Ann: Beluga Well Update, page-18

hamopit an argument could be made another drill in GC21 makes sense if they have a target as the rig will have been mobilised and as you point out they will be paying 16.66% of all costs going forward rather than the 22.22% when they farmed in. What could go wrong with the initial drill did go wrong so expect any future drilling would cost OEL ~$6-8M which seems well within their financial capability at the moment. Its clear the JV have spent considerable resources on the 16km pipeline and upgrades to Talos platform on GC18 to handle production lets hope they get some further targets ......

Not sure the Alaska deal has panned out as expected for PANR sure OEL would of had a run heading into the drill but would of dropped back on the so far inconclusive results at Talitha. The USD$10M + PANR shares (worth ~USD$5.5M) and TW upside and the 0.5% ORRI do still provide some exposure to Alaska but on a much lower level.

At what stage do the company admit the easiest way to achieve liquidity events is to simply return cash to shareholders ....... MU has another 18 months to get those liquidity events away to meet his bonus