Quarterly Activities Report

29 October 2020

QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 30 SEPTEMBER 2020

Highlights
Key activities during the quarter ended 30 September 2020 (“Quarter”) comprised:

Vali-1 ST1

• Six stage fracture stimulation program safely and successfully completed in July.
• In August a two-day welltest measured stabilised gas flow-rate of 4.3MMscf/d through a 34/64”
• choke at 942 psi FWHP. A production log confirmed that gas was being contributed from all
• stimulated zones.
• A JV development decision is anticipated in Q4 CY2020 following completion of a pipeline
• engineering feed study, gas sales and tariff negotiations and independent reserve determination.

Cervantes

• Progressed environmental approval/land access with stakeholders including completing an additional botanical survey in early September as well as negotiating Heritage and track access agreements.
• Issued expression of interest tender to a number of drilling rig service companies in Australia.
• Drilling is anticipated in Q1 CY2021 subject to rig availability and regulatory approvals.

Corporate

• In late July a Share Placement of $1.375 mill was completed by offering 55 million new shares to institutional and sophisticated investors at an issue price of $0.025 per share.
• Completed Share Purchase plan raising $2.6M after 30% scale back applied.

Please click on the attached .PDF to view full report and the Quarterly Cashflow Report, Appendix 5B.