Australis Oil and Gas Limited announced its YE2020 reserve and resource update as independently assessed by Ryder Scott Company L.P. with an effective date of 31 December 2020. There have been no material changes to the existing or future well production performance assumptions by Ryder Scott since the YE2019 estimates and all future locations in each reserve category were considered economic. Due to the significant acreage position that Australis holds in the TMS, the reserves allocated under the ASX reporting regulations is always limited by the development schedule adopted by a company the size of Australis, i.e. a reduction in the proposed development program will reduce the associated reserves, assuming no other changes. As a reflection of prevailing market conditions, the YE2020 reserve estimate assumes a conservative development schedule compared to previous years. Only 58 gross (40 WI) wells are assumed to be drilled within the maximum permitted 5-year development window (YE2019 ­ 180 gross /154 WI wells). This reduced assumed development program has generated commensurate reductions in the reserve estimates and consequential increases in the contingent resources. The Company holds approximately 107,500 net acres in the TMS Core, which has been used to generate the following: Net oil reserve estimates: (variance vs YE20192) based on a limited development area assessed for reserves of only 10% of the Company's acreage in the TMS Core: PDP ­ 3.7 MMbbls (+3%); 1P ­ 10.4 MMbbls (-79%); 2P ­ 21.0 MMbbls (-66%); and 3P ­ 27.5 MMbbls (-70%). Net contingent oil resource estimates: (variance vs YE20192) based on the remaining undeveloped acreage in the TMS Core: 1C ­ 20.8 MMbbls (+332%); 2C ­ 149.4 MMbbls (+15%); 3C ­ 270.7 MMbbls (+15%). PDP volumes have increased despite over 411 Mbbls of net production (post royalties) during the year. The NPV(10) of the PDP volumes at an assumed flat oil price of $47.02/bbl is $47.2 million.