Australis Oil and Gas Limited announced a substantial increase in its reserve and resource position in the TMS. The Company holds approximately 115,000 net acres in the TMS Core, which has been independently assessed by Ryder Scott Company L.P. ("Ryder Scott") with an effective date of 31 December 20191 to generate the following: Net oil reserve estimates: (variance vs YE183) based on the limited development area assessed for reserves (approx. 31% of the Company's acreage in the TMS Core): 1P ­ 48.6 MMbbls (+53%); 2P ­ 62.1 MMbbls (+25%);3P ­ 93.8 MMbbls (+5%). Net contingent oil resource estimates: (variance vs YE183) based on the remaining undeveloped acreage in the TMS Core: 1C ­ 6.3 MMbbls (-10%); 2C ­ 129.5 MMbbls (+20%); 3C ­ 234.8 MMbbls (+20%). The reserves development area assessed by Ryder Scott was unchanged from 20183 and both the reserves and resources have increased substantially driven by the following factors: the wells drilled by Australis during 2018/2019 as part of the Initial Drilling Program ("IDP") continued the de-risking of the reserves development area, allowing future well locations to be transitioned as at 31 December 2019 from the possible and probable categories to the lower risk proved (1P) category; evaluation of the production data, including the addition of new 2019 wells, led Ryder Scott to increase their expectation of performance of future wells in each reserve category; an increase in the Company's working interest in the acreage within the assessed reserves development area; and the focused leasing program in 2019 increased the overall acreage position by 5,000 acres and its bias to the high graded areas in the overall net acreage, which has led to increased contingent resources estimates. Tuscaloosa Marine Shale Reserve and Resource estimates: Australis holds a substantial net leasehold position of 115,000 acres within the core of the TMS in Mississippi and Louisiana. Through an active leasing and permitting program, the Company has been continuously high grading its acreage and the IDP of six new wells (four of which commenced production in 2019) has further delineated the core area. Australis operates 38 wells and has interests in a further 17 wells operated by others in the play (for a total of 37.4 net wells), most of which have been on production for at least four years. The PDP reserve allocation detailed in this report estimates the remaining economically recoverable hydrocarbons from these wells, which includes the six wells from the IDP. The year end 2019 reserve report considers a development program operated and managed by Australis over the next five years which conforms to the maximum evaluation timeframe prescribed by the SPE Petroleum Reporting Management System ­ 2018 (the "SPE ­ PRMS"). The development program, designed to be appropriate for an entity with the Company's current capital and operating capacities, builds to a maximum of four drilling rigs to drill a total of 180 wells within this period and considers the same size of reserves development area as used for the year end 2018 report. As such, the development program assesses a reserve development area that includes approximately 31% of the overall Australis net acreage position in the TMS Core. The remaining acreage that would not be developed in this period under the development plan is considered a resource under the SPE - PRMS and is deemed contingent, subject to a permissible development plan. Ryder Scott assessed all future locations they evaluated for development to be commercial and they allocated the following oil reserves and resources to the Australis TMS position.