A6 EOY Drilling Update

[davidhmtk]

From our Aussie partners IR department :

PRL 15, Gulf Province, PNG

2km east-southeast of Antelope 3



During December, rigging up of High Arctic

Rig 115 was completed at the Antelope 6

location. Drilling commenced on 23

December, with the well reaching a depth of

512 metres by the end of the month. The

well has a planned total depth of

approximately 2,650 metres.

[2126]

VERY Best Case Scenario (without Ant 7 approval) without any intervening problems (somewhat low odds for that)

Total days drilling in 2015 since spud (estimated) =8

Depth on January 1, 2016 = 512 meters

Drilling rate so far (2015) = 64 meters/day

Estimated days to total depth at current rate (without any other variables) = 42

Estimated date to total depth (without any other variables) = February 2

Testing and completion of Ant 6 best case = 30 days (March 4)

Trigger date (within 5 days of completion of testing of final appraisal well) = March 9

Appraisal certification completion (90 days) = June 10

Interim Resource Payment (10 days after Interim Resource Certification) = June 20

Days to Interim Resource Payment = 163

[jft310]

2126 Oil Search estimated July payment for at least their deal . They surely have enough gas.

[Martinistocks]

About 164 days from now. Of course 2126 that is the perfect world or best case scenario.

[ArtM72]

That would also be a wonderful way to celebrate the first day of summer. Maybe a reason for a trip to New York.

Many thanks to 2126 and OSH.