Ann: OEL: Winx-1 Drilling Update, page-321

Hi JH,

Not really but it may have to be considered.

There are posters here who know a heck of a lot more about the geology than I do (I know nothing about geology !!! ).

However, from a business point of view, what we do have is a MASSIVE landholding in Alaska that requires even more MASSIVE dollars to explore it & to exploit it. It requires someone with a lot more $$$$ than we have. So, where is the money going to come from ??? The alternatives seem to be ( in no particular order). CR, FO or Sale. Where massive dollars are concerned, there is also massive risk, as we have seen last week.

So, what other alternatives are there ?

The idea of "creaming the curve" is a lot like a baseball player wanting to only hit home runs, because he is ego driven. Most baseball games are won by the players getting around the bases by hitting singles or doubles. i.e. they get around one or two bases at a time & over time, they get home and accumulate the runs.

I think a lot of egos are on the line here with 88E, both at Board level & with us investors.

I am trying to put my own ego to one side. Yes, it hurt last week when I sold some of my shares (now I have another Capital Loss !!!!!!), but I feel better being less exposed to a high risk situation.

Not cross promoting but two "singles" hitters I like are OEL & BYE. They are looking for lower risk opportunities. You get quicker answers (good or bad) and can then move on to the the next opportunity fairly rapidly. .

With 88E, I don't think anyone wants to see a CR for many reasons.

That leaves only FO or Sale

Who knows what is going on with FO ? The BOD would know but until something happens (good or bad) they can't say anything. If it does succeed, that is fantastic. If it doesn't, maybe the BOD should think about selling a portion (50% or whatever ) of the land holdings (to generate cash). What would we get if we sold half of our holdings ?The "War Room" has been open since mid last year and as per the announcements, high quality companies have been there. I think we were delayed by Christmas holidays etc last year and either talks are ongoing and moving towards an outcome or interest has waned.
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A partial sale may be something the BOD has to consider.

Typing this quickly. Hope it all makes sense.

My thoughts only.

cheers dc