Ann: Half Yearly Report and Accounts, page-16

I be very surprised if the farm out for one well does not raise funds for back costs plus the costs for a second well which is already permitted, plus additional funds for the bank.

If not then it is placing. Dw has suggested he would prefer not to have an equity raise.

Question then is if the wells for the IW western play and the J V western block are a success. Will this see further Farm outs? or will there be enough attraction for total disposal of the western block holding. If so, cash is no longer a problem.

I would not be surprised to find that the Yukon gold 3D arrives after a sneaky lease purchase at year end auction. Funded from the Q4 options, not many acres, just enough to reflect interesting 3D results.

So bottom line will be how much cash upfront for the first conventional farm out. Forget about HRZ until spring 2019