Halcon Webcast, page-32

G'day Whisky. No, my only concern is IF HK think it in THEIR best economic interest to drill another one or two wells before they pull out of Birch and how AKK will finance their share.

IF, HK stops at number 4, it is now a new ball game with the area being proven up and proven to be a real earner. But, HK already hold 70% so, how many will be prepared to buy our share on that basis and also dependent upon HK's drilling programme and budget?? Might be another 6 months before they return to Birch. So, back to original concern, Birch is effectively entirely up to what HK wants to do with it. More likely to just be a consistent income producer for AKK until they get that finance deal and get stuck into Pathfinder. The higher "value" of the land will just be a nicer number on AKK's asset sheet when they are seeking collateral for finance.