Ann: Alaska Projects Update, page-25

Can someone explain why we have gone from,

"Icewine #1 Core Evaluation Update – Thermal Maturity Confirms Icewine Sweetspot"

"Core and Petrophysics Data Indicate World Class Resource Potential at Icewine#1"

"Integrated Core and Petrophysical Analyses Indicate Tier 1 Liquids-Rich
Hydrocarbon Concentration with World Class Resource Prize Potential - Consistent with Pre-Drill Forecast"

“Super Highway” Permeability Numbers ~20 Times Better than Pre-Drill Forecast"

Phase I Evaluation of Icewine#1 Exploration Well Successfully Completed
 Key “Achilles’ Heels” for HRZ Liquids Rich Resource Play substantially mitigated, including:
o Brittleness:
* Analogous to Haynesville and Marcellus plays
* Highly amenable to fracture stimulation operations
o Hydrocarbon Phase / Thermal Maturity:
* Volatile oil vapour phase with higher liquids content than forecast
o Bottom Seal / Overpressure:
* Elevated pore pressure materially above hydrostatic gradient
o Matrix Permeability:
* Analogous to Haynesville & substantially higher than Eagle Ford
o Porosity
* Excellent by comparison to other successful shale plays, including Eagle Ford

To, oh by the way,

"Franklin Bluffs (Icewine#2 location) considered to be marginally outside revised fairway"

"The kerogen in the HRZ at Franklin Bluffs has been converted largely to solid bitumen, with sub optimal intraparticle porosity and connectivity."

So we spent $16mill at Icewine1# and $18 mill at Icewine2v to find out that after all the hype and PB's model, Baker Hughes said "hey guys you found some asphalt".

Baker Hughes have confirmed what many here thought, Franklin Bluffs, missed it by that much.

Don't worry though investors as the "Majority of acreage remains within revised prospectivity fairway"

Only issue now with the unconventional is, does another well need drilling away from Franklin Bluffs?(via ice roads), Can they drill a horizontal into a more optimal area from Franklin Bluffs? Can they Farm-out on good terms to one of these unsolicited interested third parties?

If there is unsolicited interest, how about make it solicited Dave?

On all things Conventional Farm-out related, we now have further confirmation that the year end 2018 that became Q1 19 that on March 20th became Q2 19  "weeks not months" became end of Q2 19 is still noted as The Company
advises that there is no guarantee that final approvals will be granted.

Was this actual RNS actually needed? While it's nice to be informed there doesn't seem to be anything in this that couldn't wait.

Rapidly becoming over promising and under delivering.

Just my Thursday thoughts.

Cheers time for a cold frothy one.