Ann: OEL: Winx-1 Drilling Update, page-254

If 88 hadnt of taken up winx we'd of been sitting here for 9 months waiting on an FO. Our SP would be roughly were it is now. A 6m attempt with 2 other partners on a very tempting nanushuk play has lifted our sp and seen ot return to were it wouldve been sitting idle for 9 months imo.

Time for us to move on and suck it up. 1.5c after all is said and done following ice2s journey is about accurate.

With winx equating to about as much as an updated Yukon (which has been drilled successfully in the 90s), i think were sitting ok. 2b worth of conventional to be FO'd and a possible horizontal well on the HRZ this July pending another FO (possible 2b+)....not to mention Yukon stting pretty with some close-by neighbours (possible partnerships)....i consider some big news releases to alter our course very soon.

Considering how closenit the Alaskan team has been working with industry and people in the know on the Nth Slope over the years, i believe there's alot more behind the scenes left to play out on our Icewine tenements than Winx has left us to ponder over the past weeks.

It was afterall a very small portion of oil compared with what 88 has been building and working on over the past 5 years. PBs legacy and DWs drive and personal skin in the project have not yet even begun to unfold in the greater scheme of things.

Understandable, yet over emotive feelings following Winx have only enabled a very much opportunitive time to purchase at a very nice (and cheap) price imo for a very busy period at hand. With the oil price as what it is and the Nth Slope gaining attention, we are still very much positioned most favourably.

This is a time within the Nth Slopes infancy to make deals as has been touted and i believe thats what not just DW, but the entire 88 board have been and will execute on over the course of this year.

Time to sit tight imo and let the groundwork, relationship building and interest in the Nth Slope play into our hands.