Australis Oil & Gas Limited provided the update on its Initial Drilling Program within the Company's Tuscaloosa Marine Shale project. Overview of the TMS Project ­ a Tier 1 oil play: Consistent with company corporate strategy, Australis has over several years secured a substantial TMS acreage position with proven oil production and reserves in Mississippi and Louisiana (TMS Core) on highly attractive terms. Australis has then sought to demonstrate the underlying value of the 200 million bbls undeveloped reserves and resources and then plans to realise that value. To this end, in Fourth Quarter 2018, the Company commenced its IDP of 6 to 10 new wells. The primary aim of the IDP was to replicate the oil productivity achieved from the 15 wells drilled during Encana's 2014 program, which is captured by the benchmark TMS Type Curve and assumes a completed horizontal length of 7,200ft. The first four IDP wells commenced production during the first half of 2019 and whilst they were not completed with the full planned horizontal length they continue to perform at or above the productivity rates, on a normalised basis, of the TMS Type Curve. Wells #5 and #6 of the IDP have now been drilled and completed. Initial Production Update: Quin /Saxby (IDP wells 5 & 6): Both wells commenced flow back in late October 2019 and Australis can provide the average daily oil rate of the first 30 days production following well clean up ("IP30") results. Australis is also required to report a peak 24-hour production test rate ("IP24") to the Mississippi state authorities, this data is also included below. Australis selected these two wells as candidates to test a more conservative choke management regime from the commencement of production, which limits the early drawdown on the reservoir. Whilst this potentially reduces very early production volumes, Australis expects it will reduce pressure decline and improve medium to long term oil production rates and recovery factors. With each well on production, the lease obligations in their respective production units have been met, converting a further 2,800 net acres to Held By Production ("HBP") status. Quin 41-30 3H The Quin 41-30 3H well was drilled with a completed lateral length of 2,476 ft with 9 fracture stimulation stages. The well commenced oil flowback on 23rd October. The reported IP24 rate was 592 bopd on a 14/64 choke and the well achieved an IP30 rate of 414 bopd. The IP30 equates to 167 bopd per 1,000ft of completed lateral compared to the TMS Type Curve rate of 122 bopd. Saxby 03-10 2H: The Saxby 03-10 2H well was drilled with a completed lateral length of 4,825 ft with 17 fracture stimulation stages. The well commenced oil flow back on 25th October. The reported IP24 rate was 445 bopd on a 16/64 choke and the well achieved an IP30 rate of 387 bopd. The IP30 equates to 80 bopd per 1,000 ft of completed lateral compared to the TMS Type Curve rate of 122 bopd. When normalised for the completed lateral length this equates to an IP24 rate of 664 bopd and an IP30 of 578 bopd.