Ann: Operations Update - Additional Interim Results from Drilling, page-11

Much better....

Data obtained by the Joint Venture from a nearby successful Nanushuk well has proven comparable to that observed in Winx-1 over the same topset features, providing early encouragement. These initial interpretations, whilst encouraging, should be treated with some caution as more data and analysis are required for validation.

The previously reported (1st March 2019) interim results were related to an interval in the Nanushuk Formation above the primary target zone. This interval (4,460’-4,530’) remains the subject of further analysis to determine prospectivity.

The well successfully intersected the top of the Torok Formation at 4913’. The Topset Sequence 4 sandstones (secondary target) were encountered at approximately 6052’. Elevated mud log gas readings (C1 – C5) associated with oil shows and an elevated LWD resistivity response were recorded during the drilling of this sequence.

On reaching Total Depth, the forward plan is to run a comprehensive wireline logging program over the zones of interest. Subject to the results of this program the Joint Venture will decide whether to proceed to stimulate and test the most prospective of the Nanushuk primary targets.