Ann: Operations Update, page-195

Pricing update.

EEENF closed on US OTC boards at (USD) 0.043/share.

Coverted to AUD, that equals 0.056/share.

There has been plenty of time for a bureaucrat to fly to the drill site to observe the testing of the BOP. It's possible in the midst of the pandemic that the regulators allow for the BOP test to occur via Zoom (assuming there is enough satellite bandwidth at this remote location to carry a video signal).

They are undoubtedly running logs, bringing up sidewall rock samples, etc. I cannot imagine that the ASX would allow 88E to keep news - good or bad - under its hat given the race up the price chart worldwide. At some point in the near future, management will need to decide whether to case from 1,500' to the bottomhole depth; and of course, then cement the casing in place, perforate one or more zones, and then flow test the well.

Hence, I think news from the company will come in three phases:

1. LWD and mud program well results (note: done and checked off the to-do list before the open on Monday; a GREAT result I might add);

2. Announcement of casing decision; and,

3. PR regarding well testing; flow rates, etc.

Operations will be round the clock. The company is obligated to get that rig and all associated equipment back to the Dalton Highway before winter's end - traveling over the snow road that was created to get the equipment to the site. The surface estate regulators (Federal and State government) will not tolerate any damage to the tundra caused by exploratory activities. So, we'll know about the oil flowing from the well (if any) before the snow melts. The clock is ticking. I am feeling very favorable based upon #1 listed above.