Emperor Energy Limited, formerly Oil Basins Limited, through its subsidiary, Oil Basins Royalties Pty Ltd, owns over-riding royalty interests in Cyrano R3/R1 and Judith/Moby Location Vic/P47. The Company owns 100% of this retention lease and is the operator of Cyrano R3/R1. Cyrano R3/R1 is nearby to Airlie Island. The Cyrano Oil Field is defined by approximately four vintage wells and three-dimension (3D) seismic. The field contains approximately 10 meter net heavy 22.8 American Petroleum Institute (API), low sulfur oil, and 21 meter gas cap, with crude oil viscosity 3.95 centipoise (cp). The Company and its subsidiary own Vic/P47. It is the operator of this permit.