Australis Oil and Gas Limited provided the market with an update to reserve and resource position in the Tuscaloosa Marine Shale ("TMS"). The Company holds 110,000 net acres in the TMS Core, which has been independently assessed by Ryder Scott Company with an effective date of 31 December 2018 to generate. PDP of 3.93 MMbbls with an NPV(10) of USD 82.8 million. Net oil reserve (after royalties) estimates: 1P ­ 31.9 MMbbls; 2P ­ 49.7 MMbbls; 3P ­ 89.2 MMbbls. Net contingent oil resources (after royalties) based on the remaining undeveloped acreage in the TMS core: 1C ­ 6.9 MMbbls; 2C ­ 107.8 MMbbls; 3C ­ 195.4 MMbbls. Australis believes that consistent with industry experience in onshore North American oil shale assets these remaining contingent resources will convert to reserves when assessed for development. This report only assessed 38% of the total acreage position due to an assumed modest development program within the maximum 5 year development timeframe and it was all allocated a reserve category. Australis has continued to implement its business strategy of accumulating oil in the ground at accretive leasing prices within the TMS Core. This reserve and resource update by Ryder Scott reflects the impact of this strategy as the resource base continues to significantly grow over time and substantial contingent resources are converted to reserves as the development program progresses. The substantial increase in the Possible reserve estimate in 2018 was attributable to an increased acreage position at year end, together with an increase in the assumed number of wells drilled for the 2018 reserves estimate, which converted contingent resources to Possible reserves. With additional development drilling, the Company would expect to see the conversion of the majority of these Possible reserves to Proved and Probable reserves over time. Australis holds a substantial net leasehold position of 110,000 acres within the core of the TMS in Mississippi and Louisiana. Operations are presently underway on an initial well program to demonstrate execution costs and well productivity in support of an underlying valuation of Australis's interests. Australis operates 34 wells and has interests in a further 17 wells operated by others in the play most of which have been on production for at least 4 years. The PDP reserve allocation detailed in this report estimates the remaining recoverable hydrocarbons from these wells, which includes the first two wells from the current ongoing development program. Ryder Scott used a subset of 25 of these wells (excluding the new wells) to generate three production type curves for a Proved, Probable and Possible case.