Tuesday 15 September 2020

During the most recent licence application process, the Company worked extensively on the seismic data and other datasets to enhance our understanding of this area which has resulted in a more robust interpretation over the intra-Carboniferous Cadence prospect and the identification of additional prospectivity beneath the Base Permian Unconformity (“BPU”).

We believe this BPU prospect, the Cordova prospect, is highly analogous to the recent Andromeda North discovery which was drilled by Spirit Energy in 2019 on the block immediately to the south of 43/12b.

The Company believes that the extensive previous and recent work on the Cadence prospect means it is effectively drill ready, allowing the potential to immediately introduce a partner and potentially fast-track towards drilling.