ADX Energy 2026 AGM - Chairmans Presentation

Added: 2026-05-24

[00:00:00]on our operation ladies and gentlemen. Thank you for your attendance and I hand you over to Ian.

[00:00:11]>> Yeah. Hi.

[00:00:12]>> Can you hear me? Yeah. Hi Abby.

[00:00:16]>> Great. Uh can you go to slide uh two please?

[00:00:25]>> Okay. Um I just want to run you through uh and give you a bit of a brief update on uh on what we've been up to. Uh obviously we've been drilling a well and uh you can see the fluctuations in our share price as as we try to describe the results. Um one good thing is uh the oil price has been very good to us and revenues are on the way up. You'll see that in our corporate overview. Um I mean the hosh well has not come in exactly um as uh was pre pre-ill predicted but the reality is these wells never do uh but we're actually still uh think the wells promise and uh you can only see so much from seismic and so far the sands that we were expecting to be there are there and we've seen also additional sands uh and we have to actually uh test those sands and understand exactly what we have. But the status of the well is uh we've uh run a completion. Uh it's ready to test. Our um our partner M andD and ourselves will make a final judgment on which zones we test and of course we'll report that to you. Uh but our belief in this play is very much unddeinished. Uh the next well we drill is one which has much greater control. So we much have much greater clarity on what we will find there. Uh but uh you look out keep looking out for the final petics later on this week. Uh and we'll be also be able to report on our testing program.

[00:01:58]I'm also going to introduce you to a u uh a new oil uh prospect that we've well it's not new. It's actually an old one that we've worked on. Uh we've improved.

[00:02:10]Uh the risks are better. The resources are better. And it's uh it's a cracking prospect. uh uh very close to our anchov oil production uh and uh we we we're going to start farming that out and it's something we we hope to drill uh later on um this year and then I'll give you a brief update on what we've been doing with Welch since testing and also the Sicily channel permit. Uh next please.

[00:02:43]Okay. So, um the the ADX story is pretty clear. We've got uh a combination of stable production, which is uh much more profitable for us now at uh roughly $100 a barrel. We don't know how long that'll last, but certainly with the Straits of Hermuz closed as long as they have, uh we were probably predicting all prices of around $65 a barrel. Uh now the forward curves for most analysts would be somewhere between 75 and 80. Uh so that production is going to be hard to rectify quickly. Uh we're working on our getting our production rate up. We're currently producing around 210 barrels a day, but we've seen ways that we can increase production and reserves at our Vienna Basin fields. Uh our current 1P reserves are around 1 and a half million barrels. Uh but it's a company with a very large prospective inventory. uh and obviously with about 700 BCF of gas uh dominated by Welch uh and then 68 million barrels of oil equivalent in Austria and another 600 BCF of gas uh in the Sicily channel. So our frustration is bringing these very large resources uh to to a value uh and uh we think the best way to do that first of all is to uh basically deliver on some of the uh very near-term uh low-risk opportunities that come to us through shallow gas and and near field oil. uh that gives us then the time to actually work on these very very valuable opportunities rather than just run to a farm out. Uh next please.

[00:04:28]Uh that's just a quick overview of what our capital structure looks like. Uh pretty much I'm repeating what I just said. Uh you know number one what we're trying to do is build our existing production base. uh at the Vienna Basin uh maintain our production at at Anoff which seems to be going along very nicely um and uh and then bring in some of these lowrisk targets uh which are quick to develop uh both for oil and gas uh in uh in upper Austria uh because they're very close to infrastructure and uh we get very high value for our hydrocarbons and then I'll talk more about uh Welch and the Sicily channel later. Next, please.

[00:05:16]So, our recent activities have been very much uh focused on uh lowrisk shallow gas. Uh but I'm also pleased uh to also uh announce the fact that we've got a very nice oil prospect, the Peran prospect uh and we'll start um permitting uh that uh for drilling and we're going into a a um a farm out program for that. So look, while we love our prospects, uh we obviously see we don't well I don't believe our share price reflects the value of these prospects. So in a way we're kind of forced to farm out because uh that's a good way of us getting the funding we need to drill these things while still retaining a a large interest. Um uh Hush will be testing around mid June. Uh so keep a lookout for that. uh gold uh will start uh working on uh rig site preparation and and that's you know cracking well 90% chance of success uh because we've got very close offsets that we can rely on to calibrate our seismic that wasn't exactly the case with with Peran but still our base case channel has come in and we've had obviously additional sands as well now we've been doing a lot of work on on on Wellchow. [clears throat] Excuse me. We've got a much better understanding of WellChow since we actually drilled it. Uh I think well I don't think we know now that we've got a upd oil discovery there of around 18 million barrels. I mean that would be one of the largest oil discoveries in Austria. Uh if uh if we can get to appraise that and it comes in as we expect. Still uh the reason we drilled the well was to intersect uh down dip gas. There's a very good story for that gas. We understand much more the pressure communication between the down dip Mullen well and where we are at Welchow and uh and we're working hard on seismic reprocessing and mapping uh before putting a case forward uh for drilling deeper to access what is a very large resource and would be the biggest discovery in in Austria ever uh if we can bring that to fruition. So all these prospects are big and and substantial particularly uh remind yourselves uh that you know we're on an onshore setting uh kilometers from pipelines and and able to truck our crude oil uh to a a very high value uh refinery.

[00:07:57]The Sicily Channel I'm particularly excited about. I spent most of my career working offshore. I've never seen such a large resource in such shallow water and so close to shore and infrastructure.

[00:08:09]It's certainly uh certainly very different to to what we've gone after historically. Not we the the industry uh in Australia. So we have very high hopes uh for for this uh acreage. uh we see opportunities to expand it and we're also developing a really handy uh if you like respectful uh relationship with ENI and I think that's really important.

[00:08:33]They're providing us with data uh and and we're able to crack on with that. Uh next please.

[00:08:42]So uh just a a brief summary of what's been going on uh corporate finance. Uh obviously we had a recent equity placement. Uh we also extended our loan note. Um and we also repaid about half a million of loan notes. So that's kind of kept us uh financially in the game which is very important. Uh we we are I'm here in Oslo reporting to you because we uh we are working on on an Oslo listing. Uh we think that will be uh very important for us. Uh what we're trying to do here is not drill one prospect after the other. what we're trying to do uh is is not be if you like a uh a I guess a a drilling fund. What we're trying to do is build a business and we think we have what we need to do that and and we're in a jurisdiction in places like Austria and Italy that gives us uh exceptional opportunity to do that. Now the recent raise the sorry the recent increases in oil price have been useful to us. uh you can see uh from that graph below it's been about a 70% increase in revenue between January, February and where we sit in April, March and that's delivering about another 300,000 euros a month in um in sales revenue uh which is uh uh very helpful. Um so in the Vienna basin uh our Vienna basin fields uh which really took us to to Austria in the first place uh we see uh behind pipe potential to allow us to increase our production rate. We've been averaged there around 150 barrels a day of oil equivalent. We see opportunities to basically uh double that production uh through behind pipe and also we're looking to put together an infill drilling program. One of the benefits of there is you virtually pay zero royalty.

[00:10:36]You're connected to a pipeline. So you you're never going to have a lower cost barrels uh than we have in those Vienna basin fields. And if we see oil prices stay in the 70 to 80 barrel range uh then a lot of those things become very attractive. uh obviously we'll be testing hosh uh by mid June and be also be able to kind of provide some predictions on what that can mean in for us in terms of both uh reserves and also uh uh future uh production rate. We're then looking to drill uh the gold prospect uh which we hold at 100% and we're getting very strong farming interest on that prospect. Uh and then we're looking to drill the show uh prospect which we hold in 50% partnership uh with M andD uh and then obviously I'll talk about Peran uh and that's about a 6.5 million barrel onshore prospect which is uh uh pretty extraordinary uh when you're working onshore.

[00:11:41]Uh what I tried to show you is if on a risk basis uh things like Vienna basin development a reasonable prediction on hos gold and show on a risk basis what that could mean you know for ADX. So if we put all that all together and if someone gave me say€ 10 million euros tomorrow and said go drill this out and they asked me what could you do with that I think we could act what we could do with it is a sevenfold increase uh in production on a risk basis. So that's that's pretty exciting outcome. So this is really something that's I guess uh uh captured our attention and and that's why we're trying to find a way to give ourselves uh the continuity to actually go after these things that are relatively low risk. They're close to infrastructure and can be developed quickly into sustainable cash flow. Uh next please.

[00:12:41]So I think one thing that's often forgotten in Australia, we we we look at the oil price, but no one really looks at the gas price. Um right now Europe ga gas price is at at very similar levels to what it was uh when uh Russia invaded Ukraine. Uh we're seeing it about 32% above uh the 2025 gas price. What that translates into is about a five-fold uh if you like um uh value above say US gas prices and uh usually about a 50% above Australian domestic gas prices. So we don't need the price to stay at that level. uh even on historic levels uh the gas price in the U in in Europe is around uh $8 I guess a standard cubic feet compared to say around three uh in in in the US but it's crunch time for Europe. Uh they're um uh they very heavily rely in winter on uh underground gas storage. Uh it's not as full as it should be. Uh al because there's been big draw downs. there's a a lack of LNG uh basically right at the moment due to the straits of Hamuz uh about you know 20% of the global LNG is is offline and a large part of Europe's uh gas now is about 46% is supplied by LG another big amount of it is supplied uh from Norway so I guess the Norwegians understand this pretty well uh because they're benefiting from it. Um but uh the other issue is uh uh the Russian the sorry the Europeans don't want to be uh relying on Russian gas which is still 12% of their supply and they're looking to phase that out by the end of 2027.

[00:14:44]So it's it's it's it's a it's a tough situation in Europe. uh any gas that can be found here is of a of very high value and certainly helps uh both in supply demand uh perspective uh but also from a strategic perspective.

[00:15:03]Next please.

[00:15:07]So this is just a bit of a summary of u uh what we're doing uh in in upper Austria. Uh hosh you know well we'll be testing that mid June. Uh gold uh we're really targeting sort of late third quarter, probably early fourth quarter.

[00:15:25]Ideally, we'd like to get gold and sh drilled back to back. Both of those are permitted.

[00:15:32]And then we've got the Pergan prospect uh which uh is got a large uh resource potential and uh we'd like to get that farmed out and drilled uh probably early next year. uh that is not yet permitted, but we've started doing that. So, we're we're in the land acquisition phase and the permitting phase. Typically, in Austria, and I keep reminding Australian investors, we can do that in four to six months. Uh in Australia, you'd be looking at probably two years. Uh in the UK, you could probably just forget it.

[00:16:08]Um all right, so um that's kind of what's on our agenda. And uh I showed you the graph of you know where we could end up if if we get to drill some of this out or all of it out and and that's why it's it's really very central to our ongoing focus. Next please. Okay. So look um we wanted to provide you something in relation to uh some context on the well results. Uh it's probably been a little bit frustrating. Uh we obviously we drilled this. We were chasing the whole uh basin floor fan. Uh and uh we we have seen some sands in that that we will be testing. Uh what we can see you know from gas logs and mud logs uh is uh approximate let me seven gas reservoir intervals that would either be tested now or test part of them tested and some of them completed in the future. Now, uh, we've had, uh, I guess initial, uh, well, uh, well log results, um, and, uh, but now we're doing the full interpretation of those.

[00:17:18]Uh, but what you can see is there's a lot in this well. Uh, unfortunately, these sands are relatively thin, but fortunately, these thin sands can be very highly productive. And we've seen wells with, you know, a couple of meters of sand actually produce, you know, four or five BCF of gas. So, it's it's um it's not what you normally see. Uh but it is a play that can be very very highly attractive in terms of both production rate and reserves. Uh and that's why we're just being a little bit cautious until we do our final log interpretation and we actually test some of these sands. Uh now we've shown you a quick look uh log interpretation. Uh that's actually um you know an interpreted net gas sand uh and it's based on the crossover of the neutron density log. So that's where you see those that red between the lines. Uh but that's just uh for indicative purposes and and you can see that's actually one of the sands in the the basin floor uh uh sand that we originally interpreted as the main target. There are some higher sands as well uh that were are very thin uh but we'll probably test both of those uh in any case. Uh and then you've got uh if you like the base channel sands uh multiple sands uh which we would then follow up with.

[00:18:46]Next, please.

[00:18:50]Again, uh this slide's provided to you for for illustration. Uh what we do have is uh lots of data and extensive examples of production and reserves uh from very thin hall gas sands. And the hosh well is in line with a large number of uh of these u uh is sorry a large number of these gas fields that have produced from these very thin reservoirs. Obviously the play is extensive. A lot of these uh actual wells were drilled before 3D. Some of them uh were actually drilled and discovered by accident. Now obviously we've got a very good 3D data set. So what we've been able to calibrate that data set and now go back and and uh and and basically try to find what's been left behind and and we still see a lot of it there. But what you can see is uh big ranges of reserves anywhere from, you know, half a BCF, you know, from wells that are, you know, basically being completed higher up after after being drilled predominantly for oil and then some relatively large fields of 21 BCF uh to 40 BCF uh which is again outstanding uh for an onshore setting.

[00:20:09]Now again we've shown you some log examples and and really uh what what you're seeing there is the crossover on the density logs uh and it is uh indicative of of of gas pay. So where you see that red shading uh between the lines uh that that is gas pay. It's proven gas pay in other wells. Um, and but please note for the thinner sands, uh, it's often not so pronounced, so harder to interpret it, uh, because you really are getting to, uh, the resolution, uh, limits of the tools here with these sands. So take away is you can get these sands, they're relatively thin, they can be difficult to interpret it, but they can be very highly prolific. And that's why we're still here and we're we're still very confident about uh about this play.

[00:21:01]Next, please.

[00:21:06]So, um yeah, the next well that we've got coming up is uh gold. Uh again, uh this is uh basically another um shallow gas play. Uh it'll follow up from hos in the program. Uh it's it's a very very nice prospect because it's again shallow to drill. The difference here with gold you can see some dark red around us.

[00:21:32]They are analogous fields that are very close. So in this case we can uh the seismic is uh much uh if you like easier to kind of map out from ex from historically successful wells to to uh to the harsh prospect. So uh yeah the seismic a lot clearer. Uh we see a chance of success in this case of greater than 80%. Uh whereas hush I believe is around 56%. And and that is just a reflection of uh if you like the better well control that we have at at this prospect.

[00:22:11]But as you can see at 40 euro megawatt hour which is uh still below the prevailing gas price uh you know you can generate 145 million euros of of uh cumulative revenue from from these plays uh and very substantial net revenue of over 75 million uh euro. So it it's something that's very valuable. uh it's um low risk and uh it's it's quick to develop. In this case, a pipeline is uh within a kilometer. So that's that's very exciting for us. Next, please.

[00:22:53]So um uh obviously we've talked a lot about shallow gas uh but at these oil prices we've also felt that you know there's there's a very good place in our portfolio for oil uh where we we've obviously got the anchov discovery that's enabled us to install a facility with over 3,000 barrels a day of processing capacity. Uh right now we're probably using about 200 barrels a day of that. So what it means is any oil discoveries around us become so much more profitable uh for ADX beha because we have that facility and we can process our crude and and deliver it to uh the OMV refinery in Vienna. Now we've got about seven nearfield prospects uh a mean of around 15 million barrels. You can see there that they range anywhere from you know about a million barrels uh up to four or five million barrels. Now this was uh uh basically our last update which was done uh on the 3rd of of March earlier this year. Since that time we've been working uh on the Stein group uh prospect which is actually an appraisal well very close to Anchoff and the Peran prospect which is an expiration prospect uh and we've uh matured that uh for drilling and and the results are very exciting. So what I'm announcing today is actually a revision of that prospect where we previously had about 2 and a half million barrels uh but now we're looking at around six and a half million barrels and I'll explain a little bit why. Um next please.

[00:24:38]Next please Eddie.

[00:24:43]Yes. So uh sorry back one.

[00:24:50]There we go. Okay. So what you have is a material prospect. Uh it's uh because of our facilities position. Uh it's a very short development cycle. Austria has a very uh if you like uh helpful regime where you can make a discovery and you can have test production of up to 30,000 barrels. So it means that probably within months uh with a successful uh discovery we could we could start producing uh and that's very exciting and very different uh to most places on the planet. And we we we did this with Anchoff as well uh before we installed uh if you like our permanent facility.

[00:25:32]So if we're successful there that makes this prospect very very attractive. Um again we're adjacent to producing fields. The in this case the means gone up uh from uh previously around 3.5 million barrels to 6.5 million barrels.

[00:25:49]So for an onshore uh field this is sorry prospect this is a a very exciting uh opportunity. Uh what distinguishes is it it's got stacked pay. Uh so we're drilling for up to four targets. Uh the the cedmonian sandston are very well proven. Uh there's been a lot of oil discovered and produced uh close by through those sandstones. Uh but then some of these other sandstones uh are relatively new uh and would open up uh if you like a new play for us. So uh we've got a large resource. It's shallow uh comparatively about 3 million euros to drill uh rapid commercialization. The economics are are very very favorable here. uh and if uh uh you with the facility so close by uh you it's got a very low minimum reserve base and uh all these cruds tend to trade around Brent equivalent uh so uh they're also uh very very profitable for that reason as well and um we see this also as a very attractive farm out uh candidate both due to its size it's actually worth uh if you like a new company coming into this. Uh we also have existing companies that we're working with that may be interested uh but it's big enough to attract someone new as well as the uh you know the existing players.

[00:27:21]Next please.

[00:27:28]So um look I I think welch we we drill a well we test a well and then it kind of gets forgotten. Uh we don't forget it uh because it's a very strategically strategically significant uh gas and oil discovery. I say discovery because uh you know we we we tested the well uh we uh we uh recovered oil uh in the rifling formation. We also sampled oil in the Steinum formation. Unfortunately, we see ourselves where we are is right at the oil water contact. So, it wasn't really uh worth actually trying to produce at this location. Uh we put in about a quarter of a swimming pool of acid in that and we were able to initiate flow from the rifling. Uh whereas we couldn't get flow before. So, there's still a lot to play for here. uh and uh with uh if we can go and drill 500 meters up dip uh we think we could hit the crest of the structure which would be optimal uh for the light oil accumulation. Uh but where the well is right now we believe the next the the best thing for us to do next is to actually deepen uh to to get to uh the deeper gas.

[00:28:47]And the our our confidence has increased not only because we produced some more.

[00:28:52]Our confidence has increased because we now understand the pressure regime. And what we see there is basically an overpressured uh regime uh with a common aquifer system between Welchow and Mullen one. Now not everyone would understand that but the reservoir engineers would and it is an indication that uh you know Welchow in some ways connected to Mullen uh we think it is between by the deeper gas sands uh that we hope to to drill and that's what we were were drilling for initially.

[00:29:30]Unfortunately we confuse ourselves by making an oil discovery on the way down.

[00:29:34]It's it's pretty much as as simple as that. And it's taken us about a year and a half to properly understand that. But what is good news is you you've got a system here that's producing light high value oil and also gas which is uh uh relatively fle free of the normal nasty things like H2S and high CO2 and nitrogen. So if we make this work, it's actually also a very nice gas discovery to develop.

[00:30:07]Next, please.

[00:30:14]Okay, so that's just showing you a little bit more uh in terms of a cross-section, showing you the light oil that we've already accumulate, sorry, already intersected at uh at Welch.

[00:30:28]And then you see deeper [clears throat] down uh the gas duplexes that uh we hope to uh basically encounter uh by deepening the well. Uh so we're down to about 1,700 m. Uh we probably have another 1,00 to,500 meters to intersect both duplexes. So that's something we're working on now. Uh but as I mentioned earlier that the prize is is pretty big.

[00:30:55]Uh with around 400 Bcf of gas and about 14 million barrels of condensate uh it would be a very important strategic opportunity uh for ourselves and and also for Austria.

[00:31:10]Next please.

[00:31:15]Okay. So here we are now a bit further south in the Sicily channel. You can see our ADXCR 150 AU permit. Uh, and uh, it's not AU because we're Australian. It's AU because our local company is ODAX. And, um, uh, what we have there is actually a permit that we applied for in 2014. So, we thought we were applying for an oil permit uh because we wanted to develop or redevelop the Nilderfield. Uh in the end what we ended up with is a gas permit but doing all that work on Nilda actually uh tuned us into all the gas potential uh in this area. Now uh we weren't quite aware of that at that stage because since that time Ian's come along on the right hand of page and developed the Argo Cassiopi field which has a lot of similarities to what we're chasing here uh in our permit.

[00:32:16][clears throat] They went that initially on 2D seismic and then they've shot 3D seismic and now you've since August uh of uh 2025 they've been producing uh again biogenic gas uh from those fields and it's a major uh if you like gas development uh for ENI and u but it's it's given us a lot of new data a lot of new insights into the basin [cough] [clears throat] Now what excites me about this is you've got Leapony Masara there onshore that's 50 kilometers away that's tied into the transmed pipeline uh which is the largest entry point uh into the Italian gas market.

[00:33:01]Uh Italy is a probably gas prices there are a few euros higher uh per uh megawatt hour than the rest of Europe and that's because they use a lot of gas uh for for gas powered generation and they have a very high dependence on imported gas not only from Europe but but also uh from uh from Algeria and uh so as a result uh you know we're in a very good place if we can discover gas at this location. Well, in a way, gas has already been already identified. It was never tested.

[00:33:42]So, I can't call it a discovery. But while they were deal drilling deeper wells uh to chase the oil that we wanted to go after, uh they actually discovered gas in the shallow section. And so, we know the gas is there. We can also see it on seismic. And uh we're only 50 kilometers from a tie in. Uh we're in 100 mters of water and these wells will be anywhere from say uh you know 1,000 mters to,400 m. So you couldn't find a better place offshore uh to find gas and develop it. And being that it's biogenic gas, it's 99% methane. So this whole mess could be done with sub subc wells just tied to an onshore plant. Uh which doesn't get any simpler.

[00:34:27]Uh so where we are right now, we we we've been working with ENI. Uh we work very well with them. It's they're not always as quick as we'd like them to be.

[00:34:36]They've opened up a specific data room for us. Uh we've been able to access all the data in the area. Uh we purchased some of that data and we'll be getting that new data in the next month or so.

[00:34:47]And then what we'll be doing is refreshing our prospective our prospect inventory uh and then uh getting an independent resource report. right now it looks too good to be true. Uh so we want to get some outside eyes onto this to make to convince not only our shareholders but others that this is something really worth going after. Next please.

[00:35:12]So uh why are we such big believers?

[00:35:15]Well, it's not, as I said earlier, it's not just what we've seen uh in our own block uh where we can see quite some quite compelling uh drilling results. Uh some also quite compelling 2D seismic results indicative of gas. Uh back in the day, we also held an acreage not far from here uh in the u uh in Tunisia, which is just across that dotted line you can see between one and four. Uh we shot uh what was then a state-of-the-art 3D seismic. We also drilled a well uh very close to where we are. It was an oil well and we nearly lost the well because we had so many gas shows at the same interval that we're chasing here.

[00:35:58]So we that that's kind of when we started getting our eye into what the potential of this uh uh if you like um play could be. uh and uh uh obviously we've also got data uh from Le Pony Masara which is number two there uh and we've also been able to kindly get access to ENI data and and what you can see from there on the right hand side of the page is not kind of one or two sands stack pay but up six to nine sands of stack pay that you can see clearly on 3D but you couldn't see on 2D. So that's what we're chasing here. Next, please.

[00:36:38][clears throat] So, yeah. So, what what you can see here is uh on the left hand side, you can see Nilda. This is what we're originally chasing. It's still there. Uh it still potentially has around 25 million barrels of oil in it. Uh so far, our license is restricted to gas. However, this is also a carbon capture play. And you know you can inject carbon and it's a very efficient way of extracting oil.

[00:37:11]So look we haven't lost hope for Nilda quite that's that'll sort of quietly simmer in the background but that we've got a lot to do with the gas. So what you know we try to show you there is it's obviously we we've got part of this play uh but we see a lot more around us and we're working actually quite hard on seeing uh whether there's a good opportunity to potentially extend our position because uh I I see this as a once in a company's life opportunity and and we really want to make the most of it.

[00:37:45]All right so um next slide please.

[00:37:51]Okay, so that's our uh prospective resource that we last uh announced on the 3rd of March and the 2nd of December for the Sicily Channel and Upper Austria. Uh we'll be upgrading uh our prospect inventory uh of to include Pergen and other work that we've uh we've we've done. Uh now our challenge is not creating more prospects but actually getting them drilled out. So uh hopefully uh you'll see a lot more of that through a through some help with farmouts and uh maybe an Oslo listing.

[00:38:28]Uh next please.

[00:38:32]So that's all I had for you today. Um, as I said, uh, you'll see a lot more for us on hos, uh, and a number of other initiatives that we've got, uh, including, uh, if you like, aring up, uh, our production, uh, in the Vienna Basin. And, um, uh, yeah, we we look forward to providing you with more data to shareholders as soon as we can get our hands on it.

[00:39:00]Thank you. Are there any questions?

[00:39:04]Thanks, Ian. Um, I'm not sure why my camera is so dark, but I might might just switch it off then if it's like that. Um, there are a couple of questions. Um, could you Ian, could you please provide the best estimate of a time frame for the portfolio development plan itemized on page seven of the ADX presentation?

[00:39:26]Yeah, look, I think um uh as as I mentioned, the two uh gas prospects are permitted. Uh we we we see an opportunity uh with uh the availability of drilling slots to be drilling uh hopefully up to two backto-back wells towards the uh end of the third quarter of this year. Uh early quarter, early sort of fourth quarter. Um we're we're working on weld shower as well. Uh we we've talked about deepening the well.

[00:39:56]That will involve uh if you like repering uh because every time you drill a well, you've got to go back uh with a new permit. Uh the good thing is obviously well the bad thing was that we were kind of held up uh with Welch uh due to uh if you like a a contest of our environmental approvals. Uh they were shown to be unsubstantiated. So we should be able to use the same environmental uh if you like submissions uh to deepen that well and I've talked about Peran uh which is a very exciting prospect. Uh again we'd like we'd like to get ourselves in a position to be drilling that early next year. Um depending on how things go with uh obviously testing of HOSH, what happens to our share price, how we drill a lot of these things uh will also be uh dependent on if you like what comes before and the response we get from our market and u and and and going forward.

[00:40:58]But I think certainly with gold, certainly with Pergen, I think they're both very exciting farmout prospects. So uh we we we want to press on with those and we've already started uh our land acquisition effort for Pergen and um also uh yeah once we've got that then we can get into uh actual uh permitting.

[00:41:21]Now the other part of that was uh uh we talked I talked a little bit about the Vienna basin. I need to provide more clarity on that. Uh we're working now on uh some easy winds uh with behind pipe perforation. So what tends to happen there these wells are are multi-layered wells. Uh so sometimes you have to forgo deeper layers that if you like are producing at a very modest rate uh to actually open up higher uh zones in the well uh which can give you uh if you like additional production and and uh we're going through that process now.

[00:41:58]We've also got a couple of infill drilling candidates and and we'd like to bring those uh to investors. Uh they are sort of wells that uh you know very very high chance of success uh very quick to tie in and can give us some tangible uh if you like um production and reserve growth. So um in relation to the Sicily channel again uh uh a lot of what happens there will be dependent on what else goes in the company. Uh we we um ideally I would like to far you know farm this out after acquiring seismic.

[00:42:40]So depending on how we go with items 1 to five, uh you know, we'd ideally we' we'd like to fund that ourselves. That probably wouldn't be till around uh end 2026, early 2027. Again, one of the benefits of u uh working fairly collaboratively in fact with ENI is they will be uh also shooting seismic on some additional acreage so we can potentially piggy back on uh the back of their seismic program.

[00:43:14]>> So that's about it I think.

[00:43:16]>> Thank you. Yeah, that's all the questions that I've got um online. I'm not sure if there's anybody um Pete at the I have one question.

[00:43:26]>> One question. Sorry, please.

[00:43:28]>> Uh Ian, thanks for very comprehensive and well presented uh presentation as always. Um I just have a question in relation to the Welsh show um update or potential um discovery um that you spoke about and what it would take to drill that uh uh and are you aligned with your joint venture partner on that forward program?

[00:43:54]Yeah, look um so far we well first of all I I'll answer the second question first. We we we haven't put it to the joint venture uh as yet because we we we've been doing the work. uh our priority is is the deepening of the well and the reason being uh to actually access the oil we'd have to come high up in the well and then basically cut a slot uh you know uh probably around the 9 and five top of the 9 and 5/8. Uh so we'd we'd actually be foregoing the deepening of the well.

[00:44:28]So I think um the way we want to approach this is is deepen the well first uh with uh w with the current well bore. We think that's the the most cost effective way of doing that uh and then actually either use this well bore or or come back with a with a new well uh to drill uh the crest of the structure because we're around uh 2,700 sorry 1,700 m. You go 500 meters up you're only up around 1,200 meters. So, you've got to come up really high in the well uh to be able to access uh the crest.

[00:45:09]>> Okay, thanks for that.

[00:45:12]>> No other questions?

[00:45:13]>> No, that's all I've got.

[00:45:15]>> Yep. Nothing from the scene. Thank you.

[00:45:17]>> Thank you so much. Thanks, Ian. Thanks, Pete.

[00:45:20]>> All right. Thanks everyone for their attention.

[00:45:22]>> Yes. Thank you very much for attending.

[00:45:24]Yeah.

[00:45:26]>> Yep. Okay. I >> think we'll wrap it up. Thank you everyone. Bye. Bye. Bye. Bye. What would happen most likely?