Overview

Notes to Table – Sources of Resource Estimates are as follows:

1. Independent estimate prepared by ERC Equipoise Pte Ltd (ERCE) using a probabilistic methodology consistent with that prescribed by the June 2018 Society of Engineers Petroleum Resources Management System. ERCE is an independent consultancy specialising in geoscience evaluation, engineering and economic assessment. ERCE has the relevant and appropriate qualifications, experience and technical knowledge to appraise professionally and independently the assets. ERCE’s work was supervised by Mr Adam Becis, Principal Reservoir Engineer at ERCE, who has over 14 years of experience in the oil and gas industry. He is a member of the Society of Petroleum Engineers and also a member of the Society of Petroleum Evaluation Engineers. Mr Becis has consented to the form and context in which the estimate of carbon dioxide sales gas is presented.
2. “Technical GIIP and EUR Estimate Update Post Wombat #4: Wombat Field”, June 2010, Gaffney, Cline and Associates.
3. Company’s share of: 11 Bcf gas in Eumerella (In-house estimate prepared by Mr Tim O’Brien, MSc in Geology and Geophysics, member of PESA, SPE and AAPG), 5.5 Bcf gas in Warre Sandstone and 740,000 Bbl oil in Pebble Point Formation (probabilistic estimates independently prepared by Dr Greg Blackburn, BSc (hons), PhD, Terratek Petroleum Consultants Pty Ltd, February 2011).
4. Best estimates prepared on a deterministic basis by Mr Peter Bubendorfer, Geotechnical Assessor, Armour Energy Limited. Mr Bubendorfer holds a BSc in Geology, is a member of AAPG, and has over 22 years of relevant experience in hydrocarbon exploration and production.
5. “Undiscovered Hydrocarbon Resources, Petroleum Prospecting Licence (PPL) Blocks 257 and 258, Papua New Guinea”, 31 August 2010, Fekete Associates Inc., modified in accordance with SPE-PRMS guidelines.
6. “Estimated Unconventional Gas Potential for a Defined Prospect Area in PEP 175, Otway Basin, Victoria”, May 2015, SRK Consulting (Australasia) Pty Ltd.