Ironbark Weekly Drilling Update #2 As At 12 November 2020 (Nz Time).

Posted on 13 November 2020

As at 6:00 11 November 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 1811 metres.

In the past week, the BOP has been installed and tested and we began drilling the 17-1/2" x 21.2" hole.

The Ironbark well will test the Triassic Mungaroo Formation with multiple sand objectives. The reservoir has been explored nearby at comparably shallower depths and includes discoveries at the Gorgon, Goodwyn and North Rankin gas condensate fields. The primary target is at a depth of 5668 metres TVD subsea in water depths of 301 metres. The well is expected to take around 85 days to drill.

Participants in WA-359-P are BP Developments Australia Pty Ltd (Operator, 42.5%), Cue Exploration Pty Ltd (21.5%), Beach Energy limited (21%) and NZOG (Ironbark) Pty Ltd (15%).