Make sure you know your work really well- I mean REALLY REALLY well! The panel will go through (almost) everything from inspiration of idea to research to your schedule. It's best to show your understanding of your integrated literary theory (if you have any), and you'll have to prove your work worthy as a Ext 2 project- that is the depth of it. Don't get scared! Just BS all your way, I mean, sensible BS-ing.
They often ask you questions like
* Which stage are you up to?
* What research have you done?
* How are you going to represent your idea?
* How does it link to the English syllabus?
* How do you plan to use your remaining time?
* What's your intention?
* What are you trying to achieve? etc