Ann: Quarterly Activities and Cashflow Report, page-2

Current proportional farm in 's to BIVOUAC PEAK and WESTERN ALASKA blocks explained by:-

"Under the terms of the convertible notes, 50% of net proceeds from SM 71 (after all costs) are only to be used for SM 71 purposes or repayment of amounts outstanding under the convertible note until the total equals the value of the convertible notes and interest outstanding. As at 30 June 2018 the accumulated amount usable only for SM 71 purposes or repayment of amounts in relation to the convertible notes was US$2.7 million of the US$5.9 million cash on hand"


Steady as she goes, cashflow looks good!