Ann: Quarterly Report & Appendix 5B to 30 June 2018, page-2

Highlights for the Quarter
 Successful Capital Raising of $1 million with Sanlam Private Wealth appointed Sole Book Runner;
 Canning Basin asset divestment to Rey Resources Limited finalised on 14 May 2018;
 Initiated discussions with Cooper Eromanga infrastructure operators (18 April 2018 – Cooper Eromanga Basin Asset
Update), together with a number of interested parties regarding potential participation in drilling opportunities;
 Cut-off date for completion of the L7 Mt Horner transaction was extended and further information on
decommissioning and related activities provided to Department of Mines, Industry Regulation and Safety, Western
Australia (“DMIRS”);
 Ongoing discussions pertaining to long lead items for North Perth Basin drilling and work over activities in second
half of 2018;
 Provision of technical support to Operator as part of the ongoing seismic reprocessing work in WA-481-P, offshore
Perth Basin;
 Ongoing discussion with interested parties for L7 Mt Horner appraisal potential; and
 Utilise the studies over the Cooper Eromanga Basin assets to facilitate discussions with Department of Natural
Resources and Mines, Queensland (“DNRM”) on the forward work commitment programs for ATPs 783, 920 and
924.
Activities Subsequent to the End of the Quarter
 DMIRS approval of the L7 Mt Horner title transfer and commencement of remediation activities;
 Announced on 29 May 2018 a non-exclusive agreement period of four months with Six Pines Capital LLC, Canada
to raise a minimum of AUD $5,000,000 to cover the costs of drilling, completion and testing of at least two wells
within the area defined as “Area 3” of ATP 924, which surrounds the Marengo Gas Field. This agreement marked
the commencement of a dedicated farm out process for funding on the Cooper Eromanga Basin asset work
program;
 Further discussions with interested parties regarding potential participation in drilling over Mt Horner L7. Key
technical staff visited WA Core Library to analyse historic Mt Horner Jurassic primary reservoir cores;
 L7 mapping of primary reservoir targets completed and checked against legacy AWE Limited data;
 Initiated process for access approval to drill Wye Knot-1 in EP 437; and
 Completion of prospective resource estimates for Cooper Eromanga Basin assets.
Activities for the Upcoming Quarter
 Cooper Eromanga revised work program approval and initiation of field related activities;
 Continue discussion and studies with potential farminees for North Perth Basin assets;
 Ramp up efforts to farm out southwest Queensland Cooper Eromanga drilling program; and
 Finalise approval documentation pertaining to remediation operations within the Mount Horner Production Facility