earthworks tendering for site clearance work for Taj-1 and Alfajour-1 wellsite locations;  Awarded reprocessing contract for ATP 783, ATP 920 and ATP 924 to Earth Signal and Howman Seismic Services as part of expedited revised work programs;  Executed Farmout Agreement with a subsidiary of Triangle Energy (Global) Limited (“Triangle” for Triangle to earn 50% by spending US$3 million towards 3D seismic acquisition and two wells in L7, North Perth Basin;  Commenced mobilisation of 40-man mobile camp to Mount Horner to house seismic and drilling crews for 2019 campaigns with approvals lodged with local governments for new infrastructure;  Completed maiden prospective and contingent resource estimates for the Bookara Shelf Oil Project containing EP437 and L7 within the North Perth Basin;  In principle compensation agreement terms agreed with landowner for preferred well location for the drilling of Wye Knot-1, EP 437, Perth Basin; and  Placement of $300,000 to existing cornerstone investor to fund continued activities in the Perth Basin. Activities Subsequent to the End of the Quarter  EP 437 suspension of the permit Year 3 work program was granted for a period of one year with a corresponding extension of the permit term to 27 November 2019.  Continuing DMIRS approval for L7 Mount Horner operations and the proposed remediation documentation and the planning of remediation activities;  Initiated tendering process for seismic 3D acquisition within the L7 production licence area and potentially other additional surveys; and  Upgraded ATP 924 Tanbar Gas Project Gross Unrisked Prospective Resources1 to 150 Bcf (1U) – 500 bcf (2U) – 950 Bcf (3U) which include the Alfajour and Taj conventional oil and gas prospects.