Ann: Operations Update, page-457

Hey Flexmw,

Obviously the result was not ideal for shareholders, LT and ST.

Of course everyone wants the company to do well and have a successful flow test, which endorses the company's program and confirms their thought process is correct.

When I saw the ELKO holding on the Annual Report and the subsequent deal done, increasing Eric's position, I thought this may have been a "golden hand shake" type deal from Dave.

I'm left rethinking this position, based on OTC trading. The mystery industry players, who are the farm in partners and ELKO may have created a perfect storm. This situation has now seen company announcements reference the OTC in Operations Updates since the 29/3/21 along side the ASX and AIM, effectively exacerbating the bubble in my view.

None of the above I believe has played any part in the operational issues at Merlin. Any drilling has risks, drilling in Alaska is higher risk, drilling on the marginal fringes of Alaska is even higher risk.

Things break, things freeze, Governments change rules, seasons change........etc

This will play out as per usual,

a Dead Cat Bounce,

company, release positive update to stabilise the share price,

seasonality means nothing will happen for months,

share price slides,

company will update to reference Talitha, bolster share price,

Release another positive update,
.
.
.
.
.
Possibly not in order.

I personally believe a consolidation plan will be enacted. Balance sheet re-capitalised with a new plan.

Just my thoughts.

Cheers