morton gas discovery pilot well update agm

Hi All, here is the news you are all waiting to hear from the AGM.

Question I addressed to Rohan Gillespie at the AGM

On a personal note speaking face to face Rohan, I get a feeling this will be approved, I am confident he is doing his best to get the approval, he is expecting the announcement any day now, if it is not made with in 2 weeks he will be following it up, he is going to be on the ball with it. The board and he are waiting anxiously just as we all are.

The documentation (REF) has been presented the NSW dept to review, he is confident that the approval will be granted because there has already been drilling at this site before, but the only delay was these further necessary documents which the NSW dept needed
Clarence Morton Gas Discovery Pilot Well Update
Plan is to drill a pilot well in the Kangaroo Creek Sandstone;



When is the approval date expected?
IT IS EXPECTED NOW, SO ANY DAY

How confident are you receiving and approval?
100%

What % stage of the documentation process is ROG at in regards to the application?
NONE, ALL DOCUMENTATION ARE COMPLETE

How long will it take to find a contractor for the Rig?
2 MONTHS

How long will the drilling process take?
10-15 DAYS

What access point do you have considering the protesting that is occurring?
THEY ARE ON TERMS WIT THE LAND OWNER, THERE IS NOTHING OBSTRUCTION THE ACCESS, THE ACCESS POINT WILL BE FROM SUTHERLAND HWY

What is your sentiment on the NSW Govt regarding approvals for CSG drilling as there is a lot of controversy in this matter?
THEY ARE AWARE OF THE CONTROVERSY, THUS FAR NSW IS NOT DELAYING ANY CSG APPLICATIONS

SINCE THE (REF)DOCUMENTATION THEY ARE CONFIDENT THEY HAVE FULFILLED THE NECESSARY REQUIREMENTS

If the approval is not approved what other projects do you have?
THERE A 2 CURRENTLY BEING INVESTIGATED.
ANOTHER IS ("PEL") 478 IN THE VICINITY WHERE METGASCO IS FARMING

What value do you give if all goes ahead with the the CGS under ground?
CONSERVATIVELY 3 CENTS

Is Annvale (2P) dead and buried? Are there plans for its future?
IT'S ON THE BACK BURNER, THEY ARE CONCENTRATING THE FUNDS GETTING THE APPROVAL FIRST THAN SPENDING ON OTHER PROJECTS


Funding
How is Res sky surviving with no sale or projects to date? THERE WAS A RECENT CAPITAL RAISING AND CASH BURN RATE IS MINIMAL

Is there likely to be another capital raising? NO, BUT WILL TO NEED TO ONCE THE APPROVAL IS GRANTED, IT WILL COST APPROX 1 MILLION TO DO


Is the company looking for any JV instead of YA Global funding who are destroying the SP.
YES, ONCE THE APPROVAL IS MADE THE WILL BE SEEKING OTHER INVESTMENT ALTERNATIVES, THEY WANT TO GET RID OF YA GLOBAL AS SOON AS THEY CAN

Where is the cash that YA Global are supplying being used?
ITS BEING USED FOR RUNNING COSTS

Is there likely to be a share consolidation in the near future?
NOT AT THE PRESENT TIME


DYOR as i am not a broker