lnc might have just won the oil lottery, page-5

Imbiber

These number refer to "Prospective resources". That really means the area has a potential to hold that amount of oil & gas, but doesn't refer to any economics.

The US geological Society, rate offshore Greenland as having something like 400 mbo. A few oil companies have just spent over a billion dollars and hardly had a sniff. Linc drilled 5 wells I think, looking for conventional oil traps in the AK basin and came up empty.

They are saying the area has the potential to hold that amount of oil, but they don't tell you where it is. So it is down to seismic, drilling and money to find it.

The good news is, Magnia #1 (spelling?)was a coal core where they first found evidence of live migrating oil. Before this the Ak basin was considered basically baron of oil.

Another bit of background, in the North Sea, they drilled something like 60 wells before they found oil, and look where they got to.

So what they are saying is it is worth while to look for oil in the Ak basin, but no guarantee that they will find it.

Pay you money and take your chances.