valuation increases to over us$2.8 b, page-5

At this stage a lot depends on the success of well 23H. If it develops incurable permafrost problems blocking flow or not. Might need 24H if it does. Thorough Core analysis from the #18 core will maximize the chances of success. A successful flow test this season will help prove the theory of Umiat's value. We want 1P not 2P at some point to make the potential value a reality.

"Fuelling our future" paints the picture, hopefully it doesnt mean that it *always* stays 2P. Lets unlock the value and hope that future governments remain positive towards north slope environmentally sensitive economic development infrastructure.