METGASCO LTD — Interim / Quarterly Report 2021

Apr 29, 2021

==> picture [262 x 38] intentionally omitted <==

ASX / MEDIA RELEASE

ASX Code: MEL

30 April 2021

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDED 31 MARCH 2021

==> picture [498 x 103] intentionally omitted <==

Highlights

Key activities during the quarter ended 31 March 2021 (“ Quarter” ) comprised:

Vali/Odin (ATP2021/PRL211):

• The Vali joint venture was granted ACCC approval in the March quarter to jointly market and sell gas from the Vali field to customers on common terms and conditions including price.

• In February, the ATP2021 JV agreed to a two well drilling program consisting of appraisal well Vali-2 and the Odin-1 exploration well in a combined rig campaign to start in April CY2021.

• A rig contract was agreed with Schlumberger for the SLR184 rig to drill two firm wells + one optional well.

• The Vali-1 ST1 re- completion program is planned for later in the year as a campaign along with the potential completion of the Vali-2 and Odin wells.

Cervantes(L14):

• Progressed environmental and safety drilling approval applications to state government authorities with final approvals anticipated in Q2 CY2021.

• A Heritage survey was completed, and approval granted to the access track / drilling pad. • Progressed rig contract negotiations with Refine Energy and other service providers.

• • Drilling now anticipated in Q3 CY2021 subject to government regulatory approvals, rig performance and availability.

• • Long lead well consumables ordered late last year and the majority have been delivered to storage in Perth.

Loki (ATP2020):

• ATP2020 Farm-out process initiated during quarter and several parties are currently reviewing the data room.

• 100% owned prospective resources estimated with recoverable oil and gas reserves Best (P50) 6.4mmbo and 13.1bcf respectively.

Comments from CEO Ken Aitken:

“A significant amount of work was completed in the March quarter across all assets in preparation for the upcoming drilling programs in the Cooper and Perth Basins. The recent recovery in the Brent oil price is a bonus for achieving a farm-out on ATP2020 and boosting the potential value of an oil discovery at Cervantes in the Perth Basin. The next quarter will see the return to appraisal/exploration drilling and is expected to offer a rewarding period for shareholders”.

Page 1

Metgasco Limited | Quarterly Activities Report | 31 March 2021

The Quarter’s activities and subsequent events are outlined below:

Cooper/Eromanga Basin Exploration Licence - ATP2021:

The successful Vali-1 ST1 gas exploration well (see location on map below),drilled on the Queensland side of the Cooper/Eromanga Basin, reached a total depth of 3217m measured depth on 10 Jan 2020 discovering approximately 80m of interpreted net gas pay (porosity cut-off 6%) over a gross 312m interval in the Patchawarra Formation target. Gas was also recovered from the target Upper Patchawarra and Nappamerri Group via MDT sampling. Oil shows were also detected in the Jurassic age Westbourne and Birkhead formations. Metgasco was free carried on Vali-1 ST1 pursuant to farmout agreements with Vintage Energy and Bridgeport Energy, through to case and suspend.

==> picture [498 x 266] intentionally omitted <==

Figure 1 ATP2021 Map & Well Locations

In Dec 2020 ERC Equipoise Pte Ltd (“ERCE”) completed an independent review of the Vali-1 ST1 gas discovery (Metgasco 25%, Bridgeport Energy 25% and Vintage Energy Limited 50% and operator) and subsequent flow test results, and has certified 1P, 2P and 3P reserves for the Patchawarra Formation only. In its report “ERCE” has independently certified 33.2 PJ of gross 2P gas reserve in the Patchawarra Formation of the Vali Gas Structure. (refer ASX release 14 December 2020). Metgasco has a 25% net working interest share and accordingly a net 2P gas reserve of 8.3 PJ (See tables 1&2 below).

Table 1&2 Vali Field Gross and Net Reserves :

	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)
	1P	2P	3P
Reserves (Bscf)	12.3	30.3	78.9
Reserves (PJ)	13.4	33.2	86.6
	Net ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)
	1P	2P	3P
Reserves (Bscf)	3.1	7.6	19.7
Reserves (PJ)	3.4	8.3	21.6

1. Reserves estimates reported here are ERCE estimates, effective 1 December 2020.

2. Metgasco is not aware of any new data or information that materially affects the Reserves above and considers that all material assumptions and technical parameters continue to apply and have not materially changed.

3. Reserves estimates have been made and classified in accordance with the Society of Petroleum Engineers (“SPE”) Petroleum Resources Management System (“PRMS”).

Page 2

Metgasco Limited | Quarterly Activities Report | 31 March 2021

1. Net Reserves attributable to Metgasco represent the fraction of Gross Reserves allocated to Metgasco, based on its 25% interest in ATP 2021.

2. Allowance for Fuel and Flare has been made.

3. Conversion of Bscf to PJ has been estimated based on gas sampled and measured from Vali-1 ST1.

4. ERCE Reserves presented in the tables are the totals for all 20 Patchawarra reservoir intervals.

5. The work has been supervised by Mr Adam Becis, Principal Reservoir Engineer of ERCE’s Asia Pacific office who has over 14 years of experience. He is a member of the Society of Petroleum Engineers and also a member of the Society of Petroleum Evaluation Engineers.

Activities and Outlook for next Quarter:

In the March quarter the Joint Venture (JV) elected to prioritise work to assess the resource upside of the Vali gas field and surrounding area, which will include the drilling of Vali-2 (and Odin-1) prior to a potential development decision by the JV. Vali-2 will address the interpreted Toolachee Formation gas accumulation in the Vali structure, which, if successful, will provide additional reserves to those recently certified in the Patchawarra Formation.

The benefits of assessing the resource upside ahead of first gas are listed below:

1. Appropriately sized flowline – by better defining field volumes through drilling, the flowline will be developed with adequate capacity for future production over the long-term.

2. Development of a production hub – further technical and operational work will better define resource upside in the area surrounding the Vali Field. This could add significant value to the Vali Field as a potential production hub for the area.

3. Gas marketing advantages – the Joint Venture will be in a stronger position to market larger volumes of gas, with the potential for improved terms and pricing.

4. Exposure to rising gas prices – gas prices are increasing, with forecasters and market commentators expecting this trend to continue.

A rig contract was agreed with Schlumberger for the SLR184 rig to drill 2 firm wells + 1 optional well starting in late April CY2021 The Vali-1 ST1 completion will now occur later this year to allow for a possible campaign approach for well completions. It is expected that this approach will be favourable from a value perspective, however, it will likely result in the deferral of first gas production to early next year.

Although the procurement of flowline equipment will now follow the prioritised evaluation program, other non-equipment related activities, such as Moomba access agreements, route surveying, environmental approvals, and government approvals, are continuing as planned to ensure an efficient installation of the flowline once equipment selection has been approved.

The ACCC granted authorisation during the quarter for the Joint Venture to enter into joint marketing arrangements. ACCC authorisation allows the parties to begin jointly negotiating and entering longterm gas agreements with customers for the supply of gas from the Vali field.

The Kinta-1 well drilled in 2003 by Santos logged 93ft of net sand with average 9% porosity in Patchawarra sands and was not fracture stimulated. During the quarter a sub-surface review of the Kinta area resource potential was performed. This review focussed on the potential resources attributable to the Kinta prospect, and Kinta’s future potential to add to the emerging ATP2021 production hub, based on Kinta-1’s geological similarities with Vali-1 ST1 which successfully flowed gas (at stabilised flow rates of approx. 5mmscfd) following hydraulic stimulation.

Subsequent Events:

The SLR 184 rig was successfully mobilised to the Vali-2 location and commenced drilling on 22 April 2021.

Page 3

Metgasco Limited | Quarterly Activities Report | 31 March 2021

Cooper/Eromanga Basin Exploration Licence – ATP 2020:

The ATP2020 licence is 535km[2 ] in area and was granted 100% to Metgasco in 2018(refer Figure 2 below). A geological and engineering review of all wells previously drilled in the permit has been carried out. A review of publicly available exploration and production data from neighbouring blocks has also occurred. The licence is in close proximity to areas of hydrocarbon sources and consider that a relatively low cost shallow well can drill both the oil and gas geological targets identified in the Loki prospect. A Native Title Agreement is in place. The area is underexplored with limited activity over the last 30 years. A gas pipeline traverses the permit and an oil pipeline is close to the Licence. The primary gas target is the Toolachee sands and the primary oil target is the Jurassic Cretaceous sands. Both of these sands have commercially produced hydrocarbons in the vicinity of ATP2020 at the Wareena gas field and the Toby oil and gas field. Metgasco’s sub-surface work indicates that the Loki prospect extends into a neighbouring un-licenced area and has commenced an application with the regulator to secure tenure. Metgasco have initiated a farm-out process of the ATP2020 Licence, and several parties are currently reviewing the data room.

==> picture [248 x 411] intentionally omitted <==

==> picture [249 x 433] intentionally omitted <==

----- Start of picture text -----

Loki P90 and P50
Anticlinal
Prospect closure
P90
P10
Stratigraphic
closure
P50
P10
----- End of picture text -----

Figure 2 ATP2020 Map & Loki Prospect Location

Page 4

Metgasco Limited | Quarterly Activities Report | 31 March 2021

In the March quarter prospective resources were estimated for the Loki prospect . These estimates are based on our in-house geo-science evaluation of the prospective oil and gas resources contained within the Loki prospect following re-processing of legacy 2D seismic data (refer Tables 3 & 4 below).

Table 3&4 ATP 2020 Cooper / Eromanga Prospective Resources:

	Loki Prospect–Permian	Loki Prospect–Permian	Gas-Toolachee
	Low(P90)	Best (P50)	High(P10)	COS(%)
OGIP(Raw) Bcf	4.5	22.1	68
Recoverable Gas (Raw) Bcf	2.6	13.1	40.7	16
	Loki Prospect -Eromanga Oil-		Hutton and Wyandra
	Low(P90)	Best(P50)	High(P10)	COS(%)
OOIP MMbbl	7.5	26.7	57.8
Recoverable Oil MMbbl	1.8	6.4	14.8	Wyandra 15 Hutton 13

1. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates are un-risked and have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of potentially significant moveable hydrocarbons

2. The Prospective resource estimates reported here are probabilistic in nature and are recoverable raw gas and oil attributable to Metgasco’s 100% in ATP2020 as at 23 March 2021.Raw gas includes the contents of inert gas which is known to be variable in the region.

3. Reserves estimates have been made and classified in accordance with the Society of Petroleum Engineers (“SPE”) Petroleum Resources Management System (“PRMS”).

In the December quarter discussions were initiated with the Queensland government with respect to licence commitment deferment due to the financial impact of COVID-19 on the general oil and gas market and effect on farm-out markets. These discussions are ongoing and will be finalised when a farm-in partner is secured.

Perth Basin L14: Cervantes Exploration Well Planning:

In December 2020, the Cervantes Joint Venture (CJV) signed a non-binding Letter of Intent with Refine Energy Pty Ltd to use Refine Rig-2 for the drilling of the Cervantes exploration prospect. RCMA is anticipated to commence a Jingemia field drilling campaign in Q2 CY2021 using Rig-2, following final commissioning and rig inspection. A key advantage of Refine Rig-2 is the rig is currently situated 3km from the Cervantes location saving the CJV significant mobilisation and demobilisation costs. The Jingemia operational rig campaign prior to the drilling of Cervantes is also anticipated to provide rig efficiencies. The Cervantes prospect is planned to be drilled in Q3 CY2021 subject to regulatory approval and timely, safe and effective completion of the preceding Jingemia well campaign. A full rig contract agreement with Refine Energy is presently being negotiated.

The Cervantes prospect (refer figure 3) sits within the L14 licence granted over the Jingemia oilfield and surrounds and is a high-side fault trap of multiple Permian sandstone reservoir targets (prolific producers in Perth Basin). The COS is 28% and it has a high chance of development due to its close proximity to the Jingemia oil field and processing facility.

The Cervantes prospect has a Gross Prospective Resource of: 1U low estimate of 6.0 MMbbl (1.8 MMbbl net), 2U best estimate of 15.3 MMbbl (4.6 MMbbl net), 3U high estimate of 41.9 MMbbl (12.6 MMbbl net) (refer Table 5 below and MEL ASX release dated 10 September 2019).

In January a Heritage survey was completed on the access track and drilling location with the Southern Yamatiji people. No heritage artifacts were found, and Heritage land access approval was received in February 2021.

The Cervantes drilling surface location and access track was chosen to reduce the drilling environmental footprint as well as enable the deviated wellbore to penetrate all three Permian reservoir targets. During

Page 5

Metgasco Limited | Quarterly Activities Report | 31 March 2021

the quarter environmental and safety drilling approval applications were progressed with state government regulatory authorities with approvals anticipated in Q2 CY2021.

Long lead well consumables were ordered in Q4 CY2020 and all equipment will be delivered to storage in Perth by end of April. Well service contracts were also progressed during the quarter in preparation for drilling.

==> picture [501 x 384] intentionally omitted <==

Figure 3 – L14 Cervantes Map

Table 5 - Metgasco Prospective Resource Estimates for Cervantes:

==> picture [433 x 170] intentionally omitted <==

These prospective resource estimates are probabilistic in nature and are recoverable raw oil attributable to 100% interest in L14 as of 10 September 2019. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates are un-risked and have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of potentially significant moveable hydrocarbons.

Page 6

Metgasco Limited | Quarterly Activities Report | 31 March 2021

Cooper/Eromanga Basin Exploration Licence - PRL211:

On 22 November 2019, a term sheet was executed with a 90-day exclusivity period to negotiate a binding farm-in agreement(FIA) with a subsidiary of Senex for PRL 211 on the South Australian side of the Cooper/Eromanga basins . On 24 February CY2020 the farm-in agreement was executed.

During the quarter Beach Energy purchased Senex’s licence interest in PRL211 as part of a wider Cooper Basin sales transaction. Under the FIA, Vintage Energy is the operator with a 42.5% working interest, Metgasco with 21.25%, Bridgeport Energy with 21.25% and Beach Energy with 15%, with Beach Energy to be free carried through the drilling of the first well.

PRL 211 is a 98.49 km[2] retention licence that is close to infrastructure and has an initial five-year term expiring in October 2022, with an option to renew the permit for a further five years. The licence is located in the South Australian side of the Cooper/Eromanga Basin(see figure 4) and is immediately adjacent to ATP2021.

==> picture [500 x 242] intentionally omitted <==

Figure 4 – PRL 211 and ATP2021

Under the terms of the farm-in, the well is planned to be drilled in the Odin structure (with Metgasco paying 25% of the estimated cost of the well, approximately $1.1 million net) for a 21.25% equity interest in PRL 211. All further work, including the potential to stimulate, complete and flow test the Odin well will revert to equity share. The JV has successfully applied to the South Australian Government for a 12-month extension to the drilling commitment extending that date to Q4 CY2021. The JV has signed a rig contract with Schlumberger for the SLR184 rig to drill the Odin-1 prospect following the Vali-2 well, likely mid Q2 CY2021. The Odin prospect has gross and net resources as shown in Table 6 below. There is also a potential for an increase in the resource upside due to stratigraphically trapped gas.

Table 6 - Odin gross and net prospective resources:

==> picture [396 x 93] intentionally omitted <==

1Volumetric estimates as calculated by operator Vintage Energy. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates are un-risked and have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of potentially significant moveable hydrocarbons. These prospective resource estimates are probabilistic in nature and are recoverable raw gas attributable to JV gross (100%) and Metgasco net interest (25%) in the Odin prospect as of 14 October 2019. The resources have been classified and estimated in accordance with the Petroleum Resource Management System (PRMS). Metgasco is not aware of any new data or information that materially affects the estimate above and that all material assumptions and technical parameters continue to apply and have not materially changed.

Page 7

Metgasco Limited | Quarterly Activities Report | 31 March 2021

PRL237 Licence- Cooper Basin:

During the quarter Beach Energy purchased the PRL237 licence from Senex as part of a wider Cooper Basin sales transaction. The new JV will be addressing any future exploration activities in FY22 in the June quarter

Corporate Activities:

Business Development Opportunities:

During the quarter Metgasco continued to review new business development opportunities, as well as potential new areas of business consistent with the Company’s strategic objectives and the evolving energy sector backdrop.

Cash position:

The Company ended the Quarter with a cash balance of A$651,537 and with no debt.

The following is a reconciliation of the Company’s cash position from 1 January 2021 to 31 March 2021:

21:
	$A’000
Cash at 31 December 2020	2,096
Overhead and administrative	(306)
Exploration and evaluation expenditure	(1,488)
Sales of investments	358
Net proceeds from issue of equity securities	(9)
Cash at 31 March 2021	651

Shareholders should note that the Company’s shareholding in Byron (approx. $2.7 million as at 31 March 2021), is not included in the Company’s cash position disclosure above. This fungible asset is available to meet the Company’s operational objectives when required and may be periodically disposed of.

On finalisation of operational activities and timings in CY2021, a separate announcement will be made outlining the Company’s 2021 funding strategy. Future capital raising needs are still being finalised, but are expected to be relatively modest in scope.

Shareholder base:

At 31 March 2021, Metgasco had 549,601,348 shares on issue and 2,007 shareholders. Its top 20 holders held 275,421,369 shares or 50.11% of the Company’s issued capital.

Certified Resources and Reserves:

Prospective Resources relating to the farm-in on L14 were announced on 10 September 2019. On 14 December 2020, the ATP2021 JV announced the reserves attributed to the Vali field based on the gas discovery of the Vali-1 ST1 exploration well. Prospective gas resources related to PRL211 were announced on 22 November 2019. ATP 2020 Cooper / Eromanga Prospective Resources were announced on 31 March 2021.

Outlook - work program for next quarter:

In the June quarter the Cooper Eromanga Vali-2 and Odin-1 wells are planned to be drilled.

The farm-out discussions with interested parties on ATP2020 will continue

It is anticipated to be a busy period progressing the Cervantes drilling project including ,finalising a rig contract ,completing government environmental and safety approvals and initiating civils work to clear the drilling pad and access route.

Page 8

Metgasco Limited | Quarterly Activities Report | 31 March 2021

Glossary:

MMscfd = Million standard cubic feet per day. FWHP = Flowing wellhead pressure. Bcf= Billion Standard Cubic feet

ENDS

For further information contact:

Philip Amery Chairman + 61 402 091 180 philip.amery@metgasco.com.au

Metgasco Ltd ACN 088 196 383

Level 2, 30 Richardson Street, West Perth, WA 6005 Tel: +61 8 6245 0060 info@metgasco.com.au www.metgasco.com.au

Ken Aitken CEO +61 8 6245 0062 ken.aitken@metgasco.com.au

Page 9

Metgasco Limited | Quarterly Activities Report | 31 March 2021

		Tenement Listing
Tenement Reference	Location	Nature of Interest	Interest at 31 December 2020	Interest at 31 March 2021
Cooper/Eromanga
ATP2020	QLD	100% owner & Operator of Licence	100%	100%
ATP2021	QLD	25% working interest in Licence	25%	25%
PRL211	SA	Farm in. Pay 25% of well for 21.25% of licence interest.	21.25%* subject to farm- in agreement terms	21.25%*subject to farm-in agreement terms of drilling one exploration well
PRL237	SA	20% Working Interest in Licence	20%	20%
Perth Basin
Cervantes Prospect in Western Flank area in L14 Production Licence	WA	Pay 50% of well cost for 30% interest in structural Hydrocarbons discovered	30%	30%
2ndExploration Prospect in L14 Production Licence	WA	60% interest in structural Hydrocarbons discovered	Option right to 60% interest by paying 100% of well cost via exercising well option from 1stApril 2020 to 30thJune 2021- Vintage Energy have the first option to participate in the well	Option right to 60% interest by paying 100% of well cost via exercising well option from 1stApril 2020 to 30thJune2021- Vintage Energy have the first option to participate in the well

Forward Looking Statements: This document may contain forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this document includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of potentially recoverable resources, and information on future production and project startups. By their very nature, the forward-looking statements contained in this document require Metgasco and its management to make assumptions that may not materialise or that may not be accurate. Although Metgasco believes its expectations reflected in these statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.

Page 10

Metgasco Limited | Quarterly Activities Report | 31 March 2021

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Metgasco Ltd ABN Quarter ended (“current quarter”) 24 088 196 383 31 March 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (135) (170) - - (1) - - -	- (15) - - (365) (415) - - (1) - 50 -
	(306)	(746)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- - - (1,488) - -	- - - (3,040) - -

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - 358 - - - -	- - - 461 - - - -
	(1,130)	(2,579)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - (9) - - - - -	3,840 - - (22) - - - - -
	(9)	3,818
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	2,096 (306) (1,130) (9)	158 (746) (2,579) 3,818

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	651	651
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	651 - - -	2,096 - - -
	651	2,096
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
		Current quarter $A'000
		42
		-
		include a description of,

Amounts included in 6.1 are remuneration payments made to Directors

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8. Estimated cash available for future operating activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(306) (1,488) (1,794) 651 - 651
	0.36
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: Yes

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

2. Answer: The Company has a generally supportive shareholder base and may if required undertake a capital raising in the form of a share placement, share purchase plan or rights issue. Furthermore, the Company has a significant liquid asset in the form of 15m shares in Byron Energy (ASX:BYE), which if required could be sold to deliver funds to the Company.

3. 1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Yes, as per answer 2.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 4

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 April 2021

Authorised by: The Board

Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5