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Po Valley Upgrades Selva Resources

April 26, 2019

Significant gas resource upgrade for Italian field slated for first production next year by Australia’s Po Valley

Highlights:

- Significant 14.1 billion cubic feet (bcf) of 2C inventory from zero previously (Best estimate of Contingent Resources) added to resource inventory for Po Valley’s 63% owned Selva gas field near Bologna in northern Italy

- Greatly improves the scope for a low risk expansion of production from Selva

- Follows new evaluation of Selva’s historic gas producing North Flank (8.9 bcf 2C) and South Flank (5.2 bcf 2C) reservoirs

- Enhanced estimate follows reclassification by France’s respected independent geological and petroleum reservoir consultancy, CGG, of Selva’s previously reported gross Contingent and Prospective Resources

- Detailed evaluation of 4 large prospects within the Production Concession area has resulted in a 74% increase in Prospective Resources (best case) to 91.5 bcf (2C) from 52.7 bcf (2C)

- Selva reserves of 13.3 bcf 2P remain as previously reported

- Selva remains on track to commence production in 2020 after January’s Italian Government’s preliminary award of Production Concession

- All Reserves, Contingent and Prospective Resources lie within the Selva Malvezzi Production Concession area and Podere Gallina Exploration Licence.

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