Getting on with it. Second bottom drawer but I'm hopeful this...

Getting on with it. Second bottom drawer but I'm hopeful this will
pay it's way one day.
Update on Activities
Highlights for the Quarter
 Completion of the L7 (Mount Horner) transaction between Key Petroleum (Australia) Pty Ltd, a wholly owned
subsidiary of Key Petroleum Limited (“Key” and AWE (Perth) Pty Ltd (“AWE” on 27 September 2018, which included
Department of Mines, Industry Regulation and Safety, Western Australia (“DMIRS” approval. An amount of
AU$380,000 was paid to Key with an additional agreed amount of up to AU$1.9 million provided as reimbursement
for the completion of the remediation and abandonment work over the Mount Horner Oil Field;
 Further discussions and technical collaboration in regard to an L7 Mount Horner appraisal potential;
 L7 mapping of primary reservoir targets completed and checked against legacy AWE data;
 Assessed rig viability and availability for Cooper Eromanga drilling opportunities, including assessment of access
logistics and proposed well locations. Continued discussions with Cooper Eromanga infrastructure operators
together with a number of interested parties regarding potential participation in drilling opportunities;
 Ongoing discussions pertaining to long lead items for North Perth Basin drilling and work over activities in second
half of 2018 and early 2019;
 Continued technical evaluation of Cooper Eromanga Basin assets including assessment of unconventional
opportunities; and
 Utilise the studies over the Cooper Eromanga Basin assets to facilitate discussions with Department of Natural
Resources, Mines and Energy, Queensland (“DNRME” on the forward work commitment programs for ATPs 783,
920 and 924.
Activities Subsequent to the End of the Quarter
 Continuing DMIRS approval for L7 Mount Horner operations and the proposed remediation documentation and
the planning of remediation activities;
 Continued discussions with DNRME to ratify the agreed work program for the Cooper-Eromanga assets;
 Initiated planning and modelling for seismic 3D acquisition within the L7 licence area and potentially other additional
surveys;
 Initiated planning for potential workover operations in L7; and
 Farm out discussions and ongoing discussion for land access approval to drill Wye Knot-1 in EP 437.
Activities for the Upcoming Quarter
 Cooper Eromanga revised work program approval and initiation of field related activities;
 Finalise discussion with preferred farminees for the L7 appraisal opportunities and continue efforts to seek land
access resolution and investment in EP 437;
 EP 437 Joint Venture to discuss application for suspension and extension of the work program to allow the
completion of the Wye Knot-1 location land access agreement and regulatory approvals;
 Continue discussions to farm out southwest Queensland Cooper Eromanga drilling program including potential
extensions to Six Pines Capital (“Six Pines”; and
 Commencement of remediation operations within the Mount Horner Production Facility.