Ann: Project Icewine Conventional Farmout Update, page-20

Agree with most here deal done, terms is the next hurdle. We all know that the terms are going to favour the FO partner due to our current position, it is what it is. This hopefully means not another cap raising. Not sure what some here were expecting, I am happy with this announcement as a no deal has a significant negative impact on 88 and our investment.

Love that this announcement is to the point as so many previous announcements are long winded and vague, no regurgitated waffle and slide shows. Obviously DW knows by wording another extension would again be slammed by many here.

Next announcement will be end of June 1/4ly, then expect TH announcing full details. 88 has a life line imo. I think this has been drawn out due to re doing area's of where to exactly drill as previously the company were probably not in right spot with older data. Cant present another drill in wrong spot. Plus probably another 9 months before we see drilling action again, so plenty of time to get it right so a drill hits success.

As I have maintained DW knows the importance of getting this deal done and has worked hard to implement this which is good enough for me. My only concern is I want 3 wells drilled if only 1 done for 2010 then that's a negative for me. Will wait until confirmation of full drilling plan. for 2020. GLTA.