ASX Today, page-6840

U r quite right re requirements for further delineation wells Tri.

The big question for us all is just how much further derisking will be required IF we get decent flow results from Ice 2V.

U maintain there's a lot more to do and put little to no credence in Paul Basinskis unconventional modelling.

Many here, on the other hand, at least put some faith in the Basinski work that his unconventional model allows some derisking of what is below this acreage. It's a major reason as to why many have taken an early position in the play.

Is it folly to have such belief ?

We even have the likes of oil luminaries as Ken Peters stating that Basinskis Tmax modelling of the North Slope is correct and that the HRZ is a major source rock for the largest conventional reservoirs in the US. As many would know a major portion of that oil remains in source rock as long as decent seals remain in place and there has been little post tectonic/geologic activity which the seismic strongly supports as regards depositional modelling history.

Ice 1 results proved what the HRZ holds at This location and it's potential as a frackable LTO resource.

I would be interested to hear some geologic reasoning from U as to why U think Basinskis model might not support the JV assertion that there is a lot of vapour phase oil in a relatively homogeneous HRZ across the acreage.

I think we all agree that Icewine requires further delineation derisk. It's just how much might be required until we reach a tipping point for any decent deal to come our way.

I don't know about u but the market might just be saying the same as many holders here if its supporting a market cap of $200M. That's a pretty confident assessment of what these guys r doing and until proven otherwise, I can't see this changing. But that may well happen soon with Ice 2v results.

Like I say, I would be interested to discuss Ur reasoning as to why a lack of confidence in Basinskis model Tri. That is, apart from the reasoning that they have little data on what the HRZ holds.

Basinskis model says otherwise and this IS backed by previous historic trending wells on the Slope as well as all the analysis on the logging data and seismic that has consequently taken place in the last decade.

" We will not know for a long time" ???

I don't think the JV guys would be in this, and neither would be investors be supporting at current market cap, if this was the case imho.

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