"Frontier Explorer with a Clear Path to Production"
Conclusion
1. Vic/P67 asset is moving forward into the 3D seismic acquisition phase
- AWE & Tap Oil farm-ins completed;
- Seismic acquisition awarded and currently in progress;
- Potential for AWE to become operator;
- Tap Oil have the option to increase their rate of participation;
- This seismic targeting Q1 2015 drilling, 2017/18 production;
- Company to review equity level post 3D results, and
- A valuable asset with potential medium-term cash flow.
2. Seychelles asset moving into prospect maturation phase
- Permit extension granted subject to 3D seismic acquisition;
- Prospect maturation seismic acquisition in 1H 2014;
- New structure for potential farmin to attract participants;
- Recent London data room participants remain engaged, and
- The farmout process continues with the recently appointed advisors.
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