The Company's fundamental strategy is to create shareholder value by: harvesting oil production assets; commercialising wet gas discoveries; targeting high-return oil prospects; focusing on unconventional potential in existing acreage; and rationalising the portfolio to focus on the highest value opportunities.

Drillsearch has established a holding of oil and gas exploration permits covering a large area in the Cooper-Eromanga Basin. The Company holds 15 permits with a net permit interest of 23,000km². Drillsearch holds at least a 50% interest in 13 of these 15 permits and operates12 permits.

We believe this Cooper-Eromanga Basin acreage provides not only a large quantity of oil and gas prospects, but also represents significant quality of targets.

The Copper-Eromanga Basin presents a highly-attractive exploration and development environment, with exploration drilling density well below other proven oil provinces and high exploration success rate achieved. From the development perspective, low well costs in the Cooper-Eromanga Basin provide excellent profit margins and ready access to established infrastructure allows consideration of multiple paths to market recovered resources.