2022
Annual Report

It has been a tumultuous and ultimately transformational year for the Company.  Our continuing efforts to unlock the hydrocarbon potential of the Canning Basin have borne fruit with the discovery by the Rafael 1 exploration well of a potentially world class conventional gas and condensate accumulation.

The discovery was made as part of a major exploration program partly funded by Origin Energy. This program was a continuation of our previously successful long-term strategy to introduce major partners into the Canning Basin. Unfortunately, the change in strategic direction by Origin in the second half of 2022 brought field operations to a halt, and ultimately led to Origin’s exit from the Basin.

My positive impressions of the business prior to taking on the role have been reinforced by what I have observed since my formal start – that is, your Company has great core energy assets well located for cost effective gas and oil exploration, development and production.

It also has credible exposure to energy transition business development opportunities via its wholly owned new energy subsidiaries; and the right team, skill-set and proprietary knowledge to integrate this diverse and exciting portfolio to generate shareholder value.