Ann: Alaska Projects Update, page-32

Not yet the deal we await (and need)....but progress. While I'm sure some speculative sentiment would have enjoyed more insight being provided - it is of negligible intrinsic value to us shareholders as to how many bidders were there; and where exactly the gap is between our desired outcome and their bid. IMO.

We got a report on the conventional FO status simply because of the self-appointed target of Q1 2019. And it was sufficiently clear that we have a deal under negotiation. It was equally clear that this was still work-in-progress and the implication that they were not close to a deal yet. And that deal would not be held hostage to the pressure of a deadline.

Whether that implied message was more for us shareholders, or more for the 'preferred bidder' is an interesting point to speculate on. Perhaps both. The commentary on the neighboring activity was also interesting. Why was that deemed to be important to communicate? Other than to illustrate the scale of dollars moving towards our acreage?

To me the main positive from the ANN is that it is not negative! And not ambiguously worded. I'll take that right now.

As to CR speculation...we will need to raise at some stage, irrespective of the FO deal. So it will come...and it is not an intrinsically bad thing. But no pressure to do it just yet. The BoD has the luxury of some time. The post FO sentiment should be conducive to a less dilutive raise than otherwise. A pre-FO raise would be poorly priced and a further dampener on sentiment. So I'm not expecting anything imminent on that front.

All IMO & GLTA.