watchout for new deal ?, page-5

production license FYI

Thanks for your inquiry. You are correct we indicated that we expected to receive the PL (productions license) in September as we made the final submission in early August.

The grant is handled by two governments; the Victorian Gov. made a recommendation to Canberra in early September, hence our optimism.

We are now expecting to receive the PL before the end of this month based on consultation with Canberra last week.

We have the approval for the Extended Production Test (EPT) of Basker-2 which means we are able to commence the production of our well later this month after the FPSO takes up its position and the flow line and control line are installed near Bsaker-2. (The EPT approval is valid for six months)