Talitha-Alaska, page-701

"in additional, my not-that-well-informed assessment/guess is that it is unlikely to be a commercial discovery"

you can say that again...definitely not that well informed

• • BFF’s appear much bigger than had been expected, and this was the big play Pantheon were chasing but could not discuss the play because of the leasing strategy – it can now and as a result will attract considerable international interest.
  • BFF’s are effectively Theta West and Pantheon now own all of it post recent strategic moves.
  • The Kuparuk result is also much better than had been expected and is potentially very large. This is a huge regional producer to the north and looks like PANR have extended this to the south which has major exploration ramifications for the region. Alaska Govt will be happy.
  • Future drilling on both Kuparuk and BBF’s will be updip (low risk) with big upside.
  • Resource potential – Jay says the results so far have met or exceeded expectations and has previously been stated - the company’s expectations were for a billion bbls of recoverable oil.
  • As always with mother nature, there are no certainties – these zones need to be tested and prove commerciality hence the company and investors should maintain a cautious view until this happens – but its very very exciting