Ann: Alaska North Slope Presentation - November 2018, page-37

Really?, Yes.

Otherwise it's just a ramp and as evidenced gets removed.

The Geological CoS of 25-35%, means there is a Geological chance of failure of between 60-70%. We should all be aware of that.

The billion barrels talk is with regards the whole of the proven component of the Nanushuk play, we are drilling an unproven part and there is no suggestion that Winx holds a billion barrels. We are attempting to prove an extension. Winx is not in the main fairway.

I agree though that the potential upside here could be great.

If the Winx drill is successful and they achieve a flow test and can prove the 126mmbls, then I attribute somewhere in the range of 50c-$1 per barrel to it.

Current MC is $22 mill, on the above assumption this could see the MC at somewhere in the range of $85mill - $148 mill or a share price of 18-32c. That's why I asked you to explain your 100 bagger thoughts, I can't see it but you may be right.

Of course, they may only find some water and the share price will be back at <2c in no time.

Cheers