Ann: Operations Update, page-222

Plan B is conventional. The permits indicate that they are testing the two named conventional targets in the Seebee formation - which is above the Hue/HRZ. The business case for that exploration is independent of the current HRZ flow testing. Which to me, means that Plan B (in deed if not in name) will be pursued whether or not 2v flows. If 2v doesn't flow, it is more than likely that funding for Plan B will be from farm-in as I can't see the SP being strong enough to support a meaningful CR by end of year. I do not understand why a potential conventional farm-in partner would be dissuaded just because the unconventional has not yet been made to flow.

If 2v does flow then Plan B gets absorbed into a more substantial Plan A and the funding options are plentiful and relatively cheaper.

So while I am confident that the fine-tuning is a positive development, I do not believe we can read too much, about 2v, from the uncovered Bravo and Charlie drilling plans.

All IMO only.