88E Video Transcript, page-8

6) So, we’d be looking to finance those wells before getting a joint venture / farm-in (partner)?

DaveW: It depends.

So - we’re always looking at what we believe is the most accretive path for shareholders.

So for example - if we drill this well and get 100 -150 barrels per day and the market goes - “yawn, that’s not commercial" or something like that - and it’s not meant to be commercial. And the market cap doesn’t go up enough for us to think that raising money at that price point is appropriate because it’s too dilutive compared to where we thing the real value is - then we’ll go to industry who DO understand the value - and we’ll try to cut a deal with them who’ll give us a better valuation - and that in theory makes the share price go up because you’ve crystallised the value point.

So it depends what happens.

When we talk about being masters of our own destiny - which we are at the moment - once you do that (cut a deal with industry) - you are giving away control - and that is worth a LOT.

So if can delay that (cutting a deal with industry) by getting an appropriate valuation for the stock and coming back to investors and giving them the opportunity instead of big oil to invest in this project - and we’re still kicking goals and not having failure after failure - we would do that.

And if we can do this organically with you guys and other investors then that’s the ideal way to do this. However it’s very rare that you’re able to do that.